Sterling Bank Reportedly Raises Workers' Salary, Entry-Level Employees Now Earn N528,000 Monthly
- Sterling Bank has reportedly increased its workers’ salaries by 35% amid industry-wide increases
- The bank raised its workers' salaries with entry-level staff now earning N528,000 as fintech firms lure top talents
- The move comes after a similar increase by the bank in January, following increases by other banks
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
One of Nigeria’s commercial banks, Sterling Bank, has increased the salaries of its over 3,000 employees, with entry-level staffers now earning N528,000 monthly.
The 35% salary review across several cadres comes after a seven per cent increase in January.
Source: Getty Images
Other Nigerian banks increase salaries
The development comes amid industry-wide raises at banks such as GTbank, Union Bank, Wema Bank, and Zenith Bank, following a growing hunt for top talent.
TechCabal quoted anonymous bank executives who said top fintech firms are aggressively poaching senior staff, offering juicy packages, which double their bank salaries.
The Sterling Bank group is aggressively moving into the fintech ecosystem, asset financing, and electric vehicles as the leadership views talent retention as important to its vision.
The group’s banking business reported N221 billion in gross earnings in 2023 and projected N337 billion as revenue for last year.
The bank’s leadership seems committed to retaining talents to help drive its expansion in multiple industries.
Other salary bumps include:
- Executive trainees (entry-level) will now earn ₦528,000 net monthly
- Assistant Banking Officers (ABO) will take home around ₦850,000
- Banking Officers (BO) will see their salaries rise from ₦700,000 to ₦1,030,000
- Senior Banking Officers (SBO) will now earn ₦1.1 million
- Assistant Managers (AM) will take home ₦1.3 million monthly
As Nigerian banks fiercely compete for top skilled professionals, Sterling Bank's salary increase is a response to the market and a sign of its long-term ambitions.
NIBSS report new fraud trends in banks
The development comes as fraudsters moved N329 million from bank accounts using stationary images to register for Bank Verification Numbers (BVNs).
The revelation is according to a new report by the Nigeria Inter-Bank Settlement System (NIBBS), showing emerging fraud patterns in the financial industry.
N329m moved into bank accounts with fake BVNs
The report stated that some BVN registration agents helped facilitate the scheme by registering static images of people, both Nigerians and foreigners, as live users.
The BVNs were then used to open fraudulent accounts in microfinance banks, mobile money operators, and payment service banks.
The scheme allowed transactions of about N329 million a few days after registering the BVNs and the fake accounts were created.
Findings show that some BVNs created using static images were assigned Nigerian names, making it difficult to detect their fraudulent nature during the enrolment process.
Fraudsters open bank accounts with fake BVNs
The finding led to more BVNs which were fraudulently created, and the agents involved have reported to security agents for prosecution.
According to the NIBBS report, images of Asians and Nigerians were taken and enrolled for BVN by agents and accounts were then opened with names in the banks and the MNOs.
Source: Getty Images
NIBSS said about N329 million suspected to be fraud proceeds were received into some of the accounts with BVNs generated with the still images a few days before.
NIBBS said:
“More BVNs created with still images of Asians are given Nigerian names, these were discovered during reviews and subsequently deleted. Agents were reported to LEAs for arrest and prosecution.”
The report shows that the total amount lost to fraud in 2024 rose to N52.26 billion, representing a 350% increase from N11.61 billion in 2020.
Zenith Bank promotes staff
Legit.ng earlier reported that as part of a major organizational restructure, Zenith Bank, one of Nigeria's biggest lenders, promoted several senior employees, according to insiders.
According to an internal memo obtained by The PUNCH on Wednesday, January 15, 2025, the reorganization also included internal promotions and role revisions that primarily benefited junior employees.
Although the media reported that it is unable to confirm the exact number of impacted workers, sources said that about 66 senior staff members were laid off.
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Source: Legit.ng
