Top Tech Talent’s Resignations, Harm Nigerian Banks

TECHDIGEST – Chief executives of Nigerian banks claim that the country’s banks have been impacted by a tech talent exodus.

According to a voice recording shared by the central bank, Abubakar Suleiman, chief executive officer of Sterling Bank, told reporters at the end of a meeting of bank CEOs on Thursday, “so many of our very experienced talents, especially in the area of software engineering, are either leaving the industry or leaving the country.” He described it as a “major resignation.”

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The discussion took place as conventional lenders in Africa’s largest economy compete for talent with digital companies that are receiving more investment from international investors and providing better working conditions both inside and outside the country.

Last year, Africa-focused businesses raised a record $5 billion, with digital and mobile payments and lending receiving the majority of the funds. There have been two economic downturns this year.

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