“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.
He referred to it as a “great resignation.”
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 US, Canada and UK 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.
The CEOs also agreed to help the central bank increase the
adoption of the digital currency, the eNaira, Miriam Olusanya, managing
director at Guaranty Trust Bank, said at the same briefing. The digital
currency app has more than 756,000 downloads since its launch in October, she
said, adding that the consumer wallet has 165,000 downloads and the merchant
wallet 2,800.