By News Desk
Nigerian banks have been hit by an exodus of tech talents, chief executives of the nation’s lenders say, according to a Bloomberg report.
“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, chief executive officer of Sterling Bank Plc, told reporters at the end of a meeting of bank CEOs on Thursday, according to a voice recording shared by the central bank.
The meeting came as traditional lenders in Africa’s largest economy face stiff competition for talent from technology startups attracting increased funding from international investors and offering better working conditions, in and outside the country. Africa-focused startups raised a record $5 billion last year, with those specializing in digital and mobile payments and lending soaking up most of the funding.
Two economic contractions in the last five years have also forced some Nigerians with globally marketable skills to leave the country, with the U.S., Canada and U.K. being preferred destinations.
The Chartered Institute of Bankers of Nigeria, the umbrella professional body for lenders in the country, will “drive the process of training more skills in the area where we see deficits,” Suleiman said. The executives discussed plans to fund training for new tech-focused staffers to replace those who have left in what he called “the great resignation.”
