Ogechi Yvonne Obike, the Chief Operating Officer (COO) and Co-founder of Payday, has revealed her intention to step down from her role.
Although Obike did not specify a specific date for her departure, she stated that she is currently in her “last days” with the company, citing a misalignment between her growth journey and Payday’s current trajectory.
Obike joined Payday as COO in February 2022, bringing with her experience as the Head of Partnerships at Growth Platform and Senior Operations Manager at Venture Garden Group. When she joined Payday, the company had recently secured a $2.2 million pre-seed funding round in October 2021.
In a LinkedIn post, Obike explained that Payday was in the process of becoming fully operational when she joined, and her expertise in building teams, fostering a strong business structure, and integrating these elements into day-to-day processes was crucial.
During her tenure, Obike swiftly established Payday’s first operational dashboard within eight weeks and emphasized open communication and collaboration among teams and departments.
In March 2023, Payday raised $3 million in seed funding, led by Moniepoint Inc., to expand its operations and hire more employees. Shortly after the seed round announcement, reports surfaced that Payday and Moniepoint had agreed on a cash and equity deal valued under $40 million, with Payday staff members receiving Moniepoint stock as part of the arrangement.
While there were previous rumors of a $15 million acquisition offer for Payday from Favor Ori, a unicorn in Africa, Payday’s CEO disclosed that the offer had been declined.
Regarding the investment from Moniepoint, an executive from the company clarified that it was a strategic investment and not an acquisition, refuting reports of an acquisition.
Payday, which launched its operations in 2021, provides services to over 700,000 customers, allowing them to send and receive money in more than 20 currencies. One of its popular features is the cross-border payment option, enabling Africans to receive payments from outside the continent through USD, GBP, and EUR-denominated accounts. Additionally, Payday offers virtual dollar cards, which are valuable to many Nigerians who face challenges in obtaining foreign exchange for payments.