Musical staff

Banks hit by mass resignation of key IT staff face technical issues

They travel in large numbers outside the country. We are seeing an attraction of people outside of the industry out of the country and it’s the younger guys that we’re supposed to hand over to after a while. So succession planning is hampered, productivity is reduced because these guys are the next generation of people. It also slows down activity.

It was the President of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, a few weeks ago at an event.

Indeed, the impact of the mass resignations of key information technology (IT) talent in Nigeria is beginning to be felt on many commercial banks as unresolved technical issues have begun to affect service delivery.

Just recently, many bank customers have taken to social media to express their frustration and wonder what is wrong with Nigerian banks.

“Something looks fishy; technical issues; unwarranted charges everywhere. Shows a lot of incompetence, loopholes, truth and faith in the system,” one @jerryonyema tweeted.

Another user, Abdulkahi Turawa, said, “I was wondering why some banks/fintech apps don’t transact with other banks/fintech apps. Is it a technical problem or a usual Nigerian “schadenfreude”? »

According to yet another Twitter user with the handle, @_Whogos nothing is rather wrong, all banks in Nigeria have lost their key IT staff to ‘japa’ (Canada, UK and other developed countries).

“Nigerians joke about the consequences of japa. A major Nigerian bank has been experiencing technical issues for over 30 hours without a team to resolve it. Most of their technicians have “japa”.

“Not just key personnel. I was a relationship manager in March this year in one of the banks in Nigeria. Currently, I am a credit analyst at the second largest bank in Canada. My branch manager in Nigeria just arrived in Canada three days ago. August 12.

Specifically, the results reveal that the trend worsened in August and September due to mass resignations as foreign schools resume academic activities in September 2022 and many of them travel on student visas.

Nigeria is currently plagued by a number of socio-economic problems, some of which include insecurity, high cost of goods and services, and unemployment, among others.

As Nigeria’s tech ecosystem grows and banks become more digital, its shortage of talent, especially software engineers, is becoming increasingly evident, so talent is now being sought outside of Nigeria. Africa to create products used in the country.

According to stakeholders, this discourages the cashless banking initiative and hinders the seamless functioning of electronic and mobile banking systems where every banking transaction should be digitized.

This concern was also voiced by Abubakar Suleiman, Managing Director of Sterling Bank Plc on April 15, 2022 following a meeting of bank CEOs.

“A lot of our highly experienced talent, especially in software engineering, is leaving the industry or leaving the country,” he lamented, calling it a “great resignation.”

The meeting came as traditional lenders in Africa’s largest economy face fierce competition for talent from tech startups attracting increased funding from international investors and offering better working conditions, inside and outside the country.

Two economic contractions in the past five years have also forced some Nigerians with globally marketable skills to leave the country, with the United States, Canada and the United Kingdom being the preferred destinations.

“A lot of our highly experienced talent, especially in software engineering, is leaving the industry or leaving the country,” he said.

Sulaiman revealed to the media how the industry was putting together a plan that would sponsor people looking for skills in technology, as well as other areas where the industry was experiencing a skills shortage.

“The idea is that we would turn a crisis into an opportunity,” he added. Furthermore, the President of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, said that the development of brain drain is not limited to the banking sector alone, but is also an issue affecting talent in all sectors. .

Opara, however, is excited that the industry is rising to the challenges. He spoke of CIBN’s intention to introduce a human resource center to assist in the acquisition and transfer of skills in the industry.

“The Chartered Institute of Bankers of Nigeria, the professional body that oversees lenders in the country, said it will ‘lead the process of building more skills in the area where we see deficits,'” Suleiman said.

Executives discussed plans to fund the training of new tech-focused employees to replace those who have left.

“They are moving in large numbers outside the country. We are seeing an attraction of people outside of the industry out of the country and it’s the younger guys that we’re supposed to hand over to after a while. So succession planning is hampered, productivity is reduced because these guys are the next generation of people. It also slows down activity,” Opara noted.

Similarly, subscriptions to international music streaming platforms like Spotify, Apple Music and Youtube Music have become difficult for Nigerian users as most local cards no longer work for international transactions.

While some analysts attribute this to the same loss of tech talent, other industry players said it was due to the shortage of US dollars which prompted several Nigerian banks in March 2022 to limit the amount of money Nigerians could spend on international payments.

According to them, a situation has forced Nigerian fintechs like Flutterwave and several other African fintechs to suspend their virtual card services for mainstream users indefinitely.

In an earlier interview, Affordable Internet Alliance Nigeria National Coordinator Olusola Teniola attributed the development to the inability of operators to test systems before deployment as well as inconsistencies.

In Nigeria, according to Teniola, “We are too reactive. Maybe the systems are only tested in the lab and so when released to the public we become guinea pigs and even the bankers themselves try to figure out the system. That’s why they can’t take care of you right away because there are errors they can’t explain.

However, the massive resignation comes as no surprise to a global financial and management consultancy organisation, PriceWaterHouseCoopers (PWC), as its new survey found that around 71% of the global workforce will quit within the next few months. next 12 months if employers refuse to raise their wages. .

Results from PwC’s 2022 Global Workforce Hopes and Fears survey of workers in 44 countries and territories reveal that wage pressure is highest in the technology sector, where 44% of workers surveyed expect to ask for a raise.

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