By Rarzack Olaegbe
We are in VUCA time. Warren Bennis and Burt Nanus coined the acronym VUCA in 1987 based on their leadership theories.
According to Wiki, VUCA describes the volatility, uncertainty, complexity, and ambiguity of general conditions and situations. That is why most Nigerian professionals have japa.
In street parlance, it means to run away from a difficult situation. The youths top the list of migrants who have japa in search of a better livelihood in Europe, America, Asia, and Canada. The International Organization for Migration explained that economic and higher living conditions usually influence the migration of professionals and non-professionals.
However, the current VUCA situation in Nigeria is a typical example. That is why most young Nigerians are fleeing. Japa has led to brain drain syndrome.
On the one hand
Mitchell Elegbe, the founder and Group CEO of Interswitch has attributed the poor online banking services expressed – in the form of failed and delayed transactions – to japa syndrome. Elegbe said the mass exit of tech talents who were the brains behind the smooth running of the system in the banks has led to the terrible experience.
Elegbe blamed the sudden exit of experienced tech staff in the banks for the ugly. He confirmed that the banks are compelled to operate using employees who “have little capacity to deal with the problems” of failed and delayed transactions “within a short period.”
In the past, he explained, when such challenges emerged the banks and switching companies would have solved the challenges “in five minutes.” Now, it took the banks three weeks. “So, that’s part of what you are experiencing.”
“But it’s a temporary issue. It will be resolved. We are aware of this. Across the industry, efforts are going on. You must have noticed in the last few weeks that there have been some improvements. These things do happen from time to time.”
He spoke recently in Lagos after he emerged as the EY West Africa Master Entrepreneur of the Year for 2023. He reiterated that japa in banks has exacerbated customers’ online banking experience.
On the other hand
The brain drain affected all sectors of the economy. It has happened in medicine, oil and gas, and education, with very talented Nigerians leaving suddenly. When they do, the employers did not have enough notice to prepare.
The movement of people from one country to another country, industries, and organizations is a regular occurrence. It usually causes one sector to lose a core portion of valuable individuals. Doctors, healthcare workers, scientists, engineers, and financial technology professionals have migrated.
Wherever japa has occurred, the sector and industry are negatively impacted. Research has thrown up two major deficits. While one country gained expertise. Another country lost expertise. Each emigrant is a blessing and a curse. It is a blessing to the receiving country. It is a curse to the losing country.
This leaves a sour taste on the tongue. It harms the economy. In this instance, it has harmed the bank customers. It has harmed the system. Even, when the naira is stable, it will take a while to gain momentum and replace the expertise of the migrants. What can we do? Persevere.
In the short term
The naira redesign has exposed the financial industry and Fintech ecosystem. It has shown the volatility, uncertainty, complexity, and ambiguity of the system.
Yes, the customers’ journey was ruined. It ruined their social and economic lifestyle.
This is an opportunity to rebuild, reinvent, and refresh the system.
But remember that japa exposed the fintech ecosystem too.
It is VUCA time. #
