Yele Bademosi, co-founder of Nigerian fintech Onboard, has stepped down as chief executive after nearly five years and will become the company's chairman, with Paul Oladimeji taking over as CEO.

Bademosi announced the transition on X on Monday, framing it as part of a broader restructuring of the company around "strong local regulatory foundations and partnerships," including a new development in Nigeria to be shared later. He said Oladimeji has been central to building Onboard's products and infrastructure, most recently leading the development of Onboard Business and the API.

Bademosi is a well-known figure in Africa's startup ecosystem. A medical doctor by training, he previously founded crypto exchange Bundle and served as a director at Microtraction, an early-stage investment firm, before co-founding Nestcoin, Onboard's parent company. The move from day-to-day chief executive to chairman is a transition seen elsewhere among African fintech founders who shift toward strategy, governance and capital-raising roles as their companies mature.

Before joining Onboard, Oladimeji spent more than eight years building technology products, including financial infrastructure at TeamApt, now known as Moniepoint — one of Nigeria's largest digital financial services providers, which processes transactions for millions of businesses.

"Having worked closely with Paul over the last four years, I have enormous confidence in his ability to lead the company from here," Bademosi said, adding that as chairman, he will remain actively involved in the business, focusing on capital allocation, strategic partnerships, investor relations and governance.

Oladimeji takes over as Onboard CEO

Oladimeji confirmed the appointment in a quote-tweet of Bademosi's post, saying he joined Nestcoin, Onboard's parent company, in November 2022 "at a defining moment for the company and the wider industry" and had since worked across different parts of the business. That period coincided with significant strain across the crypto industry, including the collapse of FTX in late 2022, which hit crypto-linked startups globally.

"The adaptability, resilience and strength of the team, and the culture Yele built, have been instrumental in getting us here," he said. He thanked Bademosi for "his leadership, conviction and the foundation he has created" and said he was "excited to build on that as he steps into the role of Chairman."

He added that the company would "keep building boldly, expanding what can be done for consumers and businesses across emerging markets."

According to Bademosi, the leadership change reflects a wider shift in Onboard's business, which, alongside its consumer products, is increasingly building financial infrastructure for other businesses through Onboard Business and the API. The pivot toward infrastructure and B2B services mirrors a broader trend among African fintechs seeking more durable revenue lines as consumer-facing crypto trading has faced tighter regulatory scrutiny.

He described the company's direction as building toward "a financial services and infrastructure company connecting local currencies, dollars and stablecoins across emerging markets," while saying its mission remains that "where someone is born or where they live should not determine the quality of financial services available to them."