Monypoint CEO Highlights Shortage of Skilled Talent in Nigeria
After Monypoint CEO Tosin Anyorunda expressed concerns over Nigeria’s lack of skilled professionals, the fintech community reacted with a mix of agreement and criticism. Anyorunda emphasized that the country is facing a significant talent gap, which is preventing fintech companies from filling over 500 positions by 2025 with qualified candidates.
Speaking at The Platform Nigeria in Lagos, Anyorunda remarked that while Monypoint is dedicated to hiring more Nigerians, many of the applicants do not meet the rigorous global standards required for fintech roles. He stated that in order to compete effectively against global players, especially from China, Monypoint must staff its operations with world-class talent, yet it is struggling to find such individuals locally.
Hiring Policies and Challenges
“In 2024, we decided to limit our hiring exclusively to Nigerian candidates, and in 2025, we faced the reality of having 500 vacancies that remain unfilled,” he explained. Many of the candidates he has encountered did not possess the requisite skills or quality, highlighting a trend that goes beyond local competition and extends onto the global stage.
Anyorunda noted that even though he has world-class talent within Monypoint, he finds it disheartening to search for local candidates who do not meet the required standards for building competitive products. He expressed his frustrations regarding the education system and social values in Nigeria, which he believes have led to a decline in the quality of available skills and knowledge.
Education System Under Scrutiny
The CEO criticized the education system for not adequately preparing students to meet the demands of the modern workforce. He articulated his concerns about the diminishing average intelligence quotient (IQ) in Nigeria, despite its influence on global social media trends that promote a culture of rapid wealth accumulation among the youth. “The declining level of logical thinking is concerning,” he said, attributing this decline to several societal factors, including the pressures of social media and unrealistic aspirations.
He asserted that the focus on internet fraud and superficial lifestyles is damaging the potential of Nigeria’s youth. Anyorunda urged for a shift in mindset, emphasizing that there are numerous viable paths for success beyond the allure of get-rich-quick schemes. He called for investments in human capital development to better equip the younger generation with the skills needed to thrive in a competitive global landscape.
Industry Reactions to the Talent Shortage
The comments from Monypoint’s CEO sparked a discussion on social media, with many users sharing their experiences. One commentator, Bjorn Hillside, recounted an interview with a master’s degree holder who struggled with basic Excel skills—an essential requirement for many roles. Hillside urged job seekers to prioritize practical skills over accumulating qualifications.
Others, such as Alatika Baba, pointed out systemic issues within Nigeria’s education framework, including rampant exam malpractice, which further hampers the development of world-class talent. Concurring with Anyorunda’s statements, Mr. Joseph Abul highlighted the negative impacts of educational inequality and the ongoing brain drain of skilled professionals from Nigeria.
Concerns Over Employer Practices
While many echoed the challenges outlined by Anyorunda, some, like Mr. Abul, raised additional concerns about Nigerian employers’ practices. He noted that despite local talent excelling at global firms like Microsoft and Google, the persistent issue of unfilled positions may also stem from inadequate employer support in areas such as salary competitiveness and structured training programs. “To cultivate local talent, we must invest in their development rather than merely lamenting the quality of the talent pool,” Abul asserted.
Another, user @MichaelCodes, countered Anyorunda’s claims by suggesting that Nigerian companies often fail to cultivate talent through essential resources such as paid internships. He argued that this lack of investment in training leads to an unrealistic expectation for prospective employees to meet global standards without adequate preparation.
