Dele Adeyinka: An innovator and his imprint on Nigeria’s digital bank ecosystem

Every master artist loves being a master of his craft. For him, creativity is an art and a science of creating. And more importantly, creative ingenuity is a personal, individualistic gifting that accords him a unique place in the hearts of many.

When you ask a master artist the motivation for what he does, his response would be the passion to paint masterpieces of art that leave impressionistic impact on people’s life and the environment.

Psychologist William James once wrote: “when superior intellect and psychopathic tendencies combine, the result is likely to be an artistic genius.”

Dele Adeyinka is the Chief Digital Officer/Divisional Head of Digital Bank at Polaris Bank. He is not an artist; he doesn’t paint with the brush of a master artist either. Yet, he’s nonetheless a master of his craft – an innovator.

As a pathfinder and a pioneer, he is a master-mind who has mined with unrivalled dedication, Nigeria’s two most iconic digital banks – ALAT by Wema Bank and VULTe by Polaris Bank.

Adeyinka is renowned as the first Chief Digital Officer to build the first fully digital bank in Nigeria – ALAT. He is also the first CDO to lead a team of indigenous IT experts of a Nigerian bank to develop the country’s premier and first full home-grown digital bank solution, VULTe.

ALAT and VULTe have been recognised as the two most innovative digital banking solutions, and have become blaze-trailing pioneer brands, with a pack of multiple awards won for Wema Bank and Polaris Bank respectively.

In his current role as the CDO/Divisional Head of Digital Bank with oversight for coordinating three business units namely; e-Business, Digital Bank & Agency Banking, the Digital Banking Group, contributes exponentially to customer acquisition, with one million customer uptake on VULTe within a space of four months of the launch of the digital bank – a rare record in the history of Nigeria’s banking industry that impacted tremendously the bank’s depositor funds with a projected double growth in the next two to three years.

As Wema Bank’s Chief Digital Officer, his disruptive pioneer digital bank ALAT spiked up the bank’s customer acquisition by over 200,000 new users in a space of eight months. The bank also achieved over $2.8m average on deposit and over $39.1m in transactions respectively during the period.

In 2021 and 2022, VULTe won for Polaris Bank the ‘Best Digital Bank’ award at the BusinessDAY’s Banks And Other Financial Institutions (BAFI) Awards, back-to back, and the ‘Best Digital Bank’ at The Nigerian Fintech Awards 2022. Also, ALAT won for Wema Bank the ‘Best Mobile Banking App’ and ‘Best Digital Bank’ respectively at the World Finance Digital Banking Awards 2017, and ‘Best Digital Bank’ at the 2018 Africa Tech Summit.

His accomplishments notwithstanding, the innovator humbly asserts that “success involves driving the digital transformation of the bank by introducing innovative digital products and services that improve the customer experience and increase revenue. Success can also be measured by the impact of digital initiatives on the bank’s bottom line, increased customer acquisition, retention, and profitability.”

Furthermore, he says as a Chief Digital Officer, success involves building a strong team and developing a culture of innovation and collaboration that fosters continuous learning and growth. “Ultimately, success is not just about achieving specific goals or outcomes but also about creating a positive and lasting impact on the organisation and the industry as a whole,” he stated.

As a transformational leader, Adeyinka notes that a successful leader should strive to leave a legacy of innovation and progress that sets the organisation up for long-term success in the digital age.

“Leading an organisation to success is indeed, not an easy road to take, as it requires a combination of diverse skills, including effective communication, strategic thinking, problem-solving, decision-making, and leadership. It also demands a lot of hard work, dedication, patience, and perseverance, as well as the ability to adapt to changes and overcome obstacles,” he stated.

On what inspires him to take the steps of faith and lead his teams to success, he says they include passion to create his own niche identity and make a positive impact in that space, vision for creating something new or innovative, and the need to want to bring it to life, as well as a desire to help others or improve the world around them.

He enthuses further: “Ultimately, the decision to lead a team in an organisation to success requires careful consideration, as it is a significant responsibility that can have a profound impact on many people’s lives. It takes courage and conviction to take the step of faith and commit to this path, but with the right mindset, skills, and support, it can be a rewarding and fulfilling journey.”

As a future-determining leader and strategist, Adeyinka is also passionate about investing in the younger generations. He says he would seek to influence a positive change in the upcoming generation of leadership by focusing on some key areas including digital literacy and innovation.

“I would encourage the upcoming generation of leaders to be digitally literate and innovative. This means ensuring that they understand the impact of technology on the financial industry and that they are constantly seeking new and innovative ways to use technology to drive growth and create value for customers,” he notes.

He also wants to create more value for Polaris Bank’s customers by putting the customer at the center of every decision and using technology to create personalised and engaging experiences that meet their needs and expectations. He would also be encouraging the upcoming generation of leaders to embrace diversity and inclusion in all aspects of the bank’s operations. This means building diverse teams that bring a variety of perspectives and experiences to the table, and creating a culture that values and respects differences.

Another impact engagement is making ethical leadership become an industry practice in the financial industry. This means prioritising integrity, transparency, and accountability in all aspects of the bank’s operations, and ensuring that the bank is operating in the best interests of its customers and stakeholders.

He would also be encouraging the upcoming generation of leaders to prioritise continuous learning and development so they can stay up-to-date with the latest contemporary trends and developments in the financial industry, and constantly seek out new opportunities to develop their skills and knowledge.

For his pioneering role and the significant impact of his innovation and positive mindset, Adeyinka indeed has asserted himself as a master of digital banking revolution in Nigeria.