Bayo currently serves as the Chairman, Board of Directors of the Nigeria InterBank Settlement Systems (NIBBS) and has chaired the board of Financial Institution Training center (FITC). He is also a serving member of the Board of Federal Inland Revenue Services (FIRS), Nigeria Security Printing and Minting Company (NSPMC), the Assets Management Corporation of Nigeria (AMCON) and the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending ( NIRSAL).