Nigerian Banks Yell Over Mass Exit Of Tech Talents


Nigerian banks are screaming over the increasing exodus of tech talents from the industry.

According to an international Business news agency, Bloomberg, this was a major topic of discussion when CEOs of leading Financial brands met last week in Lagos.After the meeting last Thursday, Abubakar Suleiman, chief executive officer of Sterling Bank Plc,
confessed to reporters that what he called “large-scale resignation” of staff in our tech units has created a disturbing gap in the industry and it is causing serious concerns.  

 “So many of our very experienced talents especially in the area of software engineering are either leaving the industry or leaving the country,” Abubakar Suleiman, confessed.

In the last few years, traditional financial institutions in Africa’s largest economy have been facing stiff competition for talents from technology start-ups and existing Fintech firms attracting increased funding from international investors.. For instance, Africa-focused tech start-ups raised a record $5 billion last year. With such funds at the disposal of fintech firms, it becomes increasingly difficult for banks to compete favourably in offering better working conditions to their tech executives.  

Economic challenges in the last five years have also forced many Nigerians with globally marketable tech skills to leave the country, with the U.S., Canada, and the U.K. being preferred destinations. 

The Chartered Institute of Bankers of Nigeria, the umbrella professional body for lenders in the country, has been given the task to “drive the process of training more skills in the areas where we see deficits,” Suleiman explained. The CEOs also discussed plans to fund training for new tech-focused staffers to replace those who have left in what is now known among CEOs in the sector as “the great resignation.” 

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