JOHANNESBURG - South Africa lacks the technical skills that fintech companies need to develop new solutions, ensure ongoing innovation and expand their businesses, Durban firm said on Wednesday.
Based in Umhlanga and one of the country's fastest growing fintech companies, iKhokha said it was battling to attract talent to support its growth.
"Disruptive digital and e-commerce businesses, from scale-ups through to big giants like Amazon or Google, are growing at such unprecedented rates that the gap between the staff they need and the talent available in the marketplace is widening," iKhokha CEO Matt Putman said after returning from Paris where he attended Unleash World, the world’s top human resources tech event. "This is particularly true in South Africa."
He said to challenge entrenched market players, digital businesses need to innovate, but at times battled to find the technical expertise to do so.
"It’s ironic that in South Africa, with a 29 percent rate of unemployment, the situation is even more challenging. Not only does the number of jobs far outweigh the number of skilled applicants, but because we are behind first-world countries when it comes to digital proficiency, so is our talent pool," he said.