Olubunmi Fabanwo’s career journey has been eventful. He started in the traditional banking system and transitioned into the Fintech sector before finally breaking into the blockchain space within seven years.
He is the Africa Affiliate Program Manager for Binance, the largest cryptocurrency exchange globally. In an interview with Technext, Olubunmi shares lessons from this exciting adventure.
Olubunmi Fabanwo; From GTBank to Mono to Binance
Olubunmi Fabanwo worked for GTBank from 2015 to 2021, although he already had his eyes set on the blockchain technology industry because he thought it “would change finance forever.”
The 2020 lockdown was a defining moment for him. He decided to take blockchain up by doing a lot of research. Also, he made a viral post on LinkedIn during the lockdown about clocking age 30. He capitalised on the social capital it brought.
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From there, he met Coinnewsextra, a crypto media:
“We came together and had interviews. Afterwards I started a TV show – Banks and Blockchain on the outlet. I was inviting personalities and interviewing them about subjects. It was a live coverage event on a weekly basis.”
From there, his credibility in blockchain grew even though he was still a traditional banker. According to him, he knew what he was looking for at that time, and he wouldn’t leave without having anything tangible to go into.
In October 2021, he joined Mono, a Fintech firm.
“Obviously a smaller organisation compared to GTBank but I knew that if I wanted to seal my credibility in the blockchain space, I needed to join the Fintech space.”
Olubunmi Fabanwo.
He had more time to continue his TV show as a remote worker. Then in March 2022, he joined Binance as an Affiliate Program Manager for Africa. He remarks that it has been a remarkable journey.
“Blockchain is the reason why I am here today. Blockchain actually changed my life. If not for it, I would probably still be in the bank. The issue is I was frustrated in the bank, it just felt like I was not moving. Blockchain changed everything for me.”
For Olubunmi, what sets the blockchain space apart from traditional finance is the growth trajectory and potential.
“For me, banking is beginning to phase out due to many things, including archaic regulations, the state of a country’s currency and the kind of business that banking is all about. There needs to be change, especially when it comes to democratizing finance.
There was no way I could sit down here. As a person, I promised myself not to do more than two years in the bank, and I was already in year six. As a creative person, I was sitting in the bank, not being part of decisions.”
While blockchain, on the other hand, lets him see that democratisation of finance is possible and it’s the future.
Africa is not ready for the blockchain revolution
In Olubunmi Fabanwo’s view, Africa is not yet ready for the blockchain revolution of finance. To be ready, there should be a spirit of acceptance and acknowledgement. Unfortunately, the authorities and people do not have this yet.
However: “Ready or not, the blockchain revolution is going to be televised. We are going to be caught up in it. The same way the internet came and we were caught unaware. Although we’ve seen use cases in Africa. But, in terms of regulation and authorities, we’re not ready. Whether or not we’re ready, it’s going to happen.” – Olubunmi Fabanwo says.
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He opines that the approach to regulation should be transitory, just like his journey of moving from traditional banking to quasi-traditional, to finally, the blockchain.
“I would not recommend just jumping into regulation, especially because you’re giving power back to the people. I do not think that’s what the government will be interested in.
But it’s also important to know that the future is inevitable. So the authority should ensure its citizens are enlightened about the technology. Liaise with stakeholders to bring In education because citizens need to be educated.
From the beginning, regulation will be stiff because the government does not want to release the power of finance that it has held for long. But it’s a transitory process. Acceptance, education and regulation. It’s a gradual process.” – Olubunmi Fabanwo concluded.
Subsequently, Olubunmi says he would continue to dish out blockchain, DeFi content on his various social platforms.
Note
Olubunmi Fabanwo does not in any capacity speak on behalf of Binance in this conversation. All statements are made by him and accordingly credited to him.
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