Meta description: Pioneering digital innovation at Polaris Bank, Phillips shows how bold ideas shape the new era of African banking.

Renowned for his groundbreaking contributions to digital transformation and technological innovation in the financial sector, Phillips Olusegun has been named Best Chief Information Officer (CIO) for the Banking and Financial Institution Industry at the 2022 CIO & C-Suite Awards Africa. The awards, which bring together the biggest names in business and technology across the continent, celebrate leaders who have pioneered digital initiatives that shape the future of African enterprise.

Phillips, who serves as the CIO and Divisional Head of Technology at Polaris Bank, was recognised for steering the institution’s digital strategy and restructuring its technology landscape to be digital at its core.

Under his leadership, Polaris Bank launched major initiatives that include a complete core banking and non-core banking infrastructure overhaul, a robust cybersecurity strategy, and the introduction of Vulte, a next-generation digital banking platform.

“This award is more than just a personal achievement. It speaks to the incredible team at Polaris Bank who share a commitment to redefining banking through technology,” Phillips said after the awards. “Together, we’ve not only modernised our systems but also delivered enhanced value to our customers.”

Pioneering digital transformation

Phillips’ track record of success extends well beyond Polaris Bank. Over the past 15 years, he has led transformative projects across Nigeria and sub-Saharan Africa—covering digital/IT strategy, enterprise architecture, programme delivery, and IT governance.

Before joining Polaris Bank, he held senior technology roles at Stanbic IBTC, First City Monument Bank (FCMB), and Sterling Bank, where he consistently pushed the boundaries of how technology can reshape financial services.

A hallmark of his career has been re-architecting technology systems for operational efficiency and resilience. At Polaris Bank, for instance, he championed the complete Technology Refresh programme, focusing on core and non-core banking infrastructure upgrades; network security enhancements and data centre upgrades; implementation of DevOps frameworks that accelerated application delivery; enterprise Architecture practices in line with TOGAF standards and IT Governance aligned with COBIT 5 principles, maturing organisational processes to predictable levels.

These undertakings reflect Phillips’ commitment to embedding innovation at every level of the organisation, ensuring that the bank remains well-prepared for evolving market demands.

Driving growth through collaboration

The CIO & C-Suite Awards Africa lauded Phillips for his visionary approach to building robust partnerships within and beyond the banking sector. Emphasising the importance of collaboration, Phillips noted that meaningful digital transformation depends on synergy between technology providers, regulatory bodies, and corporate leaders:

“The financial sector is at a pivotal point, and technology is the catalyst for growth and inclusivity. My vision is to continue building platforms that empower customers and foster sustainable development.”

Phillips’ achievements also highlight his ability to manage large-scale partnerships. Whether it is collaborating with telecommunications providers to improve service availability or working with global tech consultancies to implement cutting-edge cybersecurity platforms, his leadership stands out for its strong focus on stakeholder engagement and results-driven implementation.

Academic and professional foundations

Phillips’ impact on the financial technology landscape is strengthened by a solid academic background and a robust set of professional certifications. Some of them include an Executive MBA at China Europe International Business School (CEIBS); Senior Management Programme at Lagos Business School; Global Businesses and Markets Programme at Harvard Business School (Real Colegio Complutense); B.Tech. (Computer Science) from Ladoke Akintola University of Technology; and a Diploma in Advanced Wireless Telecommunications from the Lorion Institute, India.

He also holds various industry-recognised certifications, including COBIT Foundation, ISO 20000-1 (Foundation & Practitioner), and ITIL V3, further showing his commitment to continuous learning and adherence to best practices in IT management.

A vision for the future

Looking ahead, Phillips is determined to explore how emerging technologies—ranging from cloud computing and data analytics to artificial intelligence—can reshape the banking landscape. His Digital Transformation Strategy for Polaris Bank is an ongoing roadmap that prioritises agility, customer-centricity, and operational excellence.

“We are living in an era where customer expectations change overnight,” Phillips remarked. “The future belongs to those who can innovate rapidly while keeping a firm eye on security, governance, and long-term sustainability.”

The 2022 CIO & C-Suite Awards Africa recognition affirms Phillips’ contributions and also sets the stage for further advancements under his stewardship. His leadership philosophy emphasises cross-functional teamwork, employee empowerment, and strategic thinking—all essential qualities for an industry grappling with rapid technological and regulatory changes.

Inspiring a generation of tech leaders

As Africa’s financial institutions increasingly adopt digital platforms, Phillips’ success story resonates across the continent. The CIO Club Africa described him as “a benchmark for excellence, inspiring others to push the boundaries of what’s possible.”

From re-engineering core banking platforms to implementing agile methodologies, Phillips continues to break new ground, ensuring that Polaris Bank stands at the forefront of digital innovation. With his award-winning track record, he is poised to guide the bank and the broader financial industry into the next phase of transformation—driven by technology, shaped by vision, and anchored by a passion for meaningful change.