Top 10 Highest Paying Banks in Nigeria & Salaries (2024)
Are you thinking about a career in banking? If so, you’re probably wondering which banks pay the highest salaries. In this blog post, we’ll reveal the top 10 highest paying banks in Nigeria in 2024.
Knowing which banks pay the highest salaries is important for a few reasons. First, it can help you to negotiate a higher salary when you’re job hunting. Second, it can help you to determine if a particular bank is a good fit for your financial goals.
In the dynamic landscape of Nigeria’s financial sector, the banking industry plays a pivotal role in shaping the nation’s economy. As one of the largest and most influential sectors, it attracts a diverse pool of talents from across the country, and one of the key drivers for this talent acquisition is the enticing prospect of competitive salaries and benefits.
This blog delves into the realm of banking salaries in Nigeria, shedding light on the top 10 highest paying banks in the country. Understanding the salary structures and remuneration packages offered by these financial institutions is not only of interest to those already working within the banking sector but also to job seekers considering a career in finance. By exploring the salaries, benefits, and career opportunities within these top banks, this article aims to provide valuable insights for those looking to make informed decisions about their careers.
Join us as we journey through the labyrinth of Nigeria’s banking industry, uncovering the financial rewards, career possibilities, and considerations in this dynamic and ever-evolving sector. Whether you are a banking professional aiming to stay updated on the latest industry trends or a prospective job applicant seeking information on the most rewarding opportunities, this article is your guide to the top 10 highest paying banks in Nigeria and the associated salaries that make them stand out.
To compile this list, we analyzed the financial statements of the top banks in Nigeria. We also considered factors such as employee satisfaction and job growth rates.
In no particular order, here are the top 10 highest paying banks in Nigeria:
- Access Bank
- Zenith Bank Plc
- Guaranty Trust Holding Company Plc (GTCO)
- United Bank for Africa Plc (UBA)
- First Bank of Nigeria Plc
- Sterling Bank
- Ecobank Transnational Incorporated (ETI)
- FCMB Group Plc
- Fidelity Bank Plc
- Union Bank of Nigeria Plc
These banks offer competitive salaries and benefits to their employees. If you’re looking for a high-paying job in the banking sector, these are the banks to consider.
In the next section, we’ll take a closer look at the entry-level salaries offered by each of these banks. We’ll also discuss other factors to consider when choosing a bank to work for.
TOP 10 HIGHEST PAYING BANKS IN NIGERIA AND THEIR SALARIES
Here are the Nigeria’s highest paying banks along side their staff salaries.
ACCESS BANK
According to reports, Access bank is rated as the highest paying bank that pays its staff more than other Nigerian banks. This financial institution, leads the way in the Nigerian banking industry. As a dynamic multinational financial institution with operations spanning Africa and the United Kingdom, they have an extensive workforce of over 11,000 dedicated employees. Access Bank doesn’t just offer competitive entry-level salaries but goes the extra mile by providing a comprehensive benefits package, encompassing health insurance, retirement benefits, and paid leave.
TABLE SHOWING ACCESS BANK STAFF SALARIES (2024)
| Job Title | Salary Range |
|---|---|
| Graduate Trainee | N194,000 – N230,000 per month |
| Management Trainee | N230,000 per month |
| Entry Level Staff | N237,000 per month |
| Loan Officer | N350,000 per month |
| Credit Analyst | N500,000 per month |
| Branch Manager | N750,000 per month |
| Contract Staff | N60,000 – N100,000 per month |
FIRST BANK
With over a century of rich history serving Nigerian customers, First Bank Plc takes the second spot on the list of top paying banks in the country. A strong commitment to excellence is evident in its workforce of more than 10,000 employees. Besides offering attractive entry-level salaries, First Bank Plc ensures its employees enjoy a well-rounded benefits package that includes health insurance, retirement benefits, and paid time off.
TABLE SHOWING FIRST BANK STAFF SALARIES (2024)
| Position | Salary (Naira per month) |
|---|---|
| Entry-level position | N200,000 – N250,000 |
| Mid-level position | N300,000 – N500,000 |
| Senior-level position | N500,000 – N1,000,000 |
| Management-level position | N1,000,000 – N7,000,000 |
GUARANTEE TRUST BANK (GTB)
Guarantee Trust Bank (GTB), known for its innovative and customer-centric solutions, secures the third position. With a presence not only in Nigeria but also in several African countries and the United Kingdom, GTB provides competitive entry-level salaries, along with comprehensive benefits. Moreover, GTB, being one of the best Nigerian banks is dedicated to nurturing employee growth through professional development and career advancement opportunities.
