Foluke Aboderin Alakija is a C-suite banking and finance executive, gender advocate, and Founder and managing Director at Mayden Microfinance Bank. She is also an Independent Non-Executive Director at Rand Merchant Bank, Nigeria.
Alakija has spent nearly four decades shaping Nigeria’s financial sector. She has served in merchant banking and executive boardrooms, building a track record that speaks directly to leadership, strategy, and inclusion.
Her career started in 1985 at First City Merchant Bank (now FCMB), where she worked for over ten years in Corporate Finance and Corporate Banking. From there, she joined Citibank Nigeria and spent 11 years as Vice President, gaining international experience, including a short-term assignment in South Africa and extensive training through global Citibank programs.
Alakija then moved to Ecobank Nigeria Limited, where she worked for another 10 years. She rose to the position of Deputy Managing Director (Ag) and Executive Director, managing a N1 trillion ($2.6 billion) balance sheet covering businesses of all sizes, including large corporations, medium-sized firms, and SMES.
Founding Mayden Microfinance Bank because women matter
Foluke Alakija is the Founder and Managing Director of Mayden Microfinance Bank, a female-focused and digitally enabled bank based in Nigeria. She established Mayden to address the significant financial access gap for women-owned businesses directly.
Mayden MFB is owned and operated by women. Its mission is to provide financial services tailored specifically for financially underserved Nigerian women. This includes affordable loans, savings and digital banking products, and capacity-building programs in partnership with development finance institutions (DFIs).
Mayden’s clear focus on women differs from many other microfinance banks. It builds systems that understand women entrepreneurs’ challenges in collateral requirements and limited digital access, offering tools designed to meet those exact needs.
The impact so far
Since launching, Mayden has organised practical support programs, such as a two-day webinar for Nigerian women running small and medium-sized enterprises (SMEs). These sessions teach financial literacy, credit management, and business growth strategies.
Mayden also partners with international and local DFIs to help women access funds and the knowledge and tools to sustain their businesses.
On the tech side, the bank has embraced digital transformation. It uses fintech solutions to simplify loan applications, enable mobile banking, and deliver financial services to customers, especially women in underserved or remote communities.
Advocacy and leadership beyond the bank
Alakija’s efforts are not limited to banking. She is a member of WIMBIZ (Women in Management, Business and Public Service) and chairs the WIMBOARD Institute Committee, which helps prepare women for board leadership positions.
At Ecobank, she also created the Women’s Mentoring Group, a structured program that supported female professionals in navigating the corporate environment and preparing for leadership roles.
Foluke Aboderin Alakija has also consistently advocated for banks to adjust their lending practices to better accommodate women, advocating for reduced collateral requirements and loan products specifically designed for women.
