Polaris Bank Salary Structures 2023

Polaris Bank is a Nigerian commercial bank licensed by the Central Bank of Nigeria in September 24, 2018 to render global banking services. The bank was former Skye bank.

The bank currently has over 3 million customer base and over 150 branches spread across Nigeria.

Polaris bank has had long history of merger between various banks like Prudent banks Plc in 1989 and incorporated as limited liability company in 1990. The bank has since evolved from Merchant bank to Prudent Merchant bank limited merged with Bond bank limited, Reliance bank, Co-operative bank, EIB International bank Plc to emerge the defunct Skye Bank before it finally stood as Polaris bank in September, 2018.

Polaris bank is a friendly bank, that has since its emergence maintained a pace and responding to the dynamic needs of its customers, investors, employees, host communities and other stakeholders in line with the contemporary global financial services.

The staff of the bank will attest to this fact as they are well paid for their services, one of the salient reasons why its staff work for longer period of time without unnecessary complaints of poor remuneration or moving to other sister banks in the country.

In this article, we shall bring you the salary structures of Polaris bank 2022, ranging from graduate trainees to senior management positions, the employment opportunities and of course factors that determine the Bank Salary Structures for their over two thousand payrolls in Nigeria.

We begin by defining a banker as a person who renders financial banking services in a bank.

Basically, there are two types of bank staff namely – a Contract Staff banker and Core Staff banker who is permanent or a regular banker.

1. Contract staff:These are staff who are not permanent with the bank. They can only be permanent or absorbed fully into a particular bank after they have fulfilled certain terms of Contract.
2. Core staff:On the other hand, core staff are those that are employed by the bank. They are permanent and earn even higher than the contract staff. Their contract with the bank can only be cut short where cases of fraud or financial mismanagement have been discovered.

Salary Structures of Polaris Bank 2023

Like every other bank in Nigeria, Polaris bank is a good place to work. The bank pays its staff handsomely well. Below are various positions ranging from graduate trainees to Senior management positions of Polaris bank and their monthly salaries:

The hierarchy of staff and workers is structured according to their job titles which include Graduate trainees, contract bonus earners/workers, entry-level position holders who are fresh out of school or college graduates looking for employment opportunities within this major financial firm while Senior Banking Officers make up the last management rank.

Polaris Bank Graduate Trainee Staff: A graduate trainee with Polaris Bank must undergo at least 4 – 6 months of training before they are integrated fully into the bank. In Polaris bank, graduate trainees earn between N35,000 – N40,000 which is during the cause of their training. This is to prepare them ahead of the bank responsibilities as they grow in the bank.

Polaris Bank Contract Staff: As explained above, this set of staff is made up of workers who are not fully employed but only contractually bound to the organisation. The employees however can become full staff after meeting with the bank’s requirement and taking promotional examinations. In Polaris bank, contract staff receive a monthly salaries of between ₦55,000 – ₦60,000.

Entry-Level Salary: This position is opened to new graduates from the Nigerian Universities and Polytechnics. They earn about ₦100,000 – ₦110,000 per month, excluding bonuses and allowances which are not stated here. The amount may be different, depending on the position and responsibilities with Polaris bank.

Senior Banking Officers: The senior banking officers with Polaris bank are saddled with much banking responsibilities and higher earnings. Salary for a Senior Banking Officer at the Polaris Bank starts from about ₦400,000, depending on qualifications and long years of experience in the banking services. They also enjoy watering bonuses and allowances with the bank. They include branch managers, principal managers  and credit analysts.

In summary, Polaris bank remains one of the top Nigerian banks. It is efficient, reliable and consistent bank that renders global financial services where its staff are well paid and jobs secured.

The above information provided here regarding the salary structures for its staff still remain active and job seekers in the categories of graduate trainees who want to work with the bank and those who have the intention to move from other sisters bank in Nigeria will find the information provided here very useful and educative.