TABLE SHOWING GTBANK STAFF SALARIES (2024)
| Job Title | Salary Range |
|---|---|
| Entry-level staff | N200,000 |
| Graduate trainee | N140,500 |
| Banking officer | N350,000 |
| Senior banking officer | N500,000 |
| Manager | N1,000,000 – N2,000,000 |
| Assistant vice president | N2,000,000 – N3,000,000 |
| Vice president | N3,000,000 – N5,000,000 |
| Senior vice president | N5,000,000 – N10,000,000 |
| Executive vice president | N10,000,000 – N20,000,000 |
| Managing director | N20,000,000 and above |
ZENITH BANK PLC
Founded in 1990 by Jim Ovia, Zenith Bank Plc stands at the forefront of innovative banking solutions in Nigeria. Boasting a workforce of over 15,000 and an extensive branch network, Zenith Bank Plc offers competitive entry-level salaries and a comprehensive benefits package. The bank prioritizes employee growth and ensures ample opportunities for professional development and career advancement. You can find Zenith Bank’s new salary structure here.
TABLE SHOWING ZENITH BANK STAFF SALARIES (2024)
| Position | Salary Range (Nigeria) |
|---|---|
| Entry-level | N180,000 – N200,000 |
| Mid-level | N250,000 – N350,000 |
| Senior-level | N400,000 – N550,000 |
| Executive-level | N600,000 – N1,000,000 |
FIDELITY BANK PLC
Recently awarded the ‘2022 Best SME Bank’ in Nigeria, Fidelity Bank Plc is making waves. With over 5,000 employees and a network of 250 branches nationwide, Fidelity Bank offers competitive entry-level salaries and a comprehensive benefits package. The bank places great emphasis on employee growth, providing opportunities for professional development and career advancement.
TABLE SHOWING FIDELITY BANK STAFF SALARIES (2024)
| Position | Salary Range (Nigeria) |
|---|---|
| Entry-level | N180,000 – N200,000 |
| Mid-level | N250,000 – N350,000 |
| Senior-level | N400,000 – N550,000 |
| Executive-level | N600,000 – N1,000,000 |
UNION BANK OF NIGERIA
A venerable institution founded in 1917, Union Bank remains committed to delivering high-quality banking services. With a presence in Nigeria long before its independence, Union Bank provides entry-level salaries that are competitive, ensuring employee satisfaction and a comprehensive benefits package.
TABLE SHOWING UNION BANK STAFF SALARIES (2024)
| Position | Salary Range (Naira) |
|---|---|
| Entry-level | N180,000 – N200,000 |
| Mid-level | N250,000 – N300,000 |
| Senior-level | N350,000 – N450,000 |
| Executive-level | N500,000 and above |
UNITED BANK FOR AFRICA (UBA)
A leading financial institution in Africa, UBA is dedicated to empowering Africans through innovative financial solutions. With over 10,000 employees and a vast network spanning 20 African countries, as well as international locations, UBA offers competitive entry-level salaries and a comprehensive benefits package, including health insurance, retirement benefits, and paid time off.
TABLE SHOWING UBA BANK STAFF SALARIES (2024)
| Position | Salary (Naira) |
|---|---|
| Graduate Trainee | 50,000 – 60,000 |
| Entry Level Officer | 142,000 |
| Account Officer | 163,000 – 170,000 |
| Accountant | 120,000 – 150,000 |
| Logistics Officer | 38,000 – 40,000 |
| Business Development and Marketing Officer | 328,000 |
| Systems Analyst | 155,000 |
| Information Technology Risk Management Officer | 155,000 |
| Branch Manager | 750,000 – 800,000 |
| Customer Care Officer | 50,000 – 100,000 |
| Executive Driver | 45,000 – 55,000 |
| Resident Internal Control Officer | 135,000 |
STERLING BANK PLC
Sterling Bank Plc, recognized as the “Most Innovative Bank” by World Finance, places great value on its employees. Boasting over 4,000 employees and a network of 200 branches, Sterling Bank offers competitive entry-level salaries, comprehensive benefits, and a clear path for professional growth and career advancement.
