The 95,000 workers working in Nigeria’s 24 business banks share a typical expertise: a tradition of secrecy round how a lot they earn. Within the banking business, discussing salaries isn’t just taboo—it’s virtually forbidden.

“Salaries in banking are sacred,” stated one GTCO worker, who requested to stay nameless because of firm insurance policies

“At onboarding, HR makes it clear: discussing wage along with your colleagues is strictly prohibited,” a banker from Stanbic IBTC shared with TechCabal. This tradition of silence extends throughout all job grades, stopping workers from overtly evaluating pay with their friends.

For the banks, this secrecy advantages their backside line. It prevents workers from having the required info to judge their profession choices, request raises, or think about transferring to opponents. This lack of transparency turns into a barrier to worker mobility, despite the fact that excessive turnover charges within the business have been rising since distant work gained traction in 2020.

TechCabal has gathered an in-depth wage scale for Nigerian bankers primarily based on insights from over 26 present workers throughout 12 business banks. The information spans 5 key grades: Government Trainee, Assistant Banking Officer, Banking Officer, Senior Banking Officer, and Assistant Supervisor.

These month-to-month salaries don’t embrace bonuses equivalent to revenue sharing or Thirteenth-month salaries.

*Click on on the dropdown within the picture to see pay at completely different grades.

Credit score: TechCabal/Margaret Awojide

Industrial banks play a important function in Nigeria’s expertise pipeline, hiring and coaching hundreds of workers yearly. Additionally they set the usual for entry-level salaries, usually adjusting wages to maintain tempo with inflation. Nevertheless, with Nigeria’s inflation fee hitting an 18-year excessive, many banks have been compelled to boost their salaries in response.

In October 2024, GTCO raised worker salaries by 40%, signaling its dedication to retaining high expertise amidst rising dwelling prices. Union Financial institution adopted go well with, considerably rising pay throughout the board and positioning itself as one of many highest-paying banks within the nation.

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