Two high Nigerian banks, First Financial institution and GTBank, are hiring tech skills as know-how performs an rising position in staying forward of the competitors. Based on a job posting seen by TechCabal, First Financial institution is hiring for a number of roles, together with frontend and backend software program builders, DevOps engineers, scrum masters, software program growth workforce lead, product designers, product homeowners, product management officers, and software program high quality assurance workforce lead.
Whereas GTBank’s job advert didn’t state particular roles, the hiring comes months after the financial institution’s core banking improve took longer than deliberate, inflicting extreme buyer discomfort.
Whereas Nigerian banks don’t disclose the dimensions of their tech groups, it’s common follow to take care of an in-house know-how workforce whereas outsourcing some features to engineering outlets overseas, in response to two individuals accustomed to the business.
This strategy has even change into extra essential as banks race to maintain up with the expansion of digital banking channels. Based on the 2023 West Africa Banking Trade Buyer Expertise Survey by KPMG, 70% of Nigerian prospects use their cell banking app not less than as soon as per week, up from 55% in 2022. This shift has prompted banks to prioritise digital channels over conventional brick-and-mortar branches. In 2022, Commonplace Chartered Financial institution lowered its bodily branches by 50% in Nigeria to give attention to digital banking options.
With extra Nigerians counting on digital channels for monetary transactions, banks are underneath stress to enhance their platforms and hiring tech professionals is one certain technique to obtain this. Since September 2024, not less than 5 Nigerian business banks have upgraded or modified their core banking functions. With tens of millions of consumers to serve throughout a whole bunch of channels, banks will proceed to wish to spend money on know-how. Nigeria’s largest banks will spend not less than ₦82 billion on core banking software program.
Each First Financial institution and GTBank didn’t instantly reply to a request for feedback.
There may be competitors for tech expertise in Nigeria’s banking sector, with Moniepoint and different fintechs additionally jostling for skilled professionals as they develop their retail footprints. Since 2023, Moniepoint has been hiring high expertise from Entry Financial institution and Stanbic IBTC, together with these in product and know-how groups.
Business banks have taken drastic measures to retain their know-how workers in response to the rising risk of worker attrition. In 2022, GTBank doubled the salaries of its tech workforce to stop a mass exodus after a number of staff left the financial institution for opponents and alternatives overseas. Tech professionals stay among the many highest-paid staff within the banking sector, in response to business insiders. A GTBank know-how worker on the similar degree as an Assistant Banking Officer (ABO) reportedly earns round ₦1 million ($613) per thirty days—considerably greater than their counterparts in different divisions, in response to a supply accustomed to the financial institution’s pay construction.
But, tech professionals in Nigeria have blended emotions about working in banks versus fintechs. Whereas banks provide stability and job safety, fintechs are sometimes seen as extra progressive and versatile. Fintechs provide extra enticing perks reminiscent of distant work choices, inventory choices, and a extra relaxed work tradition, which conventional banks wrestle to match.
“I preferred working on the financial institution, however the work tradition was inflexible. On the fintech, I’ve extra autonomy and a way of being on the forefront of innovation,” mentioned Bayo, who requested to be recognized by his first identify. A product designer, Bayo just lately left a conventional financial institution for a fintech startup.
The expertise conflict is not nearly serving prospects—it’s about attracting and retaining the perfect minds in know-how. As fintechs proceed to lure high expertise with higher pay and suppleness, conventional banks should step up their recreation or danger falling behind.
