Nigeria’s 24 commercial banks employ 95,000 individuals who face a common challenge: a workplace culture that shrouds their salaries in secrecy. Discussing pay within the banking sector is not just discouraged but almost forbidden.
Employees in the industry are often explicitly prohibited from sharing salary information with their colleagues, creating a culture of silence around compensation. This lack of transparency hinders employees from making informed decisions about their career paths, negotiating for raises, or exploring opportunities with other banks.
This secrecy ultimately benefits the banks by limiting employee mobility and preventing them from fully assessing their worth in the job market. Despite the industry experiencing increased turnover rates since the onset of remote work, the practice of salary confidentiality remains pervasive.
An analysis conducted by TechCabal reveals salary ranges for different job grades within Nigerian banks, based on feedback from 26 current employees across 12 commercial banks. The data covers positions like Executive Trainee, Assistant Banking Officer, Banking Officer, Senior Banking Officer, and Assistant Manager.
It’s important to note that the provided monthly salary figures do not include additional perks such as profit sharing or 13th-month bonuses.
Credit: TechCabal/Margaret Awojide
Commercial banks in Nigeria serve as crucial hubs for talent development, regularly hiring and training a large number of employees. These banks also set the benchmark for entry-level salaries, often adjusting wages to keep up with inflation rates. However, the recent surge in inflation has compelled many banks to increase salaries to cope with the rising cost of living.
In a notable move, GTCO raised its employees’ salaries by 40% in October 2024, signaling a commitment to retaining top talent in the face of economic challenges. Following suit, Union Bank also implemented significant pay raises across all levels, positioning itself as one of the top-paying banks in the country.
Despite these developments, detailed information about bank salaries remains scarce. If you have insights to share, you can contribute anonymously through a provided form to help enhance our understanding of this topic.