Jeremy Dan-Okayi has excelled across four specialized industries in his remarkable 16-year career. Since November 2019, he has served as the first Head of Strategy & Policy and oversees Innovation at the Development Bank of Nigeria (DBN) Plc, where he is building a formidable legacy through strategic foresight and innovative thinking.
Jeremy believes in two kinds of pain: the “Pain of Discipline” and the “Pain of Regret.” Long ago, he committed to enduring the pain of discipline, dedicating himself to lifelong learning, staying informed about industry trends, building a strong network, and continually developing his skills to maintain an edge in his field. This commitment has positioned him as an exceptional leader in Africa’s financial sector, one who consistently exceeds expectations.
Jeremy is the winner of the coveted MD/CEO’s Award of Excellence. “In the last couple of years, I have been the only staff privileged to have won this award in recognition of my excellent contribution to the Bank,” he says.
The Professional Journey
Jeremy began his professional journey at a very young age. At 19, he graduated from Covenant University, and after his one-year compulsory national service, he immediately landed an entry-level job in the IT department of Union Bank of Nigeria. Jeremy was the youngest staff ever employed by the Bank.
The head of the department assigned him to the information security unit within the department. Not long after that, the Bank held an orientation session for the entry-level staff with the newly appointed MD/CEO of the Bank. During the session, Jeremy impressed the Bank’s leadership, particularly the MD/CEO, with his spontaneous presentation. As a result, he was reassigned to the newly created role of Special Duties to the MD/CEO, responsible for ensuring that the Bank effectively improves the productivity of its workforce, especially the new recruits, in serving the retail and corporate customers of the Bank. This marked both the beginning and the end of his career in the IT world, says Jeremy.
Eighteen months into his career, he moved to Guaranty Trust Bank, which marked his transition into core banking. Deployed in one of the Nigerian states, he managed the Maritime Desk as the youngest lead with no local supervision. Jeremy points out that he reported directly to the head office in Lagos State. “I became a relationship officer building competency in sales, marketing, and client relationship management,” he adds.
After four years at GTBank, Jeremy secured a position at KPMG Advisory Services as a senior associate in management consulting. “My foray into strategy began at this point,” he says. He specialized in strategy advisory services, building competencies in strategy development, financial modeling, innovation, value realization, strategy execution and implementation, and implementation. He soon became a manager, leading the delivery of business advisory services on multiple engagements for clients such as the Central Bank of Nigeria, top-tier commercial banks, merchant and investment banks, development finance institutions, SMEs, and corporates in Nigeria.
After four years at KPMG, Jeremy moved to First Bank to operationalize its customer segment strategy. He points out that he set up the SME desk in the Bank and developed the SME proposition strategy, which is still being implemented today. Jeremy joined DBN two years after its establishment, drawn by a “rare chance to create a legacy.” As the first Head of Strategy, Policy, & Innovation in the Bank, he was tasked with building the strategy and innovation function from the ground up.
Jeremy has faced some challenges along his professional journey, but on that journey, he has learned that there are three sets of people in life – “Those that watch things happen, those that make things happen, and those that wonder how things happen.”
“I have always promised myself that I would be counted amongst those that make things happen, no matter what the size of the challenge I face,” he says.
Jeremy aspires to continue to grow in Leadership and Influence. “The goal is to take on more significant leadership roles, where I can influence strategy and decision-making on a larger scale as well as be recognized as a thought leader in my field,” he says.
Making a Lasting Impact
Jeremy’s journey with the Development Bank of Nigeria (DBN) began with a profound conversation. During his final stage interview with the CEO, Jeremy asked why he should join DBN. The CEO’s response was simple yet powerful: “Legacy.”
As someone who has built the strategy and innovation function from the ground up, Jeremy believes that as long as the institution remains a going concern, he will always be remembered as the first to assume the role of Head of Strategy, Policy, & Innovation and to give it meaning and essence.
He aims to leverage this unique opportunity to make a lasting positive impact on the nation’s economy, society, and environment through the rollout of innovative, robust strategies that deliver real results. Working with relevant stakeholders, he is building a plan that takes into account Nigeria’s unique set of circumstances. “But I won’t stop there,” he says.
Jeremy is committed to working shoulder-to-shoulder through implementation to help deliver targeted results by accelerating momentum, securing value, and de-risking both decisions and actions. He calls this “Innovation to Results.”
He is proud of the feats they have achieved so far. DBN has disbursed over N700 billion to more than 500,000 MSMEs as of the end of 2023. He highlights that 72% of MSMEs impacted are women-owned enterprises and 24% are youth-owned enterprises. “More than 1,200 jobs have been directly and indirectly created or sustained in the process,” he adds.
Jeremy’s efforts in 2023, led to the Bank winning the AGFUND Prince Talal International 1st Prize for Human Development. Additionally, DBN also won the World Bank’s Best Project in Nigeria award which seen the Bank quickly become the model Development Finance Institution (DFI) in the international community.
Recently, the Bank became the first – and currently the only – Direct Access Entity (DAE) to be accredited to the Green Climate Fund (GCF) in Nigeria. Jeremy points out that securing this accreditation has presented the Bank with a unique opportunity to mainstream green and climate finance in Nigeria. “I was privileged to lead this effort internally for over 3 years with the support of the board, management, and colleagues,” Jeremy says. “Today, DBN is on the world map, and I’m proud to have played an important role in this monumental achievement.”
