10 Highest Paying Banks in Nigeria & Salaries (2024)

Last updated on March 21st, 2024 at 12:13 am

Nigeria’s banking industry is one of the most significant contributors to the nation’s economy.

The industry is known for its high-paying jobs, which have attracted many young graduates to pursue a career in banking.

nigerian-banks

However, with so many banks operating in Nigeria, it can be challenging to determine which banks pay the highest salaries.

This article will provide an overview of the top ten highest paying banks in Nigeria, along with their compensation structures.

Getting a banking job isn’t easy but none the less, it is one of the highest paying jobs in Nigeria at the moment that can fetch you lots of money.

We are aware that not all banks in the country pay that much when you compare it with the oil and gas sector but some of these financial institutions stand out as the best to work for and start a career.

For graduates looking for information on Nigerian banks that pay highest salaries, this post should offer some insight as to which bank in Nigeria is the best to work for that pays good salary especially at entry level.

This article will focus on the top ten highest paying banks in Nigeria and their compensation structures.

OVERVIEW OF THE NIGERIAN BANKING INDUSTRY

The Nigerian banking industry is a vital component of the country’s economy.

It is made up of various financial institutions that provide services such as deposit-taking, lending, and investment management to businesses and individuals.

The industry has experienced significant growth in recent years, making it one of the most important sectors of the Nigerian economy.

The Central Bank of Nigeria (CBN) is responsible for regulating the Nigerian banking industry.

It sets policies and guidelines that govern the operations of banks and other financial institutions in the country.

The CBN also supervises and monitors the activities of banks to ensure compliance with regulations.

The Nigerian banking industry is highly competitive, with many banks vying for market share.

There are currently over 20 banks operating in the Nigerian market, with the top banks being Zenith Bank, Guaranty Trust Bank, Access Bank and United Bank for Africa (UBA).

One of the key challenges facing the Nigerian banking industry is the issue of non-performing loans (NPLs).

NPLs are loans that have not been repaid for a certain period of time, and they can have a significant impact on the financial health of banks.

The CBN has implemented measures to address this issue, such as setting limits on the amount of NPLs that banks can hold.

Despite these challenges, the Nigerian banking industry continues to grow and evolve.

It plays a crucial role in the African economy and is a major player in the African market.

As the industry continues to develop, it is likely that we will see new players entering the market and existing players expanding their operations.

TOP 10 HIGHEST PAYING BANKS IN NIGERIA (2024)

Nigeria’s banking industry is one of the most lucrative sectors to work in.

The banking industry in Nigeria has grown significantly over the years, and with it, the salaries of bank employees.

In this section, we will highlight the top 10 highest paying banks in Nigeria.

ACCESS BANK PLC

Access Bank Plc is one of the best places to work in the Nigerian banking industry.

The bank ensures that all of its employees are fairly compensated, making it the highest paying bank in Nigeria.

Even with the death of its former owner, the late Herbert Wigwe, Access Bank Plc offers its employees an average monthly salary of ₦270,000.

GUARANTY TRUST BANK (GTB)

GTB is one of the most popular banks in Nigeria.

The bank is known for its excellent service delivery and high salary structure.

GTB offers its employees an average monthly salary of ₦240,000.

GTB entry level salary for 2024 is estimated to start from ₦209,000 per month.

However, the actual salary figure that the staff gets depends on the candidate’s qualifications and experience.

Also, entry level staff at GTB also earns additional bonuses and allowances aside their salaries.

FIRST BANK OF NIGERIA LIMITED

First Bank of Nigeria is one of the oldest and largest banks in Nigeria.

The bank has a reputation for paying its employees well, with an average monthly salary of ₦230,000.

UNITED BANK FOR AFRICA (UBA)

UBA is one of the leading banks in Nigeria that increased their workers salaries.

The bank has a presence in 20 African countries and the United Kingdom.

UBA offers its employees an average monthly salary of ₦200,000.

ZENITH BANK

Zenith Bank is one of the fastest-growing banks in Nigeria.

The bank is known for its excellent service delivery and high salary structure.

Zenith Bank offers its employees an average monthly salary of ₦250,000.

Recently, Zenith bank increased their staff salaries to meet up with the current economic reality.

FIDELITY BANK

Fidelity Bank is one of the top-performing banks in Nigeria.

The bank has a reputation for paying its employees well, with an average monthly salary of ₦280,000.

UNION BANK OF NIGERIA

Union Bank of Nigeria is one of the oldest banks in Nigeria.

The bank has a reputation for paying its employees well, with an average monthly salary of ₦270,000.

STANBIC IBTC

Stanbic IBTC is one of the leading banks in Nigeria.

The bank is part of the Standard Bank Group, one of the largest financial institutions in Africa.

