Despite being reputed for its digitally advanced economy, two new reports show that South African professionals are not the highest earners in the fintech space in Africa.
This is according to two reports released by the Digital Frontiers Institute – the 2017 FinTech Talent Africa Compensation Report and the 2017 FinTech Talent Africa Leadership and Employee Engagement Report.
The reports are the first of their kind and are aimed at helping business leaders and entrepreneurs across Africa’s competitive financial technology industry who are struggling to attract and retain enough talent to meet current demands.
The findings are based on insights from 400 leaders, managers and professionals across 69 organisations and ten sub-Saharan African countries.
“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.”
The reports showed that 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.
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% were women, and on average, women made up 39% of teams in Fintech
All amounts are in dollars unless otherwise stated, with earnings divided into the average earnings in the 25th, 50th and 75th percentiles.