By Temitayo Olumofe

As a mass exodus of tech talent threatens the digital ambitions of financial institutions, industry leaders are being forced to rethink everything—from workplace culture to their core business models. Akeem Adesina, who heads technology and digital transformation at f First City Monument Bank (FCMB) lays out the battle plan.

The “japa” phenomenon, the wave of skilled professionals leaving Nigeria for opportunities abroad, is creating a seismic shift across industries. But perhaps nowhere is the impact more acutely felt than in the nation’s banking sector, where the flight of engineers, developers, and cybersecurity experts is striking at the heart of its future: digital transformation.

What was once a steady trickle has become a tide, slowing the rollout of new apps, delaying critical infrastructure upgrades, and forcing a fundamental rethink of how banks operate and compete. To understand the scale of the challenge and the emerging strategies to confront it, we spoke with Akeem Adesina, Vice President of Technology and Digital Transformation at First City Monument Bank (FCMB). In a candid interview, Adesina reframes the crisis as a strategic imperative. “The movement of highly skilled talent has created a major gap from a business perspective,” he states.

“This isn’t just a technical issue anymore; it’s a core business priority that directly impacts revenue growth and market competitiveness.” Slowed innovation and fragile systems The consequences are tangible for everyday customers. Adesina points to potential delays in agile mobile banking platforms, integrated payment systems, and the adoption of cloud-native architectures. For banks, this translates to broken customer journeys, slower adoption of digital channels, and a direct hit to the bottom line. Beyond customer-facing services, the stability of the banking system itself is under strain. Legacy core banking platforms, complex and monolithic, require deep expertise to maintain.

“Troubleshooting, patching, and system upgrades are taking longer now that experienced engineers are gone,” Adesina explains. This elevates the risk of downtime and weakens the ability to respond to cyberattacks or transaction spikes, eroding the very trust that banking is built upon. The innovation cycle is also suffering. Projects involving AI, data analytics, and new digital lending products are being delayed as internal capacity shrinks. This accumulation of “technical debt” makes banks more cautious, potentially ceding ground to agile fintech competitors. The rise of outsourced workforce In response, banks are increasingly turning to outsourcing and contract-based talent to fill the void.

This approach offers a quick fix: flexibility, specialised expertise, and a way to keep projects on track. However, Adesina warns this is a double-edged sword. “Over-reliance introduces strategic risks, operational dependency, knowledge gaps, and data security issues,” he says. Without strong vendor governance and a focus on knowledge transfer, banks risk trading a talent shortage for a resilience crisis. Retention, culture, and home-grown talent While outsourcing is a tactical tool, Adesina believes the long-term solution requires a radical overhaul of how banks attract and retain talent. He argues that current initiatives like remote work and compensation adjustments are necessary but insufficient.

“Salary increases help temporarily, but they often don’t meet global standards,” he notes. “To truly keep talent, we need a comprehensive approach.” Tech professionals need more than a paycheque; they seek meaningful work. Adesina advocates embedding tech teams in business units to work on high-impact projects, creating clear paths to leadership roles, and fostering an entrepreneurial “startup” culture within the bank. Collaborating with universities and tech hubs is also crucial to building a resilient pipeline of young, local talent. This ensures the industry isn’t just fighting over a shrinking pool but is actively growing its own. Adesina calls for clearer regulations around open banking and digital licensing to create a sandbox for innovation, helping Nigerian banks compete on a global scale. Doing more with less Looking ahead, technology itself is becoming a key part of the solution. Automation, AI, and cloud platforms are being deployed to fill human resource gaps.

“Robotic Process Automation handles repetitive tasks, while AI powers fraud detection and personalised services,” Adesina explains. “These technologies allow us to do more with less, enabling our limited, high-value staff to focus on strategic innovation rather than routine maintenance.

” The “japa” wave is more than a personnel problem; it is a forcing function for change. The banks that will thrive, according to Adesina, are those that stop applying reactive fixes and start building a strategic “talent ecosystem.” This means becoming technology companies that offer banking services, not the other way around—places where top tech talent chooses to stay, grow, and drive change rather than seeking it elsewhere. In the face of a global race for digital supremacy, the future of Nigerian banking depends on its ability not just to stem the tide but to build a stronger, more resilient shore.