It’s the beginning of the second half of 2024, and Tola, soon to be 31, finds herself at a crossroads. As an ethical hacker for a leading Nigerian bank, she has dedicated years to protecting vital digital assets. Yet, despite her commitment, Tola is now contemplating a decision that could reshape her career and life. The mounting allure of opportunities abroad, coupled with the mounting frustrations of her current role, has led her to question whether her skills are truly valued in Nigeria.
Tola’s dilemma is reflective of a larger issue gripping Nigeria’s banking sector—a significant brain drain of tech professionals. This exodus poses a serious threat to the future of digital banking and financial services in the country. As the sector becomes increasingly reliant on digital infrastructure, the departure of skilled technology workers is becoming alarmingly pronounced.
David, a former cybersecurity professional at one of Nigeria’s top banks, shares a similar story. Now based in Canada, he works for a multinational tech firm. “I loved my job in Nigeria, but it became clear that the banking sector wasn’t prioritizing tech professionals,” David explains. “The pay wasn’t competitive, and there was little room for growth or innovation. In Canada, I earn three times what I made back home, and I get to work on cutting-edge cybersecurity projects. It was a no-brainer for me.”
Miriam, who worked in digital marketing for one of Nigeria’s oldest banks, made a similar move to Ireland. “I was managing major digital campaigns, but I felt undervalued,” Miriam recalls. “I was offered a role in Ireland where they not only matched my skills to a higher salary but also provided professional development opportunities. I’ve been able to expand my expertise and grow in ways that weren’t possible in Nigeria.”
The trend extends beyond Europe and North America, with South Africa, Kenya, and Ghana emerging as new destinations for Nigerian tech professionals. David notes, “I had offers from Europe, but I noticed more job openings in South Africa’s banking sector. They’re investing heavily in fintech, and the opportunities there are just as appealing.” These African countries are attracting Nigerian talent with burgeoning fintech industries and appealing incentives.
The COVID-19 pandemic has accelerated this trend by enabling remote work, allowing tech professionals to work for international firms from anywhere in the world. This flexibility makes it easier for them to escape the political instability, economic uncertainty, and inadequate infrastructure that they face at home.
Nigerian banks have struggled to offer competitive salaries for tech roles, with many institutions failing to meet market rates. This failure to compensate adequately has contributed to the brain drain, creating a talent vacuum that threatens the progress Nigeria has made in digital banking. As of 2023, Nigeria’s mobile banking infrastructure—once hailed as one of Africa’s most innovative—is at risk of stagnation without the necessary tech expertise.
Moreover, the brain drain hampers innovation. The loss of Nigeria’s brightest tech minds means fewer local solutions addressing unique needs. As tech professionals leave, banks struggle to tailor their digital services to low-income customers who rely on mobile banking for financial inclusion.
To counter this growing problem, Nigerian banks must rethink their strategies for retaining tech talent. Competitive salaries, a culture of innovation, and continuous professional development are essential. Government interventions, such as incentives for the tech industry or tax breaks for companies investing in local talent, could help mitigate the brain drain.
In conclusion, Nigeria’s banking sector must act urgently to address the loss of tech expertise. The future of banking is digital, and without the right talent to manage and innovate within this space, the sector risks losing its competitive edge both locally and globally. The brain drain represents a critical challenge that, if left unchecked, could have lasting negative consequences for Nigeria’s economy.
