The banking profession is one of the most sensitive, admired and lucrative sectors of every economy. Nigeria is no exception. Salary of bankers especially in Nigeria is seen by many outside the sector as one of the most booming areas of the economy.
This is however not the case in the Nigerian banking sector because many things come into play when deciding the amount a banker takes home at the end of the month. Thus, job seekers, employees in other sectors and agencies of government and students alike need to know what an average bankers or fresh graduates receive as salary monthly.
In this article, we shall take a look at the Banks salary structures in Nigeria 2023, the employment opportunities or openings and of course factors that determine the banks salary structures in Nigeria.
In arriving at this, we should know who a banker is and types.
Generally speaking, a banker is a person who provides 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.
- 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.
- 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.
Factors that determine Banks Salary Structure in Nigeria
- Level of experience: Experience, like any other sector is a key factor that determines the bank salary structure in Nigeria. A graduate employee is obviously not paid the same amount of salary as those who have been working with the bank for years.
- Nature of bank: The nature of banks is also a factor. 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. For instance, the amount paid at entry level to UBA workers is different from the amount paid at entry level to First Bank works or Union Bank workers.
- Hierarchical Structure of bank staff:Every bank usually have hierarchy of staff, ranging from 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.
- Professionalism also counts. For instance, a chartered accountant earns higher than some bankers. All these are put into consideration in determining the salary of a banker in Nigerian banks.
Salary of Bankers in Nigeria 2023
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 as much as N3,500,000 and above monthly. Contract staff earn between N50,000 – N100,000.
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 on 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 managers receive between N680,000 – N250,000 depending on the bank involved.
Salary of Senior Manager: Above the manager there is the senior management. He/she receives between N1,300,000 and 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 is the highest position in the hierarchy of bank staff. They make significant decisions that can improve 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.
In summary, the banking sector still remains one of the most lucrative in Nigeria. This article helps to bring out banks salary structure in Nigeria 2022, its contribution to the growth of the economy in terms of employment and what students and people who are aspiring to join the banking sector should expect.
Thanks so much for your time knowing about Banks Salary structure in Nigeria 2023. Your comments if any, is welcome.