Wema Bank, a Nigerian commercial bank with a market capitalization of ₦260.38 billion, has recently raised salaries for its 1,700+ employees starting from March 2025. The bank has not disclosed the exact percentage of the increment, but it aligns with similar moves in Nigeria’s banking sector as banks strive to attract and retain top talent in the face of economic challenges.
The updated pay structure at Wema Bank includes substantial salary increases across various job levels, positioning it as one of the highest-paying banks in Nigeria at different tiers. For instance, executive trainees will now start at around ₦541,000 per month, up 112% from their previous ₦255,000. Assistant banking officers will see their pay go from ₦681,000 to ₦830,000, while banking officers’ salaries will rise to ₦1.015 million from ₦875,000. Senior banking officers, who previously earned ₦1.07 million, will now earn over ₦1.2 million monthly, surpassing senior banking officers at tier-1 banks like Access Bank, where they earn ₦1.1 million.
This salary adjustment marks Wema Bank’s second significant increase in less than two years. In July 2023, the bank implemented a 45% salary raise across all levels due to inflation and the increasing cost of living resulting from economic reforms.
The salary hikes at Wema Bank come at a time of heightened competition for skilled professionals in the banking sector. Many banks are grappling with high employee turnover as fintech companies offer higher pay, flexible work arrangements, and stock options to attract banking talent. Additionally, a significant brain drain has seen numerous financial experts relocate abroad in search of better prospects, further straining the local talent pool.
To stay competitive, several other banks have also adjusted their salaries. Guaranty Trust Bank (GTBank) increased staff salaries by 40% in late 2024, followed by Union Bank with a similar move. In January 2025, Sterling Bank implemented a 7% pay adjustment after introducing a cost-of-living allowance (COLA) to help employees cope with the rising cost of living.
Wema Bank has not provided any immediate comments on the recent salary changes. As Nigeria’s economy continues to grapple with inflation, banks are likely to keep reviewing salaries to retain and attract skilled employees. However, higher payroll costs could potentially impact profit margins, emphasizing the need for banks to strike a balance between competitive salaries and sustainable financial performance.