New reports out today 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.
To better understand and address human talent gaps that exist in Africa’s fintech landscape, the Digital Frontiers Institute (DFI) has released two new reports: the 2017 Fintech Talent Africa Leadership and Employee Engagement Report and the 2017 Fintech Talent Africa Compensation Report.
The reports, the first of their kind, 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.
“There is far too little fintech talent in Africa, and companies in the industry are feeling the pinch,” said Gavin Krugel, CEO of the Digital Frontiers Institute. “This human capacity gap is leading to escalating human capital costs and hiring delays, stalling business progress within the Fintech industry. Through our research insights and work to develop Fintech management, we aim to help digital finance professionals worldwide cultivate the necessary capabilities and capacity to shape and contribute to more efficient, effective and inclusive financial services.”
With funding from Omidyar Network, this comprehensive report draws on data collected through a cross-sectoral survey of more than 400 leaders, managers and professionals across 69 organisations and 10 sub-Saharan African countries. Among the reports’ key findings:
Salary Comparisons by Country: countries such as 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.
Gender Gap: 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.
Both reports are free to download and share here.