The dynamic and diverse Kenyan economy makes remarkable strides across different sectors, with the financial industry, in particular, playing a pivotal role in the country’s overall economic growth.

This is evident in the evolving recruitment landscape.

In Kenya, increasing economic activity has initiated the demand for skilled financial personnel in roles ranging from data analysts to risk and compliance officers and digital finance experts. In fact, the Kenyan FinTech sector set a new record in 2022, with $158m capital raised, further intensifying the demand for top talent.

Challenges in the Kenyan recruitment landscape

No country is without its challenges and Kenya, like many other countries, faces a skills gap when it comes to financial and digital technology. What’s more, the demand for employment far exceeds available employment opportunities.

Recruitment challenges in Kenya include:
 

An immense youth population: A 2019 census shows that 75% of Kenyans are aged 35 or under, which has led to many graduates and youths entering the workforce. However, there aren’t enough employment opportunities to accommodate this pool of candidates, often resulting in limited exposure for younger job seekers when compared to more experienced candidates.
 

Regulatory rigidity: Employers recruiting in Africa tend to grapple with stringent governmental regulations. For instance, the Kenyan government has strict mandates on which companies may offer employee severance pay if staff members are retrenched, ultimately making hiring and termination expensive while limiting access to formal job opportunities.
 

Gender constraints: Government-imposed regulations and obstacles limit women’s participation in the workforce. Certain jobs remain inaccessible to women and limitations are imposed on their working hours. These restrictions hamper recruitment efforts, reducing the pool of potential applicants and curbing employment opportunities.
 

A weak formal sector: Most Kenyans work in the informal job market, including agriculture and trade. As a result, many top-talent candidates opt to freelance to prevent being taken advantage of in the informal job market.
 

Battle for high-quality talent: Despite the youthful population, there is a significant gap in the skills and experience required by employers. Highly skilled and experienced talent tends to be quickly absorbed by multinational corporations, particularly in the technology sector.
 

Long-winded recruitment: Hiring in Kenya is often drawn out, demanding considerable time from HR. On average, recruiters dedicate 18 hours exclusively to CV screening and an additional 19 hours to interviews. Combine 30 hours of recruiting with the sheer volume of applicants, and you have no time or budget left.

Light at the end of the “Silicon Savannah”

Kenya’s capital and largest city, Nairobi, is often called the “Silicon Savannah” - a nod to California’s “Silicon Valley” - for its unique blend of tech and local culture. The city has many FinTech start-ups and has attracted investment from around the world.

Like Silicon Valley, Nairobi is a centre for developing and exploring new technological ideas, including mobile money platforms like M-PESA and innovative tech companies like BRCK.

The city also has places like iHub, where people can collaborate and innovate. This, combined with the city’s young and energetic workforce, adds to Nairobi’s status.

Want to recruit someone in or from Kenya?

Kenya has a “Vision 2030” long-term development blueprint, intending to nurture top talent development and balance the scale between the formal and informal sectors.

Here are some tips to consider when recruiting talent in and from Kenya:

1.   Get to know the country

In Kenya, non-residents need a work permit, with different classes available based on the nature of work and qualifications. In addition, according to the Employer Act 2007, jobs over three months must have written contracts outlining wages, duties, leave, and termination notices. Probation periods should not exceed six months, with at least one month’s notice for termination during this period.

The country also has a variable minimum wage and a maximum 52-hour workweek. Employers must contribute to the National Social Security Fund (NSSF) and National Hospital Insurance Fund (NHIF) for their employees.

Lastly, termination rules require a fair reason, notice, and severance pay.

2.   A note for FinTech recruiters

Because Kenya is a leader in mobile money technology, candidates with experience in FinTech and digital financial services are particularly valuable. Technical skills such as accounting, financial analysis, risk management, and knowledge of finance-specific software are also essential. Also, consider the candidate’s adaptability to a rapidly evolving financial sector and commitment to continuous learning.

Candidates should understand Kenya’s financial regulations, including the regulatory sandbox introduced by the Capital Markets Authority for testing financial technology solutions.

Final thoughts

Kenya's current finance recruitment state mirrors the country's broader economic growth, digitalisation trends, and socio-cultural shifts. Although challenges persist, the future is optimistic, with projected growth in the sector and an increasing focus on diversity and technology integration.

Contact Network Recruitment for more information or advice about hiring talent in or from Kenya (or apply for your next big career opportunity).