Recent research has shown that Africa’s fintech ecosystem has surged 60% in the last two years with $320 million in funding raised since January 2015.
In 2018, 210 African tech startups raised $334.5 million. Nigeria led the investments in 2018 with 58 startups raising $94,9 million, followed by South Africa with 40 businesses that raised $59,9 million, and Kenya was third.
Homecoming Revolution spoke to some of its Sub-Saharan African business leaders operating in the sector for comment on this unprecedented growth.
Obi Okwuegbunam, Nigeria Country Manager at Mastercard
“There is a definitely an expectation of increased job creation right across the value chain from the bottom of the pyramid, as we see further penetration of financial services at the lower end of the market, and also at the top end as the need for developers, digital experts and data analytics skills take prominence.”
Kemi Okusanya, Vice President for Visa in West Africa
“The continent will continue to attract investors who will foster initiatives that will promote innovation and spur technological advancement in digital payments which will inherently translate to more jobs within the industry and encourage the development of human capital across the continent. Fintech companies are developing innovative solutions to meet the needs of the rapidly growing consumer base on the continent. The industry is bursting with passionate, entrepreneurial communities that bring new experiences to life in a secure and scalable manner.”
Idrees Kolobhai, Head of Fintech Management at Standard Bank Group
“While some losses will be experienced due to tasks being automated, new roles will be introduced. The future banker would likely need to be proficient in areas such as cloud computing, data analytics/ data sciences, user experience and user interface. For existing talent, we cannot underestimate the amount of reskilling and change management that will be required in order to change mindsets from what they once used to be.”
Schalk Nolte, CEO of Entersekt
“International experience is very valuable, as, of course, is a technology background. Resources can be scarce, and there’s great worth for companies in fostering talent and valuing employees. It’s about more than disruption or innovation for the sake of change. Fintech in Africa helps solve problems, address challenges, improve lives. That’s a key reason for the sector’s growth – and for the success fintech services have seen in terms of uptake.”
Martyn Davies, Dean Alchemy School of Management, Deloitte
“I don’t believe this is a zero-sum game of job creation. It’s not about fintech’s vs traditional banking jobs. It is thus not about jobs but rather far wider value that can be created in an economy, both domestic and regional.”
Dalene Deale, TransUnion Africa, Director Fintech & Financial Services
“We have seen incredible growth in the Fintech landscape in Africa. Beyond simple lending platforms, Fintechs are contributing to the improvement of financial literacy, removing friction in the financial services landscape as well as solving problems like financial inclusion. Fintech will play a significant role in creating employment in Africa in the next 30 years. It’s changing the future of financial services and creating opportunities for the workforce of tomorrow to create growth on our continent.”
Homecoming Revolution specializes in headhunting top talent within the fintech industry across Sub-Saharan Africa. Get in touch to find out about some of the globally experienced talent on our books.