Salary of bankers in Nigeria: Ordinarily, bankers should be the most paid professionals in Nigeria because the banking and finance sector is one of the booming areas of the economy. This is not totally true in Nigeria because many things come into play when deciding the amount a banker is qualified to be paid.
It is for the above reason that I always recommend that students who are aspiring to be bankers or Bank managers in Nigeria, do thorough research about the profession before running into it. Some of the things to consider are the salary of bankers in Nigeria, the employment opportunities available to bankers, requirements to become a certified banker in Nigeria etc.
In this article, we will be looking deep into the salary of bankers in Nigeria. In this article, the term “Banker” includes everyone who works in a bank except those who perform non-financial services like cleaning, security etc.
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Who is a banker?
According to Cambridge dictionary, a banker is a person holding an important position in a bank. It can also be defined as a person who provides financial banking services and typically works in a bank.
It is also imperative to note that there are two types of bank staff namely:
a. Contract staff: As the name implies, these are staff who are not permanent with the bank. They only work with the bank pending the fulfillment of certain terms of Contract
b. Core staff: On the other hand, core staff are those that are employed by the bank. Thus, they are partially permanent with the bank. Research shows that in most cases, core staff of banks earn even higher than the contract staff.
Factors that determine the salary of bankers in Nigeria
a. Level of experience: Apparently, experience is a factor that affects the employment rate in every field in Nigeria. The banking sector is not an exception to this. A banking at entry level is obviously not paid the same amount of salary as those who have been working with the bank for years.
b. Type of bank: The banks also matters. Banks are not owned by the government so it is usually at the discretion of the bank owners to decide the amount to pay their workers. The amount paid at entry level to Access Bank workers is different from the amount paid at entry level to First Bank works or Union Bank workers.
c. Type of bank staff: Every bank usually have hierarchy of staff. Usually, there is the General manager, Assistant general manager, Senior manager, Manager, Senior banking officer, Banking officer, Assistant banking officer and Entry level. These staff are not paid the same amount as salary at the end of every month.
d. Position of job description of the banker: This is similar to the point above, however, it has to do with the job description given to the banker. Take for instance, some bankers are customer care attendance while some are cashiers. All these are put into consideration in determining the salary of a banker.
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Salary of Bankers in Nigeria
Generally, a banker in Nigeria can within N50,000 (fifty thousand naira) to N2,000,000 (Two million naira) depending on the position he/she occupies, the bank and experience of the banker. The lowest position in a Nigerian bank at Entry level salary earns N106,000 to N145,000. On the other hand, Managing Directors /CEO are paid N3,500,000 and above monthly. Contract staff earn between N50,000 – N10,000.
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Below is a list of all the positions in most Nigerian banks, their job description and salary per month.
Salary of contract staff: Contract staff in most Nigerian banks earn between N50,000 – N100,000 monthly depending the bank and terms of employment of the staff.
Salary at Entry level: The term “Entry Level” describes those bankers who just newly joined the bank. Here, the banker should have 0 – 3 of experience in the banking sector. They are paid N106,000 to N145,000 depending on the bank and other factors mentioned above.
Banking Officer salary: Banking offers are paid about N250,000 to N340,000 monthly depending on the bank and other important factors mentioned above. He/she is responsible for handling and managing every banking activities in the bank.
Senior banking Officer: Slightly above the banking officer is the senior banking officer. The person in this position is paid about N350,000 to N495,000, depending on the bank and experience of banker.
Salary of Bank Manager: Managers are those who are responsible for regulating the every aspect of the bank. They are paid between N900,000 to N1,200,000 monthly (depending on the bank).
Salary of Deputy Manager: Apparently, the job description of a Deputy Manager in the bank is to assist or perform the job of the manager in his/her absence. Deputy manages are usually paid between N680,000 – N250,000 depending on the bank involved.
Salary of Senior Manager: Above the manager there is the senior management. He/she is paid over N1,300,000 to N1,750,000 monthly, depending on the bank.
Salary of General Managers: At a zonal level, the general manager regulates the activities of banks in the same zone. General managers are paid between N3,000,000 – N3,500,000 monthly, depending on the bank and level of experience.
Salary of Managing Directors/CEO: This the topmost position in the hierarchy of bank staff. They make significant decisions pertaining the activities of the bank as a whole. In Nigeria, a Managing Directors/CEO of a bank earns as much as N3,500,000 and above.
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Interesting Facts About Bankers In Nigeria
1. Bankers in Nigeria enjoy work benefits: Benefits for bank employees are competitive with those in other high-performing businesses. Additionally, remuneration is competitive, particularly for mid-level and senior-level workers. The majority of banking companies provide benefits like health and disability insurance, paid time off for vacation and sick days, and retirement alternatives.
The financial operations of banking institutions are strictly controlled and supervised. They are thus a secure and fulfilling place to work.
2. They earn a good salary: The banking and financial sector is one of the fastest-growing segments of the economy. Thus, it makes sense that bankers would be among Nigeria’s highest-paid professionals. The amount a banker is eligible to be paid in Nigeria is determined by several factors. Depending on the role held, the bank, and the banker’s expertise, a banker’s salary in Nigeria can often range from N50,000 (fifty thousand) and above.
For instance, the entry-level post at a Nigerian bank pays between N106,000 and N145,000. Managing directors and CEOs, on the other side, receive monthly salaries of N3,500,000 and higher. The salary range for contract employees is N50,000–N100,000. Other bank workers at different levels also earn different salaries.
3. They are always neatly dressed: Nigerian bankers are notable for being well-groomed at all times, which is an interesting characteristic. They always dress professionally for work, preferably in a suit for males, a shirt, some pants, a tie, and shoes, or just a shirt, some pants, a tie, and shoes.
For women, however, sometimes a shirt, a skirt, or a pair of pants will do, along with a suit at times. Even though they wear casual attire to work, they still need to be tidy. The ethics and rules of conduct for bankers’ attire are reflected in the way they dress.
In conclusion, it can be inferred from the above salary structure that banking is one of the most lucrative sectors in Nigeria. The reason why most people still haven’t discovered how lucrative this sector is is because most of the staff in the bank are usually contract staff. The wonderful this is that, aside from this salary, most of the bank officers above are still give allowance at the end of the month. Hope this article was helpful? I hope this encourages those who intend to study banking in Nigeria.
Edeh Samuel Chukwuemeka, ACMC, is a lawyer and a certified mediator/conciliator in Nigeria. He is also a developer with knowledge in various programming languages. Samuel is determined to leverage his skills in technology, SEO, and legal practice to revolutionize the legal profession worldwide by creating web and mobile applications that simplify legal research. Sam is also passionate about educating and providing valuable information to people.