The near total collapse of the technological infrastructure of the banking sector have been linked to the massive exodus of Information Technology (IT) professionals who have either left for greener pastures, joined new Financial Technology (Fintech) companies or floated their own payment platforms.
Investigations by the NPO Reports revealed that the banking sector has lost a huge number of employees who were specially trained in information technology by the banks at the inception of the migration to IT-backed banking system in the country.
“The exodus of top software engineers and e-business talents trained by Nigerian Banks over the years also affected back-end activities that guarantees seamless digital transaction inter and intra bank,” a highly placed source in the banking industry told the NPO Reports on Monday.
Towards the end of 2021, the mass resignations of the IT professionals had become worrisome to industry leaders that it was decided an action must be taken to save the industry.
It was this that compelled industry leaders to move to replace the lost talents by instituting a $10m dollars funds for capacity building of talents for the banking and finance sector.
NPO Reports was told that the fund is a revolving loan launched at 2022 Bankers Conference in Abuja and will be held in trust by Chartered Institute of Bankers of Nigeria where those who want to study relevant courses to work in Nigeria banking and finance sector could draw from to fund their studies either in Nigeria or abroad.
An IT expert who left his employer, a major commercial bank in 2022 told the NPO Reports that apart from those who travelled out of the country, some of the professionals ended up with the banking services companies.
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“This is why you see that even in the midst of these system failures by the big banks, some of those ones operating online are functioning. Have you seen how Kuda, Palmpay, Chipper Cash, Carbon, and many others are performing? Many of those professionals who resigned from big banks have set up those ones or working for them. Simple,” said the expert who pleaded not to be named.
Findings reveal that the institution of the revolving loans for training of new IT experts for the banks never envisaged that the challenge would come so early.