Early Career: From FCMB to Citibank
Alakija’s entrance into banking came on July 1, 1985, courtesy of the late Otunba Subomi Balogun, founder and Managing Director of First City Monument Bank (FCMB), and his close friend Chief Kola Daisi. “Both men were instrumental in launching what has become a long and fulfilling career in banking,” she recalls.
She spent ten years at FCMB in corporate banking, gaining deep insight into local banking operations. Later, she moved to Citibank Nigeria as a Senior Relationship Manager in the oil and gas department, managing oil majors and leading oil services companies. Transitioning to corporate banking, she oversaw multinationals and top-tier local corporates. “Citibank provided world-class training, including a brief attachment at Citibank South Africa,” she notes. After more than 11 years, she left as a Vice President.
In 2007, she joined Ecobank Nigeria as acting Deputy Managing Director and Executive Director in charge of corporate banking, managing a portfolio exceeding N1 trillion, spanning Nigeria and other African countries. “Ecobank broadened my exposure beyond Nigeria and gave me a truly pan-African perspective,” she says.
Following Ecobank, Alakija served four years as an Independent Non-Executive Director on the board of Rand Merchant Bank Nigeria. She currently sits on the boards of a multinational insurance brokerage and a fintech company in Ghana. In total, her experience spans local, international, and pan-African banking.
The Spark to Found a Bank
“I never set out to establish a bank,” she admits. “My goal was simply to excel in whatever role I found myself. Over time, however, everything began to align.”
Her desire to give back, particularly by mentoring and sponsoring women, gradually evolved into the vision for a bank focused on women. “It has been a long and winding journey, but it evolved naturally from that calling to serve and empower,” she says.
Leadership Lessons
Managing large portfolios, Alakija observes, is inherently demanding. “You are responsible for customers and ensuring obligations are met on schedule. At the same time, there is pressure from senior management to generate income while maintaining high-quality assets. You are not just sourcing loans and deposits; you are also a risk manager. Facilities must be structured properly, compliant with regulations, and repaid.”
Equally challenging is managing people. “Human capital is your greatest asset,” she notes, adding that balancing professional responsibilities with family life stretches leaders in unique ways.
Her guiding principles have remained constant: professionalism, integrity, discipline, vision, and accountability. “Those who know me associate me strongly with professionalism. Doing things the right way, according to international best practices, is non-negotiable,” she says.
Banking Evolution and Challenges
Reflecting on the industry, Alakija highlights a dramatic shift from manual processes to a technology-driven ecosystem. Digital platforms, real-time payments, automated loan systems, and AI now enhance efficiency, decision-making, and financial inclusion. She celebrates the fintech unicorns developed by Nigerian youth as examples of innovation and resilience.
Yet, challenges persist. Infrastructure deficits, unreliable power, cybersecurity threats, fraud, talent retention, and financial inclusion gaps—particularly among women—remain pressing. “We have more mobile phones than bank accounts,” she points out. Expanding mobile banking and financial literacy programs, along with purpose-driven institutions, are key solutions.
Mentoring Women
Alakija instituted the Women’s Mentoring Group at Ecobank, a platform that highlighted the power of safe spaces. “Mentoring taught me the importance of creating spaces where women can speak openly and learn from shared experiences,” she says.
Her passion for women’s financial empowerment stems directly from her career. “For most of my career, I worked primarily with male-owned businesses. After leaving Ecobank, I engaged with female entrepreneurs and discovered that many were unfamiliar with basic financial metrics,” she explains. Many lacked structured financial knowledge and access to collateral due to assets being registered in husbands’ names. Bias within the system also discouraged women seeking credit.
Inspired by Enat Bank in Ethiopia, which she visited, Alakija became convinced a similar model could succeed in Nigeria. That conviction marked the beginning of her deliberate commitment to advance women’s financial empowerment.
Founding Mayden Microfinance Bank
The initial plan was a regional commercial bank, anchored by an innovative cooperative investment structure called the Gazelle Cooperative. However, the COVID-19 pandemic stalled progress, testing her resilience and resolve. Encouraged by her husband and guided by advisors, she pivoted to a microfinance bank license, successfully raising the required capital and securing regulatory approval.
“Mayden represents giving back after 40 years in banking. It’s about empowering underserved women, creating access to capital, and building a financial legacy,” she says.
Products and Impact
Within its first year, Mayden has designed products tailored to women’s needs:
- Structured savings plans for domestic staff
- Loans using jewellery as collateral, allowing women to access short-term funds without permanently losing assets
- A savings empowerment fund for pooling resources and issuing nano-loans
The bank has also partnered with development finance institutions and implemented financial literacy and capacity-building programs. “Watching women grow in confidence, expand their businesses, and support one another has been the most rewarding milestone,” Alakija reflects.
Navigating Fintech and Empathy in Banking
Alakija acknowledges biases in fintech but emphasizes embracing technology. “Technology is like a fast-moving bullet train; you can’t stop it. Digital transformation is the future,” she says. Encouraging girls to pursue STEM and creating pathways for women into tech-driven spaces are crucial.
At Mayden, empathy guides product design. “I ask myself: if I were the customer, how would I want this savings plan or loan structured? Profitability remains essential—sustainable empowerment requires a sustainable institution.”
Breaking Barriers
Major obstacles for women remain financial literacy and collateral ownership. Mayden addresses these with cashflow-based lending and intentionally designed products. “Seventy percent of our portfolio is dedicated to women, reflecting our commitment to inclusion,” she says.
Her advice to young women: “There are no limits except the ones you impose on yourself. Be audacious, stay true to yourself, and pursue your goals boldly. What a man can do, a woman can also do.”
Personal Life and Balance
Born into the Aboderin family and married into the Alakija family, Foluke had a brief stint as a proofreader at PUNCH Newspapers, which sharpened her attention to detail. She balances her professional life with a strong support system of family, friends, and domestic staff. Prayer, walks, and social connections keep her grounded.
Education and Daily Life
Alakija studied Economics, became a Chartered Accountant, and is a Fellow of the Institute of Chartered Accountants. Her daily routine includes prayer, news updates, office work, and quiet evenings. She enjoys long walks, moderation in lifestyle, and values family and friendships.
Fashion and Philosophy
A power dresser, she blends international fashion with Nigerian fabrics such as adire and ankara, reflecting her identity and professionalism. She views herself as optimistic and committed to leaving a meaningful impact in her generation.
Faith, Motivation, and Reflection
Faith underpins her approach to uncertainty: “Once I have prayed and feel peace, I trust that if it is meant to be, it will happen.” Curiosity and a desire for knowledge sustain her energy and forward-looking mindset.
Alakija admits that if she could do something differently, it would be starting Mayden earlier. Yet she embraces her journey fully: a career built on expertise, resilience, and the vision to empower women, leaving a lasting legacy in Nigerian banking.