Managing Director - VeendHQ Nigeria

Full job description

About VeendHQ

Veend is an AI-driven credit platform unlocking prosperity for individuals and SMEs in Africa. Since 2021, we have disbursed US $12M+ in loans to 314,000+ borrowers. Our Vida Decision Engine underwrites and orchestrates credit using alternative data — payroll, banking, behavioural — and pulls repayments at source via NIBSS e-mandate and government payroll deduction. We're profitable, growing, and backed by Techstars, Future Africa, Voltron Capital, First Circle Capital, and Magic Fund.

Mandate:

We are scaling Veend Nigeria's loan book from its current level to ₦16,000,000,000 in total outstanding balance within 12 months, holding NPL90 below the regulator threshold (currently CBN's 5% NPL90 floor for MFB prudential standards). We need a single accountable operating leader to make this happen.

The MD will own the Nigeria P&L. Every Veend Nigeria employee — the Head of Finance & Operations, the Head of Consumer Finance, the Credit Risk Manager, and the engineering, growth, and customer-success teams — reports directly to this role. The MD is unambiguously the most senior operating leader in the company — there is no operating layer between the MD and the functional heads. The CEO partners with the MD on strategy, capital, and external/regulatory affairs.

Outcomes you will own

• First 90 days: Drive NPL90 below the regulator threshold and grow Total Outstanding Loan Balance by 300%.
• First 12 months: Total Outstanding Loan Balance ≥ ₦16B with NPL90 below the regulator threshold.
• Always — products: Lead Veend's two product engines — SME (Invoice Discounting, LPO Finance, Equipment BNPL) and Salary-Backed (Payday, Salary BNPL) — using the existing Vida engine, the Veend Prime forward-flow marketplace, the Veend Onlending capital platform, and Veend's NIBSS / payroll-deduction rails.
• Always — operating philosophy: run as lean as possible and leverage technology for scale. Lowest opex per Naira of outstanding book in the Nigerian lending peer group. Vida, AI, automation, and Veend's existing rails are the first answer to any scaling problem; headcount is the last answer.
• Always — financial discipline: monthly EBITDA-positive AND monthly operating cash flow positive

throughout the 12 months. Veend is profitable today; the MD inherits that and is not permitted to break it. Asset-based growth is funded by external capital + retained margin, not by burning operating cash.

Requirements

• 7+ years of senior leadership in lending/fintech/consumer credit/asset finance/microfinance, with at least 3 years at C-suite or Director level.
• You have personally driven a Nigerian loan book past ₦5B with NPL90 < 5% — state the institution, year, and numbers in your application.
• You have managed a team of 20+ as the named accountable leader.
• You have a named, activatable unfair advantage in SME and merchant distribution — a network of SMEs, merchants, distributors, manufacturers, or industry associations you can convert into Invoice Discounting / LPO Finance / Equipment BNPL originations within your first 90 days. List them on your application.
• You have a named, activatable unfair advantage in capital relationships — strong relationships with debt providers, commercial banks, DFIs (BoI / NEXIM / DBN / Afreximbank), HNIs, and/or forward-flow lenders that unlock cheap, deployable capital quickly. List the institutions and named contacts on your application. Both unfair advantages are required — either one alone is insufficient.
• You have originated and executed a business goal that is now generating revenue at scale for a prior employer — quantify it.
• You have a track record of scaling with technology and automation rather than headcount — point to a prior case where you scaled volume materially without proportional headcount growth (or replaced/augmented people with technology) and quantify the leverage. If your default response to "we need to scale" has historically been "hire more people", this role is not for you.
• You have grown a P&L while keeping it profitable and cash flow positive at the same time — point to a specific period where you owned a P&L, grew it materially, AND held the line on monthly EBITDA / monthly operating cash flow throughout the growth. Quantify the trade-off you made to hold the line.
• Candidates who have only scaled while their employer subsidised the growth will not advance.

If you have not personally driven a lending book to numbers in this range, or you cannot point to specific, named, activatable unfair advantages in both SME / merchant distribution and capital relationships, or you cannot point to a quantified track record of scaling with technology rather than headcount, or you have not held the line on profitability and operating cash flow while growing a P&L, please do not apply. We are not hiring on potential at this level — we are hiring someone whose track record, network, lean operating discipline, and financial discipline already exist.

Compensation

• Monthly NET: ₦737,409 – ₦1,246,222
• Quarterly OTB bonus: ₦2.21M – ₦3.74M (at ≥80% OKR) achievement; 30-day grace period at 60–79% to recover to ≥ 80%; forfeit below 60% (or below 80% after grace).
• Year-1 milestone bonuses: Up to ₦64,000,000 cumulative cap — ₦24M for the 90-day target (300% growth + NPL90 below the regulator threshold); residual ₦40M for the 12-month target (₦16B + NPL90 below the regulator threshold).
• Bonus A — Monthly OPEX-discipline bonus: ₦3,738,665.25 per qualifying month, months 4 – 12, paid only if Milestone 1 is hit AND that month's OKR achievement is ≥ 80% AND total monthly OPEX is at-or-below the Month-3 OPEX baseline. Up to ~₦33.65M cumulative.
• Bonus B — Stretch-growth bonus: ₦4,860,264.82 per qualifying month, months 6 – 12 (7 months max). Activates only at end of Month 6, if Milestone 1 is hit AND the book is at or above Milestone-1-close + ₦6,000,000,000 at that point (i.e., the 12-month ₦16B target delivered six months early). One-month CEO-mauthorised grace to the end of Month 7 for regulator-driven delays only. Each qualifying month requires book ≥ Milestone-1-close + ₦6B at month-end AND total monthly OPEX ≤ Month-3 baseline. Up to ~₦34.02M cumulative. No build-phase payouts in months 4 or 5; permanently forfeited for Year 1 if +₦6B not closed by end-of-Month-6/7.
• Equity (base grant): 1.0% – 2.0% of VeendHQ Inc. (parent company) common stock, 4-year vest, 1-year cliff. Equity is at the parent / Group level — your equity captures the entire Veend Group economics (Nigeria + future Kenya / Ghana / US entities), not Veend Nigeria standalone.
• Performance equity top-up: an additional 0.5% of VeendHQ Inc. common stock. Grant is conditional on hitting the 12-month milestone — issued at end of Month 12 only if you deliver ₦16B with NPL90 below the regulator threshold. If earned, the grant is backdated to your resumption date with a 1-year cliff satisfied at the moment of issue, so the 0.5% is fully vested at the grant. If the milestone is missed, no grant is issued.
• Total equity at full performance: 1.5% – 2.5% of VeendHQ Inc. (parent) common stock.
• Year-1 max cash at full performance: ~₦149M – ₦162M.

Additional benefits and any relocation support are detailed in the conditional offer letter.

How to Apply

Interested candidates should apply via the Google Form and upload the following:

• https://forms.gle/KAyrmunzjnhqhFey9
• Updated CV

Shortlisted candidates will:

• Complete a short unlisted YouTube case study (≤ 15 minutes)
• Meet our technical panel
• Final interview with the CEO

Application reviews will be completed within 5 working days.

Pay: ₦737,409.32 - ₦1,246,221.75 per month

Work Location: In person