Nigerian banks are beginning to review their business model which is still very much the traditional banking system as technology is penetrating deeper into the tasks that workers carry out.

Technology has already compelled some banks to limit their expansion rate, while others are shutting down their brick and mortar structures to accommodate technology. All these are happening because technology is projected to handle 30% of the work currently done at banks.

Part of the 30% of work that will be taken over by technology is collation of tellers. This means that the staffs who work as tellers will be major casualties of the onslaught of technology. Banks are reviewing their work system because in the next two to three years, teller jobs would likely be phased out by the financial institutions.

Speaking on the projected job loss, the President, Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, said the downsizing might occur because the banks’ traditional business model is being threatened. According to him, banks are now investing in financial technology rather than invest in expansion or brick and mortar building which will accommodate more jobs.

Apart from their investments in Fintech, banks are also investing in specialised human capital. This paradigm shift in investment focus of banks is expected to affect departments that can be technologically driven.

While defending the actions taken by banks, the Managing Director/CEO, Ecobank Nigeria, Patrick Akinwuntan, said the infusion of technology into banking services was done in a bid to remain relevant as banks gradually lose monopoly over financial transactions.

Nairametrics had previously reported[b][/b] that the future of banks was under threat from FinTech startups and telecoms companies which received approval from the Central Bank of Nigeria (CBN) to conduct mobile money service. They were given pproval to enable the apex bank achieve its 80% financial inclusion by 2020. However, the growing popularity of FinTech startups and functionality of network providers as Payment Service Banks has placed some jobs in banks in jeopardy, as customers continue to get more reasons not to visit banks for some financial transactions which can now be done anywhere.

https://nairametrics.com/2019/08/28/massive-job-loss-looms-in-the-banking-sector/

Gone are the days when working in a bank is a thing of pride.
Most bankers will develop hbp before age 40.
Such an unstable institution.

There is a difference between working for and working with. If you know you know.

Are you working for your company or are you working with your company Tell yourself the truth

Sai Next level

Guy, you stole my ftc

Gone are the days when banking was d DIAMOND of professions, besides this is not d FIRST time, that this economy would give ACCESS for unemployment to reach its ZENITH

Let us see that will work in Nigera

God no go gree

Not again

Na today
Banking sector is the most unreliable sector in terms of job security..

normal thing in the terrorist bastard burukutu sipping monkey called presidiot mumuhamado mumuharii regime

It is not my wish that a layoff happens but if it does happens, let it affect only does who support this government starting with Nairalanders. Amen!

A man will not suffer for someone else thumbprint.

Richdad

May God keep my aunt

Which banks?

Bank work no be work

Chai!

In Nigeria, if you can still provide 3 square meals daily or go out and come back home safely daily, you are fortunate, and you should start your day with a prayer of Thanksgiving to God, and not that "kill my enemies or die by fire" kind of prayer.

Watin person wan do again for this life??
Wahala just too plenty for inside life

They should better come up with other jobs that will serve as an alternative else, what happened in 1975 will repeat itself

Chai no single good news since Buhari became President and some people still dey support am... Shameless people

DevilhimseIf:
normal thing in the terrorist bastard burukutu sipping monkey called presidiot mumuhamado mumuharii regime

This has nothing to do with the president bro

all thanks to AI and machine learning.
It is just hiting the banking sector now in Nigeria.
If you don't know
AI
Will
(1) make doctors to be very cheap, soon a clinic that requires 200 doctors will be run by just 2 doctors,
(2) engineering it has already started affecting them, only few engineers will be need.
(3) it is interesting to know that in legal profession the juge now is an AI in some countries they determine who will go to jail and who won't,
Soon will need just few judges.

If AI is taking all our jobs which jobs will be left.

answer
Jobs that requires innovation and tender affection.
Like
(1) nurses
(2) early childhood educators.
(3) sociologist.
(4) innovators and researchers in all fields
(5) programmer
The future is AI,
learn programing everyone whether u are a programmer or not.

I laugh because soon alot of Nigeria doctors will become useless,
It is interesting to know that doctors know do diagnosis with the aid of AI.
soon their will be algorithm that will be more effective than a doc.

Don't say this is Nigeria it can't work or it will take long time before it get here.
Not as far your smart phones and computers is here with us 90% of AI algorithms can be easily implemented here.

Incomplete write up.

Job loss for people who refuse to move with trend and changes.
Do you the number of programmers needed in banks, IT Auditors, eChannels Auditor/ experts, ATM engineer s, Software testers, Project managers, IT security etc.
The Dynamics are changing, pple shud blend in.

The future of any industry is InfoTech. The earlier we all key in the better

PureGoldh:
God no go gree

bro, u be banker? This one u shouted At God no go free.!!!!

Technology can only thrive where there is an enabling environment for it to grow.

Take for example, the introduction of the deposit ATM, it was supposed to take the burden off the banking halls and reduce crowds. But there are a lot of challenges with this, from machine design to the fact that a lot of Nigerians don't even trust the machines. Worse sef, majority of Nigerians can't read and have zero patience to use it. So those machines just lie there not even fulfilling up to a quarter of their projections.

This applies to everywhere. Nobody is loosing any jobs anytime soon because of reasons mentioned in the post. A little bit of downsizing, probably but until we get the environment right, not much will change