In today’s rapidly evolving banking sector, few leaders have successfully blended expertise in wealth management with a strong commitment to gender diversity like Opeyemi Makinwa, the Group head of Premium Banking responsible for the Affluent and High-Net-Worth Individuals (HNI) clients at FCMB. With a career spanning over 17 years across some of Nigeria’s most reputable financial institutions, Opeyemi has been at the forefront of delivering tailored solutions and exceptional service to premium clients. Her leadership journey has seen her thrive at notable institutions, including Prudent Bank, Skye Bank, FCMB, and First Bank, where she honed her wealth management and customer relationship skills. Opeyemi’s professional journey also includes making her mark in the FMCG sector at Diageo (Guinness Nigeria), where she co-restructured distribution channels and launched high-performing brands.

Her passion for gender equality is evident in her advocacy for women’s professional development and her active membership in the United Nations Unstereotype Alliance, where she works to ensure progressive and realistic portrayals of women in advertising. Opeyemi holds a B.Sc. in Accounting from the University of Lagos and an MBA from the University of Leicester. Away from the boardroom, she is an avid traveler, always exploring new cultures and adventures. In this exclusive interview, Lehlé Baldé, founding editor, sits down with Opeyemi Makinwa to discuss her career journey, insights into the luxury market, and her efforts to inspire women leaders in the banking sector.

Your career journey to leadership is inspiring. Given your extensive career across top banking institutions and your stint in the FMCG space, what were some of the most transformative moments or lessons that prepared you for your current role heading the Affluent and HNI Business Segment at FCMB? How did those experiences shape your leadership approach?

Reflecting on my journey, I see that it has been a learning curve born from both opportunities and challenges, especially in a dynamic economic landscape like Nigeria. It broadens your perspective and stretches you, which is often painful. I mean, growth is painful, and it comes at a cost.

I have had many transformative moments, like navigating how traditional banking keeps evolving in light of cutting-edge technology. This has kept me curious, and of course, I’ve learned lessons in diligence, hard work, resilience, teamwork, building client relationships, and strategic thinking. All of these have made me proactive in anticipating trends and adapting swiftly, which has prepared me for my role today. Working with Affluent and HNI clients requires a deep understanding of their unique expectations and the ability to proactively predict and offer propositions that deliver value.

In terms of my leadership approach, I have been exposed to different sectors, diverse leaders, and people from different organizational cultures. I have come to understand various management styles, which have shaped my people-first, inclusive approach to leadership. I aim to foster collaboration by empowering team members and balancing strategic priorities with empathy.

Leading the premium business segment at FCMB must be both exhilarating and demanding. In a market that’s constantly evolving, how do you tailor your strategies to deliver personalized value propositions for your clients while ensuring the bank stays at the forefront of innovation and growth?

Indeed, blending personalization, which affluent clients require, with innovation entails a dynamic approach. Banking is changing, and even the customer landscape, tastes, and behaviors are evolving, but a few things are critical.

You must know your clients, their financial goals and objectives, and understand their needs. This entails leveraging advanced data analytics so you can stay innovative in creating tailored solutions and customized value propositions.

You must leverage technology to stay ahead of clients’ needs. This helps enhance their experience across all digital touchpoints.

You must also predict their needs, especially by leveraging AI. This gives insights and allows you to track the client’s journey in real time, ensuring we deliver convenient banking and, of course, transparency.

You must have constant and proactive engagement with clients, advising them of market trends, opportunities, and risks to ensure they are always ahead of the curve.

We also have to collaborate for innovation beyond banking, offering lifestyle benefits to premium clients.

Balancing personalized service with forward-looking innovation ensures that the bank delivers exceptional value to clients while maintaining a competitive edge in the premium banking space.

With your deep knowledge of the luxury market’s complexities, how do you see the intersection between luxury brands and banking services? How do you leverage this understanding to drive growth, and what challenges do you face in ensuring your clients’ needs are met?

A very interesting question: the intersection of personalization, emotional connection (being in the hearts and minds of clients), and exclusivity. Luxury brands understand this very well – they build customer loyalty by creating unique customer experiences, and they do it brilliantly. And you know, clients do not mind paying extra for that feeling of being seen, heard, and treated uniquely.

This is where my job is cut out: I must craft highly customized financial solutions for my clients, leveraging technology. This includes wealth management, investment advisory, and lifestyle concierge services tailored to their unique needs. No one-size-fits-all. It’s luxury at its peak. The only challenge with this intersection is how you balance exclusivity with scalability – ensuring personalized service for a growing number of premium clients. But with the right CRM tool and predictive AI in place, it becomes less challenging.

Also, you need to factor in the diverse needs and backgrounds of your clients. Cultural, generational, and individual nuances need to be considered when designing offerings.

Having spent over 17 years in the banking and FMCG sectors, how have you navigated the various challenges posed by economic shifts, technological advances, and market competition? What has kept you passionate about banking, and how do you continue to evolve as a leader within this dynamic industry?

