Why It’s Hard to Get a Job in African Banking Industry
The African banking sector is one of the most promising sectors in Africa. The banking sector is a major contributor to the economy of Africa and provides many employment opportunities for skilled professionals.
However, it has been facing huge challenges when it comes to attracting and retaining talent. This is because the banking sector in Africa faces stiff competition from other sectors like oil & gas and mining that offer better salaries, incentives, benefits, clearer career paths, etc.
The lack of a harmonized regulatory framework across African countries also poses a challenge where banks are forced to comply with different laws for each country they operate in. This raises the cost of staff training and compliance requirements which are passed onto the customer through increased bank charges.
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Banking industry is experiencing high growth rates
The banking industry in Africa is experiencing high growth rates. Banking in East Africa has grown from $5 billion in 2000 to $40 billion by 2017 and is projected to reach $70 billion by 2020.
In the next few years, it’s predicted that banking will continue to grow rapidly, with new banks opening every year. Not only that, but there are more young people entering the workforce with an increased need for banking services such as loans and insurance.
Top 5 Banks in Africa and their Job Opportunities
There are many different banks in Africa that offer different degrees of job opportunities and salaries. Here are the top 5 banks in Africa and their job opportunities:
- Ecobank – Ecobank is a global bank with a strong presence in 20 countries across three continents. They offer Development Banking, Retail Banking, Wealth Management, and Corporate Services.
- Standard Bank – Standard Bank is one of the largest banking institutions in Africa with over 12 million customers worldwide. Their services include Retail Banking, Corporate Banking, Investment Banking, Pension Funds Management and Treasury Services
- FNB – FNB offers bank accounts for individuals as well as other financial services such as Investment Management and Investing Services
- Nedbank – Nedbank is a large financial institution that provides banking to corporations
Finding an Employer in African Banking Industry-5 Ways to go About it
Finding a great employer in the African Banking industry is tough. There are many ways to go about it, but if you want to find the best option, keep reading.
The key to finding a good employer in the African Banking industry is knowing what you want and being clear on your expectations. This will help you narrow down your options and end up with a job that is perfect for you.
There are many great institutions in Africa which provide career opportunities for people with different skill sets and qualifications. However, not all of them provide the perfect environment for growth or development
5 Ways to go About it
- Apply for a job in one of the many banks in Africa (e.g. Standard Char Company, Citibank)
- Look for jobs on recruitment platforms, such as LinkedIn
- Get listed on a job site- job boards like Indeed and Monster
- Search for jobs on social media- Facebook and Twitter are good places to start
- Join a professional network- use LinkedIn