Financial Institutions Training Centre (FITC), has announced a partnership with Nexford University aimed at tackling skill migration, popularly known as japa syndrome in the financial sector.
Managing Director/Chief Executive Officer at FITC, Chizor Malize, who disclosed this in Lagos on Tuesday, said the financial service sector is the worst hit by talent migration, which she said has led to a reduction in the quality of services offered.
She also noted that there is a mismatch as many graduates are unfit for the skills required in the financial sector.
She said: “This (partnership) is also to be able to create capacity in the areas of need such as software engineering, cybersecurity, data analytics and others. A lot of tertiary institutions do not prepare graduates for these roles that I have mentioned so you find people leave school but they are not employable. Some who are employable do not have the skill sets in the areas where the jobs are emerging.
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“So through this partnership with Nexford, we are to find the opportunities and the gaps as well as the areas of need while providing learning interventions to fill the gaps. So if people are experiencing 10% talent migration, we are able to provide 20% of the resources needed.”
She hinted that the programme, which is tailored-made for the Nigeria financial sector will not be limited to only members of FSS as it will be opened to other players in the financial sector including microfinance and merchant banks.
While noting that talent shortage is a global phenomenon that is not limited to Nigeria and Africa, the CEO Nexford University, Fadl Al Tarzi, said the objective of the partnership also include helping existing staff within the financial sector, build the skills that are needed for career and social mobility.
