Tope Dare at 50: Celebrating a legacy of innovation in Africa’s digital banking sector

Tope Dare, a key figure in Africa’s digital banking sector, turns 50 years old on Wednesday. Over the years, he has played a significant role in shaping the financial technology landscape in West Africa, particularly in the deployment and expansion of Automated Teller Machines (ATMs).

His journey into banking and technology began at the Federal University of Technology, Akure, before he continued his studies at Obafemi Awolowo University, where he earned a degree in Electronic and Electrical Engineering in 1998. His career started in 1999 at Chartered Bank (now Stanbic IBTC) during his National Youth Service Corps (NYSC), where he moved from project management to the IT department under the leadership of Ademola Adebise, former Managing Director of Wema Bank.

In 2000, he joined Oceanic Bank (now Ecobank) as a Graduate Trainee, where he was introduced to Internet and Mobile Banking, PoS, and ATMs. As the lead for the bank’s ATM deployment project, he developed expertise in the field, setting the stage for his future achievements. In 2008, he took a step further by funding his own training at the Wincor Nixdorf ATM plant in Germany. The leadership at Oceanic Bank, recognising his dedication, later reimbursed his expenses, acknowledging his “dedication to acquisition of knowledge.”

By 2010, he transitioned to NCR, where he played a major role in expanding the company’s ATM market share in Nigeria to 48%. In 2013, he joined Inlaks as an Executive Director. Under his leadership, Inlaks grew from a 2% market share to a leading position of 52%, supplying over 12,500 Hyosung ATMs to banks across Nigeria.

His academic journey includes an Action Learning MBA from Business School Netherlands in 2016, where he graduated with distinction. He has also studied at Harvard Business School, Wharton Business School, INSEAD, Saïd Business School (Oxford University), and Judge Business School (University of Cambridge), earning certifications in fintech, business analytics, data analytics, and digital transformation.

Beyond his corporate achievements, he has contributed to discussions on Nigeria’s cashless policy, particularly on ATM charges and PoS operations. He has spoken on the unintended consequences of the policy, stating, “The war between ATMs and POS agents is real. The cashless policy was meant to drive financial inclusion, yet it has birthed an exploitative system where customers are charged exorbitantly to access their own money. Something must be done.”

His advocacy has drawn the attention of regulators, influencing discussions on financial accessibility. He continues to participate in global conferences and industry discussions, sharing insights on digital banking and fintech. In 2022, he was named “FinTech Salesman of the Year” for his contributions to ATM deployment and digital banking innovations across Africa. Between 2010 and 2023, he facilitated the sale of over 15,000 ATMs, representing “70% of ATMs in Nigeria.”

His impact in the banking sector has been recognised with his induction as an “Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN)” and as a “Fellow of the National Institute of Credit Administration (NICA).” As an entrepreneur in technology and digital infrastructure, he serves on the board of CitiData Center and other technology companies.

Tope Dare is married to Adedoyin, and they have three daughters excelling in their careers and sports. As he turns 50, he remains focused on future innovations in digital banking and financial inclusion.

His commitment to social impact continues through the “Tope Dare Foundation,” which supports education and healthcare initiatives for underserved communities.

His contributions to digital banking and financial technology in Africa continue to influence the industry, shaping policies and improving access to financial services. As he celebrates his 50th birthday, his work remains a reference point for financial technology advancements in Africa.