As the city of Lagos continues to evolve as Africa’s fintech capital, job opportunities within the fintech ecosystem in Lagos has increased by over 50% over the past year.
Of the 20 fintech firms monitored by Fintech Africa, at least 17 of them have increased their workforce by over 50% in the last 18 months, making it the fastest growing sector in the Lagos state economy.
As well as software development, the most in-demand roles within fintech continue to be operations and marketing.
However those professions that have seen the biggest spike in recruitment (in most cases a 100% increase since 2017) is software development.
The increase in demand for IT talents, poses the risk of stifling the talent pool. As a result, the industry is already starting to see salary inflations for IT professionals of around 8-10% – and some pretty impressive buy-back and counter offers.
Lagos-based fintech companies have had a wild 2018 in terms of funding. By November, the top 10 funding rounds by Nigerian startups had a combined $76.3 million investments and fintech commands a huge size of the show.
Research showed that they have continued where they stopped in 2018 as they are already leading the funding round in the first quarter of 2019.
For instance, TeamApt has raised $5.5 million in capital in a Series A round led by Quantum Capital Partners. Kudi has also raised $5m to expand its agent banking operations.
At the forthcoming 2019 Lagos Fintech Week [LFW], talent gaps are one of the issues that would be discussed by thought leaders in the industry.
Chairman of the LFW Organising Committee, Dr. Yele Okeremi said Lagos Fintech Week “is an invigorating week of distinct FinTech events that delivers exciting discussions, stimulating demos and insightful debates”.
He added that whether “you’re a start-up, technology company, investor, financial institution, research institute or innovation professional, you’ll want to be part of it”.
Lagos Fintech Week is scheduled for April 23-25 at the prestigious Oriental Hotel, Victoria Island.