What Nigerian Banks Pay Their Workers

 

The banking sector in Nigeria is one of highest paying sector as far as salaries are concerned. What banks pay their workers however differs from bank to bank. This is partly due to the fact that there are no particular regulations that stipulate what private organisations should pay their workers. Also, the financial strength, customer base and performance of the bank are other factors responsible for how much a bank pays.

Here is what some banks pay their staff in Nigeria.

1. Zenith Bank

Zenith bank which is regarded as one of the most stable and reliable banks in Nigeria as of today pays its entry level staff about N110,000 (One hundred and ten thousand) monthly, which comes to about N1,320,000 (One million, three hundred and twenty thousand Naira) per annum. This is reasonably good enough for young graduates who know what they are doing. Suffice to say that this payment subsists only for the probation period of about a year, after which the salary increases.

2. First Bank

As the name implies, First Bank is seen by many as the strongest bank in Nigeria and the bank has many achievements to prove this point. First Bank’s pay for its entry level staff goes between N90,000 to N110,000 monthly depending on department or unit. And this increases with confirmation and as you grow in rank within the system. Though FBN is the oldest bank in Nigeria, many people still prefer to work there because they believe that the chances of job security here are higher than some new generation banks.

3. GTBank

GTB stands as the bank of the masses, yet maintaining a very positive and professional outlook. GTB pays her staff at entry level the sum of N209,000 per month after confirmation, which makes it one of the highest paying banks in Nigeria.

4. Skye Bank

Skye Bank is also one of the oldest banking institutions in Nigeria, considering their antecedents. Skye Bank uses age 24 as the benchmark for entry level employees and pays N2.7 million per annum after confirmation.

5. Fidelity Bank

Fidelity is one of the new generation banks, but has done quite well within a short period of its existence. The bank started as a Mortgage bank in 1988 and converted to a commercial bank in 1990. On the salary scale, it is doing pretty well too for its staff. Fidelity pays about N140,000 monthly at entry level, an amount many young graduates will agree is good enough to start planning life with in Nigeria.

6. Central Bank of Nigeria

It is also good to know what the apex bank pay its staff. CBN does one month training for its new intakes and pays N122,000 per month afterwards. This is aside the many mouth-watering allowances. Many industry watchers say CBN is the master when it comes to allowances. So what is lacking in actual salary is made up for in allowances.

Do you work in a bank or have relations working there? You can add a comment to give us an idea how much the bank pays.