Despite a year marked by economic turbulence, Nigerian fintech companies are capitalizing on the market’s positive growth trajectory by intensifying recruitment efforts and investing in talent development.
Notable firms such as Flutterwave, Moniepoint, OPay, Palmpay, and Paga have reported substantial increases in transaction volumes, user acquisition, and market expansion. This article explores how these fintech companies are bolstering their workforces to navigate their next phase of expansion successfully.
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Fintechs on the Rise
Several Nigerian fintech companies have thrived in the face of economic challenges. They have reported significant growth in both transaction volume and value while expanding their user bases. Among the notable companies leading this charge are:
Moniepoint: Moniepoint has witnessed over 1.6 million businesses using its platform and has executed its expansion strategy by acquiring a fintech company in Kenya.
Flutterwave: Flutterwave has reignited its plans to become a publicly listed company and has expanded into new markets outside of Africa. The company has also initiated an Engineering Mobility Programme in India to foster industry best practices and nurture the next generation of tech talent.
OPay: OPay has announced its intention to apply for a digital bank license in Egypt, signaling its commitment to further expansion.
Palmpay: Palmpay has reported substantial growth and is likely to play a pivotal role in Nigeria’s fintech landscape.
Paga: Paga is actively recruiting for various positions, including senior software engineers, software engineers, inside sales consultants, and sales executives.
Talent Development Initiatives
In addition to recruitment, these fintech companies are actively engaged in talent development initiatives to address Nigeria’s shortage of skilled developers. Moniepoint, for instance, has launched the HatchDev program, a nine-month specialized training program designed to produce market-ready software engineers. This initiative aims to bridge the significant talent gap in a country with only 115,000 developers.
Moniepoint has partnered with Nithub for the program, allowing them access to a pool of software engineering talent. The program’s goal is to shape 300 junior software engineers, 100 intelligent systems developers, and 100 IoT embedded systems engineers, all of whom will be well-prepared to meet the demands of the job market.
Flutterwave, on the other hand, has launched an Engineering Mobility Programme in India in collaboration with Capgemini, a global technology transformation services provider. This program involves engineers from Nigeria, Kenya, South Africa, and Egypt working with Capgemini’s talent in Bangalore. It offers a unique opportunity for knowledge exchange and exposure to different cultures and innovation approaches tailored for emerging economies.
Contributing to Nigeria’s Digital Economy Growth
These fintech companies view talent development as a strategic investment to accelerate Nigeria’s growth in the digital economy. Chukwudum Ekwueme, Vice-President of Engineering at Moniepoint, expressed the company’s commitment to empowering the next generation of tech leaders and contributing to Nigeria’s digital prosperity.
Nigerian fintech companies are actively adapting to market dynamics by expanding their workforces and investing in talent development. Their efforts not only ensure sustained growth but also position Nigeria as a hub for innovative fintech solutions and contribute to the nation’s economic development.