How Much Nigeria Bankers Earn: Salary Of Bankers In Nigeria 2024

Since the banking and financial industry is one of the fastest-growing segments of the Nigerian economy, bankers ought to be the highest paid professionals in the country. This isn't quite accurate in Nigeria, where a number of factors are taken into account when determining how much a banker is entitled to be paid.

For the reasons mentioned above, I always advise students who want to work as bank managers or bankers in Nigeria to thoroughly explore the field before entering it. A few things to think about include, the salary for bankers in Nigeria, the jobs that are open to them, the qualifications needed to become a qualified banker in Nigeria and so on.

Who is a banker?

A professional who assists customers with their financial requirements and inquiries at a bank, credit union, or other financial organization is known as a banker. In order for their organization to invest in opportunities and provide loans to customers, they might also be in charge of raising money.

Bankers assist customers with a range of duties, including online and in-person payments, loan suggestions, budgeting, and financial counseling. There are two (2) categories of bank staff namely:

• Core staff
• Contract staff

Core staff: They are permanent staff that are responsible for processing everyday banking transactions across a bank's branches. Managing loans, processing deposits and withdrawals, computing interest, creating new accounts, and maintaining client connections are examples of core banking operations.

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Contract staff: They are self-employed people who are hired by recruiting firms and then assigned to banks. Banks do not offer them any benefits, such as health insurance or retirement pensions, because they are not their employees.

Factors that determine the salary of bankers in Nigeria

• Type of bank
• Level of experience
• Type of bank staff
• Position of job description of the banker

Salary of Bankers in Nigeria

In Nigeria, a banker's salary typically ranges from N50,000 to N2,000,000, base on their position, the bank, and their level of expertise. The entry-level post at a Nigerian bank pays between N106,000 and N145,000. However, managing directors and CEOs get monthly salaries of N3,500,000 and more. The pay scale for contract employees is N50,000–N100,000. The monthly salaries for every position in the majority of Nigerian banks are listed here below.

Salary of contract employees: Depending on the bank and the conditions of their employment, contract employees in the majority of Nigerian banks make between N50,000 and N100,000 per month.

Pay at Entry Level: They are the bankers who have recently joined the organization are referred to as Entry Level bankers. The banker in this case should have 0–3 years of banking industry experience. They get paid between N106,000 and N145,000, based on the bank and further previously mentioned factors.

Salary range for a banking officer: Depending on the bank and other crucial elements outlined above, banking offers range from N250,000 to N340,000 per month. He or she is in charge of overseeing and managing all banking operations.

Salary range for a Senior Banking Officer: The senior banking officer is positioned just above the banking officer. The salary range for this role is around N350,000 to N495,000, base upon the bank and the banker's level of experience.

Bank managers' salaries: Those in charge of overseeing all aspects of the bank are known as managers. Depending on the bank, they get paid anything from N900,000 to N1,200,000 monthly. 

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Salary for Deputy Manager: It seems that a Deputy Manager's duty at a bank is to help out or cover for the manager while they are not there. Depending on the bank involved, deputy managers typically earn between N680,000 and N250,000 in compensation.

Senior Manager's Salary: Senior manager is paid higher than the manager. Depending on the bank, he or she gets paid between N1,300,000 and N1,750,000 monthly.

Salary for General Managers: The general manager oversees the operations of banks within a zonal level. Monthly compensation for general managers ranges from N3,000,000 to N3,500,000, depending on the bank and experience level.

CEO/Managing Director Salary: At the top of the bank personnel structure. They have major decision-making authority over the bank's overall operations. A managing director or CEO of a bank can get up to N3,500,000 and above in Nigeria.

Conclusion

Finally, the pay scale above suggests that one of the most profitable industries in Nigeria is banking. The majority of bank employees are often contract workers, which is why most people still aren't aware of how profitable this industry is. Wonderfully, most of the bank personnel mentioned above still receive an allowance at the end of the month in addition to their salary. I hope you found this content helpful. This should inspire individuals who want to pursue banking studies in Nigeria.