Responsibilities of a Leader
As Head of Strategy & Policy at DBN, Jeremy is responsible for developing and implementing viable impact strategies to drive the corporate aspirations – to provide access to finance to underserved and unserved MSMEs, with a keen interest in women, youth, start-ups, and small businesses in financially excluded regions in Nigeria.
Jeremy explains that he drives the Bank’s corporate strategy anchored on three strategic levers: on-lending, risk sharing, and technical assistance/capacity building. Furthermore, he is responsible for implementing the Bank’s green agenda through the rollout of the green finance strategy and operationalization of the Bank’s accreditation to the GCF as a DAE. According to Jeremy, this enhances the Bank’s work within the green ecosystem and contributes to the country’s pledge to achieve its National Determined Contribution (NDC).
“In addition, I drive the enterprise innovation agenda to enshrine the innovation culture and core value within the organization,” Jeremy says. “I also manage the data and analytics portfolio and function to drive insights generation for quality business decisions.”
Jeremy has a demanding schedule. So, how does he maintain a work-life balance? He strives to integrate both instead of trying to balance them out. “I’m more about work-life integration,” he says. Jeremy shares that he involves his family in his work and speaks to them about what he does and his responsibilities. They sometimes attend his sessions as well. Jeremy also says that when he travels for speaking engagements or international partners conventions, he looks for avenues to integrate family time as part of the overall program. “I feel very well supported and so does my family,” he says.
Innovation Shapes Africa’s Financial Services
Jeremy believes that innovation will shape the future of development finance and financial services in Africa, driving economic growth, increasing financial inclusion, and addressing the need for sustainable development. He notes that the continent is currently experiencing a surge in digital services, such as mobile money products like M-Pesa, which have already transformed financial services. These innovations have enabled millions to access financial services without traditional bank accounts. Jeremy expects the continued expansion of mobile banking and digital payment systems to further boost financial inclusion.
Additionally, African fintech startups are developing solutions like peer-to-peer lending, digital savings platforms, and online investment tools. According to EfinA, only 3% of Nigeria’s population accessed credit through a regulated financial institution between 2019 and 2020. Jeremy explains that fintech companies are mitigating credit risks by leveraging technology to assess creditworthiness using alternative data sources.
He also highlights that innovative financing for sustainable development, such as green bonds, can attract investment into projects promoting environmental sustainability and social development in Africa. “These financial innovations can drive capital toward renewable energy, climate resilience, and infrastructure development,” he adds.
Jeremy further notes that big data and AI are helping financial institutions better understand customer behavior, credit risk, and market trends. He points out that this enables the development of more personalized financial products and services and more accurate credit scoring models that include those previously excluded from traditional credit systems.
He also underscores the importance of empowering African entrepreneurs to stimulate regenerative growth, where tech innovation not only fosters successful businesses but also contributes positively to society and the environment.
Mainstreaming ESG in Nigeria’s Economy
Jeremy notes that mainstreaming Environmental, Social, and Governance (ESG) principles in any economy is challenging. It requires all economic actors in public, private, and informal sectors to incorporate ESG considerations into their activities, operations, and disclosures.
“In this regard, regulation is ‘key’ and can be the ‘silver bullet’,” Jeremy says. Unlike developed economies such as France, the UK, and Canada, regulation as a tool to enable the adoption of ESG within public, private, and informal sectors is lagging in Nigeria. Jeremy points out that although some form of regulation exists to encourage ESG mainstreaming, it is neither significant nor effective enough to deliver tangible results.
Among the three economic levers in Nigeria – Public Sector, Private Sector, and the Informal Economy – the informal economy is the least regulated segment regarding ESG-related regulations. Jeremy points out that the Informal Sector, which comprises mostly small businesses and accounts for 99% of all businesses within the country (about 39.7 million), contributes 50% to GDP, and accounts for 86% of the workforce, has no recorded compulsory regulations or regulatory oversight on ESG and Sustainability matters. “This is where the role of financial services becomes paramount as they provide financing as a tool to incentivize the informal sector to adopt ESG considerations,” he says.
He also believes that RWO (Rear Window Opportunity), which leverages certain vulnerabilities to drive an agenda, can be a game-changer for an economy like Nigeria. In this case, RWO relates to taking advantage of the high dependency of the informal sector on the financial services industry to meet its financing needs to demand or influence the adoption of ESG.
Jeremy explains that here, financial resources can be used as a tool to influence businesses to appreciate the need to have ESG considerations incorporated into their operations. “Hence, as we mainstream financial flows, we will in turn be mainstreaming ESG considerations and adoption,” he adds.
Advice for Aspiring Leaders
Jeremy believes that aspiring leaders in the strategy and innovation space of Africa’s financial sector can shape the continent’s future and truly drive transformative change. He advises them to embrace a growth mindset to navigate this dynamic landscape. He quotes American author Jim Collins’ words to stress that point: “Greatness is not a function of circumstances. Greatness, it turns out, is largely a matter of conscious choice and discipline.” Jeremy encourages them to commit to continuous learning, stay curious, and remain open to new ideas.
He also advises them to develop strategic foresight by anticipating global and regional trends impacting the financial sector. He points out that scenario planning is crucial for preparing for various futures and developing adaptable strategies.
As someone who considers himself a product of strong networks, Jeremy underscores the importance of building solid relationships. “I always stress that your networth is a function of your network, and building relationships with other leaders in the industry is key,” he says.
Additionally, he urges aspiring leaders to understand and leverage emerging technologies like AI, blockchain, and fintech to create innovative financial solutions. Lastly, Jeremy advises them to be resilient and persistent in the face of obstacles. “Remember, life does not give you what you deserve, but what you demand out of it,” he points out.
