Nigeria’s banking sector is undergoing a major transformation, with digital banking now at the forefront of financial services. To keep up with customer demands and digital innovation, traditional banks are ramping up their tech hiring. Leading financial institutions like First Bank and GTBank are actively recruiting technology professionals as they seek to modernize their platforms and enhance digital services.
According to recent job postings, First Bank is hiring for various technology roles, including frontend and backend developers, DevOps engineers, scrum masters, product designers, and software quality assurance leads. Although GTBank has not publicly disclosed specific roles, its hiring spree follows delays in a core banking system upgrade that left many customers frustrated.
While Nigerian banks rarely disclose the exact size of their technology teams, industry insiders confirm that many banks maintain an in-house tech workforce while outsourcing some functions to international firms. This hybrid approach has become even more crucial as the adoption of digital banking skyrockets.
The shift towards digital banking is undeniable. According to the 2023 West Africa Banking Industry Customer Experience Survey by KPMG, 70% of Nigerian customers use their mobile banking apps at least once a week, up from 55% in 2022, banks are now prioritizing digital platforms over physical branches. For instance, in 2022, Standard Chartered Bank cut its Nigerian branch network by 50% to focus on digital banking solutions.
As more Nigerians conduct financial transactions online, banks are under pressure to improve their platforms, leading to an increased demand for tech professionals. Since September 2024, at least five Nigerian commercial banks have upgraded or replaced their core banking applications, investing heavily in digital transformation. Reports indicate that Nigeria’s biggest banks will collectively spend over ₦82 billion on core banking software to enhance their services.
However, with fintechs also competing for the same talent pool, the race for skilled professionals is becoming more intense. The demand for tech professionals in Nigeria’s banking sector is higher than ever, but banks are not the only players in the game. Fintech firms like Moniepoint have been aggressively hiring top talent from traditional banks like Access Bank and Stanbic IBTC as they expand their retail operations.
In response to rising employee attrition, commercial banks have taken bold steps to retain their tech staff. In 2022, GTBank doubled the salaries of its technology team to prevent mass resignations after many employees left for competitors and opportunities abroad.
Industry sources reveal that tech professionals are among the highest-paid employees in Nigeria’s banking sector. For example, a GTBank technology staff member at the level of an Assistant Banking Officer (ABO) reportedly earns around ₦1 million ($613) per month—a significantly higher salary than employees in other divisions.
Despite the attractive pay, many tech experts are drawn to fintechs due to their more flexible and innovative work culture.
For many Nigerian tech experts, the decision between working at a bank or a fintech comes down to job stability vs. flexibility. Traditional banks offer stability, job security, and structured career growth, fintechs, on the other hand, provide remote work options, stock incentives, and a more relaxed work culture – factors that appeal to young, innovative professionals.
Bayo, a product designer who recently left a bank for a fintech startup, explains “I liked working at the bank, but the work culture was rigid. At the fintech, I have more autonomy and a sense of being at the forefront of innovation.”
This shifting preference among tech professionals is creating a new challenge for traditional banks. As fintechs continue to lure top talent, banks must adapt their workplace culture and compensation structures to remain competitive.
The battle for tech talent in Nigeria’s banking sector is far from over. As more Nigerians embrace digital banking, traditional banks will need to keep investing in technology and hiring top-tier professionals to stay relevant. However, hiring alone won’t be enough. Banks must rethink their work culture, improve flexibility, and offer better incentives to attract and retain the best minds in the industry.
Ultimately, the future of banking in Nigeria will be defined not just by technology but by the talent that drives it.
