Two top Nigerian banks, First Bank and GTBank, are hiring tech talents as technology plays an increasing role in staying ahead of the competition. According to a job posting seen by TechCabal, First Bank is hiring for multiple roles, including frontend and backend software developers, DevOps engineers, scrum masters, software development team lead, product designers, product owners, product control officers, and software quality assurance team lead.
While GTBank’s job ad did not state specific roles, the hiring comes months after the bank’s core banking upgrade took longer than planned, causing severe customer discomfort.
While Nigerian banks don’t disclose the size of their tech teams, it is common practice to maintain an in-house technology team while outsourcing some functions to engineering shops abroad, according to two people familiar with the industry.
This approach has even become more crucial as banks race to keep up with the growth of digital banking channels. According to the 2023 West Africa Banking Industry Customer Experience Survey by KPMG, 70% of Nigerian customers use their mobile banking app at least once a week, up from 55% in 2022. This shift has prompted banks to prioritise digital channels over traditional brick-and-mortar branches. In 2022, Standard Chartered Bank reduced its physical branches by 50% in Nigeria to focus on digital banking solutions.
With more Nigerians relying on digital channels for financial transactions, banks are under pressure to improve their platforms and hiring tech professionals is one sure way to achieve this. Since September 2024, at least five Nigerian commercial banks have upgraded or changed their core banking applications. With millions of customers to serve across hundreds of channels, banks will continue to need to invest in technology. Nigeria’s biggest banks will spend at least ₦82 billion on core banking software.
Both First Bank and GTBank did not immediately respond to a request for comments.
There is competition for tech talent in Nigeria’s banking sector, with Moniepoint and other fintechs also jostling for experienced professionals as they expand their retail footprints. Since 2023, Moniepoint has been hiring top talent from Access Bank and Stanbic IBTC, including those in product and technology teams.
Commercial banks have taken drastic measures to retain their technology staff in response to the growing threat of employee attrition. In 2022, GTBank doubled the salaries of its tech team to prevent a mass exodus after multiple employees left the bank for competitors and opportunities abroad. Tech professionals remain among the highest-paid employees in the banking sector, according to industry insiders. A GTBank technology employee at the same level as an Assistant Banking Officer (ABO) reportedly earns around ₦1 million ($613) per month—significantly more than their counterparts in other divisions, according to a source familiar with the bank’s pay structure.
Yet, tech professionals in Nigeria have mixed feelings about working in banks versus fintechs. While banks offer stability and job security, fintechs are often seen as more innovative and flexible. Fintechs offer more attractive perks such as remote work options, stock options, and a more relaxed work culture, which traditional banks struggle to match.
“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,” said Bayo, who asked to be identified by his first name. A product designer, Bayo recently left a traditional bank for a fintech startup.
The talent war is no longer just about serving customers—it’s about attracting and retaining the best minds in technology. As fintechs continue to lure top talent with better pay and flexibility, traditional banks must step up their game or risk falling behind.
