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What tools does Nigeria need to witness a compliance boom?

Posted by: Laurence Simons 21/10/15

Due to a recent boom in business in Nigeria’s financial services sector, demand for skilled people to fill financial compliance jobs is on the up. Organisations have also been advised to consider adopting technology which will minimise the current burdens of risk and compliance. By taking on specialised systems which allow accurate and relevant real-time information, decision makers will reap the benefits. But is this technology accessible right now?

Deloitte’s 2015 Compliance Trends Survey revealed that 59% of respondents are only somewhat confident or not confident at all that the IT systems currently in use by compliance departments can fulfil the chief compliance officer’s reporting and responsibilities tasks. So clearly something needs to change. Kudzai Danha, managing director of SAP West Africa, commented: “When operating in a country as vast and populous as Nigeria, with 173 million people spread across 36 states, accurate data and the subsequent insights gained are critical to the delivery of successful financial services. Regrettably, many banks and insurance companies simply lack the expertise and skills required to fully utilise this information asset and don’t have efficient IT systems in place to capitalise on big data.”

Yet the soil of the digital economy in Nigeria is more than fertile, and small advances in compliance technology can hugely outpace other organisations, giving them the competitive edge in the market. A recent Economist Intelligence Unit survey of 208 risk management and compliance executives at retail, commercial and investment banks in 55 countries on six continents revealed that although there is an increasing number of bankers using both the analysis and sharing of big data, there remains a dire need for faster adoption of technology within the sector.

So what's next for compliance recruitment in Nigeria? Well it looks as though Nigeria is on the cusp of a compliance boom – provided it is handed the right technological tools.