What is the Salary Structure of Banks in Nigeria? Because the banking and finance sector is one of the fastest-growing sectors of the economy, bankers should be among the highest-paid professionals in Nigeria. This is not entirely accurate in Nigeria, as numerous factors are considered when determining the amount a banker is entitled to be paid.
For the reasons stated above, I always advise students interested in becoming bankers or bank managers in Nigeria to do extensive research on the industry before entering it. The salary of bankers in Nigeria, the career prospects open to bankers, the prerequisites to become a certified banker in Nigeria, and so on are some of the factors to consider.
In this article, we’ll take a closer look at the Salary Structure of Banks in Nigeria. The term “banker” is used in this article to refer to anyone who works in a bank, with the exception of individuals who provide non-financial services such as cleaning and security.
A banker, according to the Cambridge definition, is a person who holds a key position in a bank. It can also be defined as a person who works in a bank and provides financial banking services.
It’s also worth noting that there are two categories of bank employees:
- Contract employees: As the name implies, these are employees who are not employed by the bank on a long-term basis. They only work with the bank as long as specific contract criteria are met.
- Core staff: Core staff, on the other hand, are individuals who work for the bank. As a result, they are just part-time employees at the bank. According to research, bank core employees earn more than contract employees in the majority of circumstances.
Bankers’ salaries in Nigeria are determined by a number of factors.
- Level of experience: It appears that experience is a factor that influences employment rates in Nigeria across the board. This is not an exception in the banking industry. Entry-level banking employees are obviously not compensated the same as those who have worked for the bank for many years.
- Bank type: The type of bank is also important. Because banks are not owned by the government, the amount paid to employees is usually at the discretion of the bank’s owners. The amount paid to Access Bank employees at the entry level differs from the amount paid to First Bank or Union Bank employees.
- Bank employee types: Almost every bank has a hierarchy of employees. General manager, Assistant general manager, Senior manager, Manager, Senior banking officer, Banking officer, Assistant banking officer, and Entry level are the most common positions. At the conclusion of each month, these employees are not paid the same amount as their monthly salary.
- Position of the banker’s job description: This is similar to the point above, but it pertains to the banker’s job description. For example, some bankers work as customer service representatives while others work as cashiers. All of these factors are taken into account when calculating a banker’s remuneration.
Salary Structure of Banks in Nigeria
In Nigeria, a banker’s salary ranges from N50,000 (fifty thousand naira) to N2,000,000 (two million naira), depending on the job he or she holds, the bank, and the banker’s expertise. The entry level wage in a Nigerian bank ranges from N106,000 to N145,000. Managing Directors/CEOs, on the other hand, are paid N3,500,000 or more per month. Contract employees are paid between N50,000 and N10,000 each month.
The following is a list of all the roles available in most Nigerian banks, together with their job descriptions and monthly salaries.
- Contract employees at most Nigerian banks receive between N50,000 and N100,000 per month, depending on the bank and the terms of employment.
- Entry-level pay: The term “entry level” refers to bankers who have recently joined the company. The banker should have 0–3 years of banking experience in this position. They are paid between N106,000 and N145,000, depending on the bank and other circumstances.
- Banking officer salaries range from N250,000 to N340,000 per month, depending on the bank and other significant aspects such as those stated above. He or she is in charge of overseeing and supervising all banking activities in the bank.
- Senior banking officer: The senior banking officer is a step above the banking officer. This post pays between N350,000 and N495,000, depending on the bank and the banker’s expertise.
- Bank Manager Salaries: Bank managers are in charge of overseeing all aspects of the bank’s operations. They are paid monthly in the range of N900,000 to N1,200,000 (depending on the bank).
- Deputy Manager Salary: A Deputy Manager’s job description in the bank appears to be to assist or do the manager’s job in his or her absence. Deputy managers often earn between N680,000 and N250,000 per year, depending on the bank.
- The salary of a senior manager is higher than that of a manager. He/she receives a monthly salary ranging from N1,300,000 to N1,750,000, depending on the bank.
- General Managers’ Salaries: The general manager oversees the activity of banks in the same zone at a zonal level. Depending on the bank and amount of experience, general managers are paid between N3,000,000 and N3,500,000 per month.
- Managing Directors/CEO Salary: This is the highest paid position in the bank hierarchy. They make important decisions that affect the bank’s overall operations. A Managing Director/CEO of a bank in Nigeria might earn up to N3,500,000 per year.
To summarize, the aforementioned compensation structure indicates that banking is one of Nigeria’s most lucrative industries. The majority of bank employees are usually contract workers, which is why most people haven’t realized how profitable this industry is. The amazing thing is that, in addition to this pay, most of the bank officers listed above still receive a monthly stipend.
I hope you found this information useful. I hope this provides encouragement to people considering studying banking in Nigeria.