Ogechi Yvonne Obike Announces Departure as Payday's COO and Co-founder

Ogechi Yvonne Obike, the Chief Operating Officer (COO) and Co-founder of Payday, has recently declared her intention to step down from her position. Although no specific date was provided for her departure, Obike mentioned that she is in her "last days" with the company. She stated that Payday has reached a point where their growth journeys no longer align.

A Strategic Addition to Payday

Obike assumed the role of COO at Payday in February 2022, bringing with her valuable experience as the Head of Partnerships at Growth Platform and Senior Operations Manager at Venture Garden Group. At the time of her arrival, Payday had just concluded a successful $2.2 million pre-seed funding round in October 2021.

Reflecting on her joining Payday, Obike explained in a LinkedIn post, "Payday was preparing to become fully operational. However, like any early-stage startup, there was a need for someone who understood the intricacies of building teams, people, and a solid business structure to couple these into day-to-day processes."

Rapid Progress and Collaborative Culture

Within a mere eight weeks of joining the team, Obike accomplished several significant milestones. She spearheaded the development of Payday's inaugural operational dashboard, fostering open communication and fostering a spirit of teamwork across all teams and departments within the organization.

In March 2023, Payday experienced another boost as it secured $3 million in seed funding, with Moniepoint Inc. leading the investment. The primary objective of this funding round was to expand Payday's operations and bolster its workforce with additional skilled professionals. However, shortly after the seed round announcement, reports emerged of a cash and equity deal worth under $40 million between Payday and Moniepoint. As part of this deal, Payday employees would receive Moniepoint stock in exchange for remaining with the team.

It's worth noting that while rumors circulated that Payday had received a $15 million acquisition offer from a prominent African unicorn, Favor Ori, the CEO of Payday revealed that the offer had been declined.

Reacting to these reports, an executive from Moniepoint clarified that their investment in Payday was a strategic one and not an acquisition, dismissing the acquisition claims.

Payday's Customer-centric Services

Payday has become well-known for its comprehensive range of financial services catering to over 700,000 customers. Among its offerings, the cross-border payment feature stands out as the most popular, enabling users to send and receive money in more than 20 currencies. This feature has been instrumental in allowing Africans to receive payments from overseas through USD, GBP, and EUR-denominated accounts.

Furthermore, Payday's provision of virtual dollar cards has proven invaluable to Nigerian users, who often face challenges when obtaining foreign exchange for international transactions.

 Embracing a New Chapter at Payday

As Ogechi Yvonne Obike prepares to bid farewell to Payday, the company will undoubtedly undergo a period of transition. With her departure, Payday will need to navigate the evolving landscape of the financial technology industry and seek new avenues for growth. The journey continues for this innovative organization, which aims to provide seamless financial solutions for its vast customer base in the ever-changing digital landscape.