Attracting And Retaining Of Talent Continues To Be The Primary Challenge For Nigerian Fintech Startups
Attracting and retaining of talent continues to be the primary challenge for Nigerian fintech startups
Ernst and Young, a professional services firm, has released a report on the state of fintech in Nigeria in collaboration with the Fintech Association of Nigerian (FinTechNGR).
According to the Nigerian FinTech Census 2020 report (PDF), the most significant challenge facing Nigerian fintech startups is attracting and retaining talent. Naturally, the COVID-19 pandemic's impact on the hiring landscape was not helpful.
According to 77 percent of fintech leaders interviewed for the report, the most critical skills required for success are data analytics, cyber and information technology security, and software engineering. CFOs and administrative talent are additional necessary but scarce skills that fintech startups require.
This, of course, is unsurprising. According to Google's IFC report, while the number of software developers in Africa increases, a skills gap exists due to often outdated engineering curricula that do not provide opportunities for developers to practice skills learned in class.
Additionally, Nigeria's developer population of approximately 85,000 remains small compared to other regions of the world. South Africa has the most developers on the continent, with about 120,000, followed by Egypt, which has nearly 86,000. Kenya and Morocco, with 58,175 and 46,483 developers, respectively, round out the top five.
The report details the challenges faced by fintech startups, demonstrating that they also utilize international talent while they hire primarily locally, with approximately 48% using international talent.
To address this skills shortage, 77% of respondents collaborate with other SMEs and universities to ensure a steady supply of talent. Additionally, they provide opportunities for talent development.
Apart from a skills shortage, fintech startups face a brain drain as more skilled workers emigrate or choose to work for foreign startups.
Other Highlights
In addition, the report indicates that foreign investors provided the majority of startup funding (57 percent) to fintech startups. Additionally, post-revenue startups received more funding than pre-revenue startups.
Apart from financial support, the startups interviewed stated that they require assistance with partnership opportunities, access to new customers, and international expansion and growth, among other things.
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