DISCOVERED: Highest paying banks to workers in 2024 

The 95,000 employees working in Nigeria’s 24 commercial banks share a common experience: a culture of secrecy around how much they earn. In the banking industry, discussing salaries is not just taboo—it’s almost forbidden, according to TechCabal.

“Salaries in banking are sacred,” said one bank employee, who asked to remain anonymous due to company policies

“At onboarding, HR makes it clear: discussing salary with your colleagues is strictly prohibited,” a banker from Stanbic IBTC shared with TechCabal. This culture of silence extends across all job grades, preventing employees from openly comparing pay with their peers.

For the banks, this secrecy benefits their bottom line. It prevents staff from having the necessary information to evaluate their career options, request raises, or consider moving to competitors. This lack of transparency becomes a barrier to employee mobility, even though high turnover rates in the industry have been rising since remote work gained traction in 2020.

TechCabal has gathered an in-depth salary scale for Nigerian bankers based on insights from over 26 current employees across 12 commercial banks. The data spans five key grades: Executive Trainee, Assistant Banking Officer, Banking Officer, Senior Banking Officer, and Assistant Manager.

See salary earning illustration below:

These monthly salaries do not include bonuses such as profit sharing or 13th-month salaries.

Commercial banks play a critical role in Nigeria’s talent pipeline, hiring and training thousands of employees annually. They also set the standard for entry-level salaries, often adjusting wages to keep pace with inflation. However, with Nigeria’s inflation rate hitting an 18-year high, many banks have been forced to raise their salaries in response.

In October 2024, GTCO raised employee salaries by 40%, signaling its commitment to retaining top talent amidst rising living costs. Union Bank followed suit, significantly increasing pay across the board and positioning itself as one of the highest-paying banks in the country.

Source: TechCabal