Full List of Staff Salaries at UBA, GTCO, Zenith, Other Banks for Trainees, Banking Officer, More
- Given Nigeria's rapidly rising inflation, Nigerian banks are starting to significantly raise employee salaries to retain top staff
- GTCO, Union Bank, First Bank, and Sterling Bank have all made progress in this direction over the past six months
- As part of an ongoing restructuring, Zenith Bank just joined the list by elevating over 4,000 employees
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigerian banks are beginning to increase the pay of their employees by a significant to retain top talent in the face of Nigeria's skyrocketing inflation.
Source: Getty Images
Over the previous six months, GTCO, Union Bank, First Bank, and Sterling Bank have taken steps towards this direction. Zenith Bank recently joined the list as it elevated over 4,000 staff members as part of an ongoing restructuring aiming to reward performance and boost the confidence of its workforce.
The bank told TechCabal,
“In order to continue to motivate its staff and improve service delivery, Zenith Bank implemented a salary increment of between 20% – 30% involving all staff effective January 2025”
“The Bank also promoted well over 4000 staff on January 17, 2025. This exercise, which is still ongoing, has been described as one that involves the highest number of staff in one promotion in the industry.”
Nigeria's high headline inflation has pressured commercial banks to retain employee motivation and stop talent emigration. Despite having about 94,000 employees, Nigerian banks still struggle to retain qualified workers since job-hopping is frequently viewed as the fastest path to career advancement.
One tactic used by banks to retain staff is to keep wage structures secret, but when big firms like Zenith raise salaries, it frequently sets off a chain reaction that forces rivals to follow suit.
Executive trainees (ETs), who previously received N245,000 per month, would now receive N294,000 as a result of the changes. Banking officers (BOs) who currently make N800,000 will now make N960,000. Assistant banking officers (ABOs) who currently make N609,000 will now make N730,800.
Read also
7 Nigerian banks raise N1.3 trillion as race to beat CBN recapitalisation deadline heats up
Zenith Bank's pay bill will increase as a result of the 20%–30% hike.
The bank's human costs as of September 2024 totalled N97.496 billion, or 22.86% of its total spending for the reviewed period. Out of all the tier-1 commercial banks, Zenith Bank has the second-lowest salary bill. The commercial bank with the lowest personnel expenses in Nigeria is GTBank, which leads the industry in cost-effectiveness.
Numerous tier-1 and tier-2 banks have reviewed their remuneration systems as a result of the industry-wide reaction. Although the percentages differ, rival banks Guaranty Trust Bank, Union Bank, and Sterling Bank have also announced wage changes in recent months.
Further, it implies that these actions are a calculated attempt to lower the risk of employee attrition, especially as highly qualified workers go for better possibilities elsewhere, in addition to being a reaction to economic constraints.
Bank salary for executive trainee:
- Union Bank - N547,000
- Standard Chartered Bank - N541,000
- GTCO - N460,000
- Providus - N433,000
- UBA - N400,000
- EcoBank - N394,000
- Sun Trust - N390,000
- Fidelity - N389,000
- Keystone - N350,000
- First Bank - N350,000
- Sterling - N340,000
- Access - N330,000
- Globus - N276,000
- Wema Bank - N255,000
- Zenith Bank - N245,000
Assistant banking officer:
- Union Bank - N760,000
- GTCO - N720,000
- Wema Bank - N681,000
- Zenith Bank - N609,000
- UBA - N600,000
- Providus - N600,000
- Fidelity - N590,000
- Stanbic IBTC - N550,000
- Sterling - N547,000
- Sun Trust - N526,000
- First Bank - N500,000
- Access - N470,000
Banking Officer
- Providus - N1,500,000
- Access - N900,000
- Wema Bank - N875,000
- Zenith Bank - N800,000
- UBA - N800,000
- Fidelity - N780,000
- Stanbic IBTC - N730,000
- Sun Trust - N698,000
- Sterling - N662,000
- First Bank - N579,000
Senior Banking Officers
- Access - N1,100,000
- Wema Bank - N1,070,000
- Stanbic IBTC - N830,000
- Fidelity - N830,000
- Sun Trust - N760,000
- First Bank - N660,000
Assistant Manager
- Access - N1,300,000
- Stanbic IBTC - N1,100,000
- Fidelity - N1,100,000
- Starling - N952,000
- Zenith Bank - N881,000
- First Bank - N700,000
Banks raise N1.3 trillion to meet CBN recapitalization
Legit.ng reported that with the March 2026 recapitalisation barely 14 months away, struggling banks are abandoning initiation public offerings (IPOs) for alternative fund-raising platforms due to regulatory hassles, tough listing requirements, and exorbitant transaction costs.
While marginal players have chosen strategic pitching and rights issues, tier-1 banks have scooped 100% of their targeted funds to scale the hurdle.
About seven banks have pooled a combined N1.32 trillion, using different approaches.
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Source: Legit.ng
