Nigeria's top banks, First Bank and GTBank, are on a mission to hire top tech talents to improve their digital banking channels. According to job postings 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.

GTBank's job ad, although not specifying exact roles, comes months after the bank's core banking upgrade took longer than planned, causing customer discomfort. The hiring spree is a strategic move to stay ahead in the digital banking space, where customers are increasingly relying on mobile banking apps. 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.

Nigerian banks typically maintain an in-house technology team while outsourcing some functions to engineering shops abroad. This approach has become more crucial as banks race to keep up with the growth of digital banking channels. In 2022, Standard Chartered Bank reduced its physical branches by 50% in Nigeria to focus on digital banking solutions.

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. The competition for tech talent in Nigeria's banking sector is intense, with Moniepoint and other fintechs also jostling for experienced professionals as they expand their retail footprints.

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.

However, 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, a product designer who 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.