TABLE SHOWING STERLING BANK STAFF SALARIES (2024)
| Position | Monthly Salary (NGN) |
|---|---|
| Entry-level | 145,000 |
| Mid-level | 250,000 – 350,000 |
| Senior-level | 400,000 – 500,000 |
| Management-level | 600,000 – 700,000 |
| Executive-level | 800,000 and above |
ECOBANK NIGERIA
Ecobank, a pan-African bank with a presence in West, Central, and East Africa, stands out. With operations dating back to 1985 and a wide footprint across 34 countries, Ecobank Nigeria provides competitive entry-level salaries, a comprehensive benefits package, and a strong commitment to employee growth through professional development and career advancement opportunities.
TABLE SHOWING ECOBANK STAFF SALARIES (2024)
| Job Title | Salary (Naira per month) |
|---|---|
| Entry-level | 140,000 – 160,000 |
| Mid-level | 200,000 – 300,000 |
| Senior-level | 350,000 – 500,000 |
| Executive | 550,000 – 1,000,000 |
FIRST CITY MONUMENT BANK (FCMB)
FCMB is a modern Nigerian bank that competes with the best. Boasting over 300 branches and more than 5,000 employees nationwide, FCMB values its workforce by offering competitive entry-level salaries, a comprehensive benefits package, and opportunities for professional development and career advancement.
TABLE SHOWING FCMB STAFF SALARIES (2024)
| Position | Salary Range |
|---|---|
| Entry-level | N110,000 – N150,000 |
| Mid-level | N150,000 – N250,000 |
| Senior-level | N250,000 – N400,000 |
| Executive-level | N400,000+ |
These banks not only offer lucrative entry-level salaries but also create an environment conducive to professional growth and well-being, making them sought-after destinations for career-oriented individuals.
FACTORS TO CONSIDER WHEN CHOOSING A BANK TO WORK FOR
- Salary: Of course, salary is an important factor to consider when choosing a bank to work for. However, it’s not the only factor.
- Benefits: Many banks offer their employees a variety of benefits, such as health insurance, pension plans, and paid time off. It’s important to compare the benefits offered by different banks before making a decision.
- Work culture: Some banks have a more relaxed work culture, while others are more demanding. It’s important to choose a bank with a work culture that is a good fit for you.
- Career opportunities: Some banks offer more opportunities for career advancement than others. If you’re looking to move up the ladder, it’s important to choose a bank that will invest in your development.
QUALIFICATIONS REQUIRED TO WORK/START A CAREER IN BANKING
To secure a position in the banking sector in Nigeria, certain qualifications and skills are essential.
A fundamental requirement is a minimum of a bachelor’s degree in a relevant field such as finance, economics, accounting, or business. However, it’s worth noting that Nigerian banks often extend opportunities to graduates from various fields who possess a genuine interest in the banking industry for their entry-level recruitment.
To enhance your prospects, acquiring professional certifications like ACCA, ICAN, or CFA can be a valuable asset.
Moreover, candidates aspiring to work in the banking industry must possess excellent communication and interpersonal skills. Proficiency in computer usage is equally important, and meticulous attention to detail is a crucial attribute for success in this sector.
CONTRACT WORKERS IN THE BANKING INDUSTRY
The banking industry in Nigeria has a significant number of contract workers. According to a report by the National Bureau of Statistics, over 42% of bank workers in Nigeria were contract staffers as of the third quarter of last year.
Contract workers in Nigerian banks are not entitled to the same benefits as permanent staff. They often receive lower salaries, and their contracts do not include provisions for career advancement, promotions, or bonuses.
While some banks use contract workers to fill temporary staffing gaps, others use them as a way to reduce labour costs. Contract workers in Nigerian banks are often employed in non-core areas, such as customer service, security, and cleaning services.
The use of contract workers in Nigerian banks has been a subject of controversy. Labour unions have called for better working conditions for contract staff, including equal pay and benefits. Some banks have responded to these calls by increasing the salaries and benefits of their contract workers.
CONCLUSION
The above listed top 10 highest paying banks in Nigeria offer competitive salaries and benefits to their employees, making them attractive employers for young professionals. These banks are also committed to employee growth and development, providing opportunities for professional development and career advancement. If you are considering a career in banking, be sure to research the top banks in Nigeria to learn more about their salaries, benefits, and career opportunities. With so many great options to choose from, you are sure to find the right bank for your needs and goals.