Stanbic IBTC offers its employees an average monthly salary of ₦260,000.

FIRST CITY MONUMENT BANK (FCMB)

FCMB is one of the fastest-growing banks in Nigeria.

The bank is known for its excellent service delivery and high salary structure.

FCMB offers its employees an average monthly salary of ₦150,000.

ECOBANK

Ecobank is one of the largest banks in Nigeria.

The bank has a presence in over 30 African countries.

Ecobank offers its employees an average monthly salary of ₦240,000.

SALARIES AND COMPENSATION STRUCTURE

When it comes to working in the banking industry, one of the major factors that job seekers consider is the salary.

The banking industry in Nigeria is known for its attractive salary packages and other benefits, which is why it is a popular career choice for many graduates.

In this section, we will be discussing the salaries and compensation structure of the top 10 highest paying banks in Nigeria.

The salary structure of banks in Nigeria varies depending on the level of the employee, years of experience, and the bank’s policies.

Generally, banks in Nigeria pay their employees monthly, and the salary is usually based on a scale.

The higher the level of the employee, the higher the salary.

In addition to the monthly salary, banks in Nigeria also offer their employees other benefits, such as health insurance, pension plans, bonuses, and other perks.

Some banks also offer their employees allowances for transportation, housing, and other expenses.

The table below shows the average monthly salary of employees in the top 10 highest paying banks in Nigeria:

Bank Name Average Monthly Salary
Access Bank ₦300,000
Zenith Bank ₦250,000
First Bank ₦220,000
United Bank for Africa (UBA) ₦200,000
Guaranty Trust Bank (GTB) ₦290,000
Ecobank Nigeria ₦270,000
Fidelity Bank ₦260,000
Stanbic IBTC Bank ₦250,000
Union Bank ₦240,000
Sterling Bank ₦230,000

It is important to note that the salaries listed in the table are just averages and may vary depending on the employee’s level and years of experience.

Some banks may also offer higher salaries and better benefits to their employees.

ENTRY-LEVEL EMPLOYEES AND FRESH GRADUATES

For fresh graduates and entry-level employees seeking to start a career in the banking industry in Nigeria, it is essential to know which banks offer the best salaries and benefits.

The following banks are known to offer competitive salaries to their entry-level employees and fresh graduates:

  1. Access Bank Plc: Access Bank is known to offer one of the highest salaries to its entry-level employees and fresh graduates. The bank pays its entry-level employees a starting salary of ₦260,000 to ₦310,000 per month, plus other allowances.
  2. Ecobank Nigeria Plc: Ecobank pays its entry-level employees a starting salary of ₦141,000 per month. The bank is also known to provide its employees with opportunities for career growth and development.
  3. Sterling Bank Plc: Sterling Bank offers competitive salaries to its entry-level employees and fresh graduates. The bank pays its entry-level employees a starting salary of ₦130,000 per month, plus other allowances.
  4. First Bank of Nigeria Limited: First Bank is one of the oldest and largest banks in Nigeria. The bank offers competitive salaries to its entry-level employees and fresh graduates. The starting salary for entry-level employees is around ₦150,000 per month.
  5. United Bank for Africa (UBA) Plc: UBA is one of the leading banks in Nigeria. The bank offers competitive salaries to its entry-level employees and fresh graduates. The starting salary for entry-level employees is around ₦142,000 per month.
  6. Guaranty Trust Bank (GTB): The entry-level salary for GTBank starts from ₦209,000 on a monthly basis. They also join the likes of Zenith and UBA as Nigerian banks who increased salaries in 2024.

To secure a job in any of these banks, fresh graduates and entry-level employees must possess the necessary education, skills, and experience required for the job.

Most banks require a minimum of a bachelor’s degree in a related field, excellent communication skills, and proficiency in the use of Microsoft Office tools.

CONCLUSION

The banking industry in Nigeria offers competitive salaries to its employees, with the top 10 highest paying banks in Nigeria offering attractive remuneration packages.

The salaries offered by these banks are determined by various factors such as experience, job position, and qualifications.

Guarantee Trust Bank (GTB) is rated as the top paying bank in Nigeria, with entry-level staff earning around ₦209,000 monthly.

Other banks such as First Bank of Nigeria, Access Bank, and United Bank for Africa (UBA) also offer attractive salaries to their employees.

It is important to note that a high salary should not be the only factor to consider when choosing a bank to work for.

Other factors such as job satisfaction, work-life balance, and career growth opportunities should also be taken into consideration.

Please we would appreciate if you can aid in the bank salary figures if anyone isn’t correct.

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Oluchi Chukwu

Oluchi is a seasoned Information blogger, content developer and the editor of Nigerian Queries. She is a tech enthusiast who loves reading, writing and research

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