FEATURE: How Fintech Skills Can Empower Youths Financially
By Abbas Badmus,
When the chief executive officer of one of Nigeria’s leading fintech companies publicly admits that his organisation cannot fill hundreds of open positions despite a population of over 200 million people, it signals more than a recruitment problem. It points to a deeper national challenge — a widening gap between available opportunities and the quality of human capital needed to drive a globally competitive economy.
That was the central concern raised by Tosin Eniolorunda, chief executive officer of Moniepoint, during a recent appearance at The Platform in Lagos, where he disclosed that the fintech giant is struggling to fill about 500 job vacancies because of a shortage of qualified talent in Nigeria.
His comments have since sparked conversations across the country’s technology ecosystem, education sector, and labour market, especially as Nigeria continues to position itself as Africa’s digital and innovation hub.
A Surprising Shortage in a Nation of Millions
Nigeria is often celebrated for its youthful population and energetic workforce. With millions of graduates produced annually by universities and polytechnics, many would assume that companies should have little difficulty recruiting skilled workers.
However, Eniolorunda’s remarks reveal a different reality.
According to him, Moniepoint made a deliberate decision to prioritise local hiring rather than recruit talent from abroad. Yet, despite opening hundreds of positions, the company has struggled to find candidates who meet the standards required to compete internationally.
The revelation is particularly striking because Moniepoint is not a struggling startup. The company has emerged as one of Nigeria’s most successful fintech firms, providing digital banking and payment solutions to millions of businesses and individuals. As competition in the global financial technology industry intensifies, firms like Moniepoint increasingly require professionals with advanced technical expertise, innovation capacity, and problem-solving skills.
For Eniolorunda, the challenge is not merely about numbers; it is about quality.
The inability to source enough highly skilled workers locally underscores concerns that Nigeria’s educational and professional development systems may not be producing graduates equipped for the demands of the modern digital economy.
The Education System Under Scrutiny
At the heart of Eniolorunda’s concerns is Nigeria’s education system, which many experts have long criticised for prioritising theoretical learning over practical and industry-relevant skills.
For decades, employers across multiple sectors have complained about a mismatch between academic qualifications and workplace competence. While students may graduate with degrees and certificates, many lack the technical proficiency, communication ability, analytical thinking, and adaptability required in today’s competitive environment.
The rapid growth of industries such as fintech, artificial intelligence, cybersecurity, cloud computing, and data science has only amplified this gap.
Nigeria’s education sector has also faced persistent challenges including underfunding, outdated curricula, inadequate infrastructure, frequent strikes, and limited access to modern technology. These factors have affected the quality of graduates entering the labour market.
Eniolorunda’s comments reflect growing frustration among business leaders who increasingly find themselves forced to either invest heavily in retraining employees or seek talent outside the country.
The Global Competition for Talent
Another key issue highlighted by the Moniepoint CEO is the global nature of competition.
Today’s digital economy is borderless. Nigerian fintech firms are no longer competing solely with local banks or startups; they are up against multinational corporations and technology companies from countries with advanced innovation ecosystems.
This means Nigerian firms require world-class engineers, product designers, cybersecurity experts, and business strategists capable of delivering solutions that can stand alongside global products.
In this environment, average competence is no longer sufficient.
Companies seeking international relevance must recruit workers who can innovate rapidly, adapt to evolving technologies, and maintain high performance standards. For many Nigerian organisations, this has made talent acquisition one of the most critical determinants of survival and growth.
The “Japa” Effect and Brain Drain
Compounding the problem is the increasing migration of skilled professionals from Nigeria, popularly known as “japa.”
Over the past few years, thousands of Nigerian doctors, nurses, software developers, engineers, academics, and other professionals have relocated abroad in search of better opportunities, improved living conditions, and economic stability.
This migration wave has significantly reduced the pool of experienced talent available to local organisations.
For technology companies especially, the impact has been severe. Nigerian software engineers and tech professionals are highly sought after globally, often receiving remote or international offers with salaries far beyond what many local firms can afford.
As a result, even when companies succeed in training skilled workers, retaining them becomes another major challenge.
The brain drain crisis has therefore created a vicious cycle: limited opportunities and poor systems push talents abroad, while the departure of those talents weakens local institutions and industries even further.
The Influence of Social Values and Get-Rich-Quick Culture
Perhaps the most controversial aspect of Eniolorunda’s remarks was his concern about changing societal values among young Nigerians.
He expressed worry over the growing influence of internet fraud, social media-driven lifestyles, and the widespread obsession with quick wealth.
In recent years, social media platforms have amplified materialism and instant success narratives, often celebrating luxury lifestyles without highlighting the hard work, discipline, and long-term commitment required to build sustainable careers.
This cultural shift, according to many observers, is gradually affecting the aspirations of young people. Instead of focusing on skill acquisition, innovation, and entrepreneurship, some become attracted to shortcuts and unrealistic expectations of success.
Experts warn that such trends could undermine productivity, weaken professional ethics, and discourage the culture of excellence needed for national development.
Human Capital as Nigeria’s Greatest Asset
Despite the concerns, Eniolorunda’s message also carries a broader call to action.
Nigeria’s greatest strength remains its people. The country possesses one of the largest youth populations in the world, creating enormous potential for innovation, economic growth, and digital transformation.
However, demographic advantage alone is not enough.
Without deliberate investment in education, vocational training, digital literacy, mentorship, and leadership development, the country risks wasting its most valuable resource.
Human capital development must therefore become a national priority. Government institutions, private organisations, educational bodies, and civil society groups all have critical roles to play in rebuilding a culture that values competence, integrity, creativity, and continuous learning.
The Way Forward
Addressing Nigeria’s talent shortage will require a coordinated and long-term strategy.
First, educational reforms must align learning with industry realities. Schools and universities need updated curricula that emphasise practical skills, innovation, technology, and entrepreneurship.
Second, stronger partnerships between academia and industry can help bridge the gap between classroom knowledge and workplace expectations.
Third, mentorship and career development programmes should expose young Nigerians to alternative pathways for success beyond social media influence and quick-money culture.
Finally, organisations must continue investing in training and upskilling local talent while creating environments that encourage professionals to remain and grow within the country.
The concerns raised by Moniepoint’s CEO may have emerged from a recruitment challenge, but they ultimately reflect a larger national conversation about the future of Nigeria’s workforce.
As the global economy becomes increasingly knowledge-driven, countries that fail to develop skilled and competitive human capital risk being left behind.
For Nigeria, the message is clear: the nation’s future will depend not only on the size of its population, but on the quality of the minds it is able to nurture.