I would say staying curious. I have remained curious, and by doing so, I keep scanning my external environment. That way, you can predict change. You must understand trends and cycles and know what is driving what and, of course, the “whys.” Technology is evolving faster than ever, reshaping industries, societies, and daily life at an exponential rate. Embedding AI in finance is not only the future; it is now.

Investing in oneself is key as well. You can’t sit still – you must evolve with the times, or you fail. So, I am constantly investing in knowledge and taking short courses to stay relevant.

In an era where many professionals are opting to seek opportunities abroad, you’ve chosen to remain in Nigeria. What is it about Nigeria’s financial sector and its potential that keeps you committed to staying and building in the local market, despite the inherent challenges?

Nigeria, regardless of its inherent challenges, remains resilient and is still full of potential. We have a long way to go for sure, but we have made progress in recent years. We can’t abandon ship; we need more young professionals taking up space at home and doing so intelligently. The country is blessed with natural resources and a youthful workforce, signaling potential for economic growth and development.

Traditionally, we have been reliant on oil, but diversification into sectors like technology and agriculture, the rise of fintechs, and the boom in the creative industry have all demonstrated prospects in attracting foreign investors. The future is bright for Nigeria, and I hope to be part of the change that has already begun. I must also commend the role Nigeria is playing in the African Continental Free Trade Area (AfCFTA), which has positioned us as a major player in global trade and economics.

Wealth management is a critical area for high-net-worth individuals, especially in a country like Nigeria. What specific trends do you see emerging in the wealth management space, and how do you think Nigerians can better utilize these services to not only grow their wealth but also protect it from the uncertainties of a fluctuating economy?

Again, technology is accelerating growth in all aspects of managing wealth. With AI, we can predict customers’ goals, align the best financial/investment advice suited to the customer, and reduce risk. However, bringing it home, Nigerians, especially traditional HNIs, don’t willingly embrace technology. Today, cybersecurity is being optimized and prioritized by most financial institutions.

With the advancement of technology, customers now have global options. They can invest in global stocks and real estate from the comfort of their homes. So, customers are no longer constrained to local investment options; they can achieve cross-border, multi-currency financial goals swiftly.

As an advocate for gender diversity and women’s inclusion in the workplace, do you feel women are adequately represented in leadership roles within Nigeria’s banking sector? What tangible steps do you think organizations can take to ensure women have more opportunities to lead critical projects and shape the future of banking?

Oh, absolutely. It’s so beautiful to see that women are taking up more strategic roles today in the financial sector. Previously, women were relegated to support roles like Human Resources and Administrative positions, but today, women are represented in more strategic roles. In banking, we have 10 female CEOs, representing 36% of the banking industry. A picture of success is 50:50, and I am certain we are well on our way there. The industry has changed so much, and we see many women leaning in.

Organizations should invest more in women to encourage them to stay. Statistics show that once women start to raise a family, they drop out and find it difficult to re-enter. I believe organizations that understand these nuances and take deliberate steps to enable an equal pay field will achieve gender parity.

As a member of the UN Unstereotype Alliance, you’ve been vocal about challenging stereotypes and promoting more progressive portrayals of women. How have you seen these efforts evolve within the financial sector, and what are the biggest hurdles in changing mindsets to ensure women’s leadership is seen as the norm, not the exception?

The United Nations Unstereotype Alliance holds marketing campaigns accountable for how women are portrayed. They call for more progressive representations of women in marketing ads. The banking industry today demonstrates that you see more women represented in boardrooms and leading in ads. I think the orientation in the banking industry is in sync. However, we need to consolidate and scale these efforts across the nation.

In your leadership journey, role models often play a crucial role in shaping your path. Who are the individuals that have influenced your leadership style and vision, and what specific qualities or actions have you admired in them that have driven you to reach where you are today?

I have a few role models, both at home and abroad. It is very important to have mentors and sponsors as you advance in the corporate world. At the moment, I am hugely influenced by Sheryl Sandberg. It’s just how authentic she is for me, and one of her quotes that keeps me going is: “In the future, there will be no female leaders. There will just be leaders.” I am encouraged to keep investing in myself to ensure I am good at the job and not just offered a seat because I am female or to tick a DEI agenda. I also admire Ibukun Awosika – her boldness inspires me a great deal.

Balancing a high-powered career with personal life is a challenge for many leaders. How do you manage the demands of your work with your personal life and family commitments? Are there any practices or habits that have helped you maintain that balance?

Prioritizing time management and knowing when to unplug are critical to balancing work and life. That balance is something I am continually striving for. Having a strong support system – family, colleagues, and friends – is crucial in this. I am also learning the art of delegation to ensure I can prioritize high-level responsibilities.

Outside of work, I invest in personal development through reading, fitness, and spending time with my family.

As a mentor to other young women aspiring to reach leadership roles in the financial sector, what advice would you offer them to navigate challenges, break barriers, and ultimately succeed in an often male-dominated industry?

The biggest advice I would offer is: always be true to yourself. There will always be challenges and moments where you feel discouraged, but it is important to maintain your authenticity. Work hard and stay resilient, but it is equally important to speak up and make your voice heard. Never let the external noise drown out your dreams. And seek mentorship early. Having someone to help guide you through challenges and push you when you need it will make all the difference.

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