Nigerian Banks Witness Mass Resignation of Tech Engineers, as They Move to Amazon, Others

Nigerian Banks Witness Mass Resignation of Tech Engineers, as They Move to Amazon, Others

  • Most Nigerian banks are struggling to meet up with customer demands due to mass resignation which hit the industry lately
  • According to recent findings, most of the banks have been deserted by tech engineers who have left them to work in companies like Amazon
  • A recent report also states that most of the banks are hastily training staff to fill the vacuum and increase the pay package of the remaining staff

Amazon’s entrance into the e-commerce space in Nigeria has left most Nigerian banks in the lurch, recent findings by reveal.

According to most tech engineers who spoke with, most of them resigned in droves as Amazon announced it is hiring tech-savvy Nigerians to handle its front-end software needs and customer queries.

Banks, CBN
Bank customers queue up Credit: Chuck Savage
Source: Getty Images

Insider testimony

Samson Ojekwe who spoke with said he resigned from one of the new generation banks after he applied and successfully got recruited to work with Amazon in Ireland.

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He said most of the hitches experienced lately by bank customers are caused by a lack of tech staff to handle most queries from customers.

Ojekwe said:

“If you have noticed lately bank customers are lamenting of technical hitches when they want to perform one transaction or another. This is because the banks lack staff who can handle and execute the queries as soon as they are made.”

He said he knows a lot of his colleagues in the banking industry who have left and moved to high-paying jobs in either Amazon, Meta (Facebook) or US-based tech companies.

He said:

“Every year, big tech companies come to Nigeria to conduct interviews and ferry Nigerians who are tech savvy away to work with them in countries where they have a shortage of staff.”

A report by Leadership newspaper states that software engineers in most commercial banks across Nigeria moved abroad to seek greener pastures which threatens the digitisation of the banks.

Resignations cause disruptions for banks

According to the report, this has put a wedge in the wheel of the banks and the Central Bank of Nigeria’s effort at driving financial inclusion and full-scale implementation of the cashless policy in Nigeria.

The mass resignations have also driven spikes in the seamless operation of electronic and mobile banking systems in most banks in the country.

The report also states that over 500 tech engineers have deserted the banks in Nigeria since the beginning of 2022 and moved mostly to Canada and other European countries where they are paid handsomely.

Also, about 1,000 other critical staff in most banks have left to take up juicy offers abroad as they pave way for their colleagues to join them, which has left Nigerian banks in limbo.

Banks move to plug holes

The development has disrupted the succession plan of many banks as more bank staff seek greener pastures outside the country.

As a last resort, bank executives have moved to train more engineers to fill in the gaping hole left by the more experienced ones.

In order to forestall further resignations, the banks have moved to promote and increase the pay package of most of its staffers, according to an insider report which says as many as 150 personnel of the banks have been promoted in the last two weeks.

Nigerian Banks with the highest account maintenance revenue in Q1 2022 Banks in Nigeria that are listed on the floor of the Nigerian Stock Exchange cumulatively made a total of N36.04 billion from maintaining customers’ accounts in the first quarter of 2022, according to data from their quarterly statements.

The leading banks are Zenith, Access, and GTB which grossed the highest income from current account maintenance in the first quarter of 2022.

Nairametrics report says that the amounts made came from maintenance charges in the first quarter of this year represent 17.5 per cent to stand at N30.67 billion in comparison to the same period the year before.


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