There is far too little financial Technology talent in Africa, and companies in the industry are feeling the pinch, CEO of the Digital Frontiers Institute (DFI) Gavin Krugel has said.
“This human capacity gap is leading to escalating human capital costs and hiring delays, stalling business progress within the Fintech industry,” he added.
Reports by the Institute show that Kenya commands the highest salaries in the fintech space ahead of South Africa, despite the latter being reputed for its digitally advanced economy.
The DFI in its two new reports: the 2017 Fintech Talent Africa Leadership and Employee Engagement Report and the 2017 Fintech Talent Africa Compensation Report provide valuable data and insights for business leaders and entrepreneurs to help attract and retain the best people in Africa’s increasingly competitive financial technology industry.
Kenya and Nigeria consistently rank the highest when it comes to remuneration packages for staff across all levels of expertise, while more developed digital economies such as South Africa, with the largest pool of respondents, consistently rank in the middle and lower tiers of compensation packages.
Similar to current trends in technology and finance industries globally, women are underrepresented at fintech companies across Africa, both in leadership and operational roles. Of the more than 400 professionals who participated in the survey, only 12.5 percent were women, and on average, women made up 39 percent of teams in Fintech.
The reports also explore the reasons behind disparities and provide advice on what can be done to resolve challenges in recruiting and retaining talent.
Ultimately, the reports can empower leaders and decision makers in the African fintech industry to improve capacity planning, talent development, and remuneration and retention practices, maximizing their opportunities in one of the world’s fastest growing industries.