Competition within the Nigerian banking industry is heating up with reports of salary increase that are likely to see talents moving to the best-paying institutions.
As at the last count, Guaranty Trust Bank, Zenith Bank, Wema and Sterling Bank have all implemented upward salary adjustments in 2025 in an effort to remain attractive to talents, even as others are believed to be working on improving staff welfare.
In Sterling Bank- the most recent to have implemented a salary adjustment, entry-level staff now earn ₦528,000 net monthly, up from around ₦320,000, while Assistant Banking Officers (ABO) will take home around ₦850,000, and Banking Officers (BO) will see their salaries rise from ₦700,000 to ₦1,030,000. Senior Banking Officers (SBO) will now earn ₦1.1 million while Assistant Managers (AM) will take home ₦1.3 million monthly respectively.
TechCabal, an online newspaper, quoted three banking executives as saying that the recent adjustments being witnessed within the industry is because banks were losing talents to top fintech companies, which are offering better welfare packages.
In addition to struggling to cope with the fierce competition from Fintech companies, banks have also lost talents to the japa syndrome, the emigration of young professionals to Europe, the United States and Canada in search of greener pastures.
Wema Bank recently implemented what is believed to be a second major salary increase in two years, putting it among the best paying in the industry. In July 2023, the bank implemented a 45% salary increase across employee levels in response to growing inflation and rising cost of living.
Zenith Bank in January promoted 4,000 of its staff and implemented a salary increase to keep pace with the rest of the industry and remain an attractive destination for young talents, just as GTBank also raised staff salaries by 40%.
The competition is expected to continue as banks strengthen their capital base in line with the new Central Bank of Nigeria (CBN) capital base of N500 billion, a situation that has boosted chances for hitherto smaller banks to compete with the top ones.
