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A new report on the Nigerian financial technology industry highlights this and reveals the critical talent gaps in which local FinTech still craves to fill. EY’s Nigeria FinTech Census 2020, a survey of multiple aspects of the industry, casts some light on the situation with hiring in that space. According to the report, Nigerian FinTechs say their biggest problem is attracting qualified talent; 35% of startups interviewed reported this. And 46% of respondents claim that there’s a growing need for precisely the type of skills that they lack. If you’d like to have a career in FinTech, you must know where its capacity gaps are. This article helps you do just that.
The Skills Gap In Nigerian FinTech
Here are the top five skills in FinTech, for which there isn’t enough qualified labour in Nigeria.Data Analytics
People generate a lot of data simply by transacting with their banks on digital channels. This is true for FinTech as well. The sheer variety and density of the material collectable from these companies are mind-boggling. When properly harnessed, they provide digital finance startups with a treasure trove of information on customer habits—information that will help financial technology companies improve their offerings. Results from EY’s report suggest that about 62% of Nigerian FinTechs believe they need people skilled in this area to extract value from the massive data they generate. That makes this discipline the rarest for the industry, with opportunities that potential employees should explore.Cybersecurity
It’s no surprise that FinTechs would want to secure the data they hold—whether it’s customer information or financial transactions. Cybercriminals are always on the prowl, seeking ways to steal customer information and access their systems, wallets, and accounts. Financial institutions are right to be wary. In 2017 alone, the average Nigerian business spent more than $5,000 on cybersecurity.Sign up to the Connect Nigeria daily newsletter
But they also say that there are not enough skilled cloud and data security people to hire. About half of the startups interviewed in the EY report say that there’s a skills deficit in cybersecurity in Nigeria.
Software Engineering
Software engineers see to the design, development, and maintenance of software. Given that the financial industry uses a lot of software, the people who build such tools would be in high demand from FinTechs. The EY census indicates that 50% of the companies it surveyed believe that there’s a shortage of software engineering skills for FinTechs. This is despite the current buzz around software design, development, and deployment in Nigeria. As long as it’s humans who write the code for payment systems, there will always be a place for engineers in this space.Systems Architecture And Development
Systems architects break down the components of system architecture—software and hardware –and determine how they are related and interact with each other. This IT professional designs sketches, models, and user guides that give the project’s owner some insight into how their systems are supposed to function. Many FinTechs are keen on hiring systems architects and developers. Of the companies surveyed by EY, about 50% of them thought they could do with more people in this discipline.Regulatory And Risk Management
In recent times, we’ve seen the effects that regulator rulings could have on local startups. It’s become more important for startups to this threat seriously. There are so many laws applicable to patches of the FinTech industry’s operations. And there are several regulators too. Keeping up with all of these can be daunting, especially for a team that is both busy and not great with ‘legalese’. Companies in this situation may hire people who are conversant with the laws that may apply to them. These people will help it navigate the choppy waters of regulation. At least about 23% of startups in this arena believe so.Final Words
FinTech has a lot of room to grow. But it needs people to make this happen. The signs are that hiring for FinTech positions isn’t close to plateauing at the moment. So if you’d like to work in that space, and you’re qualified to do so, you should have a go at it. Featured Image Source: Monster PhilippinesGot a suggestion? Contact us: editor@connectnigeria.com
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