As a graduate eyeing a career in banking, you are probably wondering about the highest paying banks in Nigeria. Contrary to what you might think, not all Nigeria’s biggest banks are the top payers. So, in this article, I will reveal the surprising names that make up the list of Nigeria’s highest-paying banks.
From entry-level positions to senior management, you will get the lowdown on who really pays well. So, if you are looking to make an informed choice about your banking career, read on. The truth is that you do not want to end up in a stressful job that does not pay what you are worth or even give you the opportunity to grow bigger.
Highest Paying Banks in Nigeria
So, in this section, I have compiled a list of the highest paying banks in Nigeria based on what people have to say. I also combined a popular platform like Nairalnd to arrive at selecting only top paying banks where you can work for the most money in Nigeria.
1. United Bank for Africa (UBA)
If you are a young graduate considering working for the highest paying banks in Nigeria, United Bank for Africa (UBA) is a good choice. Established in 1949, UBA has a wide reach, not just in Nigeria but in 20 other African countries and major global cities like New York, London, and Paris. UBA offers its entry-level employees a monthly salary ranging from N150,000 to N180,000, along with various benefits and allowances.
UBA pays its contract staff in the range of 70K to 80K Naira. This is an average figure, and the exact amount might vary based on the position and other factors.
In terms of conversion, UBA is one of the banks that convert contract staff to full-time positions. However, not all banks follow this practice. For instance, Access Bank reportedly does not convert its contract staff, regardless of how long they’ve worked.
Apart from the basic salary, banks like UBA also offer other benefits such as Health Maintenance Organization (HMO) coverage and pension.
2. Stanbic IBTC Bank
Stanbic IBTC is easily one of the highest paying banks in Nigeria with a decent salary structure.
Stanbic IBTC Bank has a starting salary of around 350K for certain positions. For contract staff with less than 2 years who get converted, they are designated as BTA 1 (Banking transaction assistant) with a salary band maximum of 190K. If the contract staff has 2 or more years of experience and gets converted, they are designated as BTA 2 with a salary band maximum of about 280K.
The salary can also vary based on the location of the posting. For instance, those posted to back office operations tend to earn more than those posted to branches.
Stanbic IBTC Bank offers appraisal bonuses every March, profit sharing, and other benefits. They also convert their contract staff, but certain criteria are to be met, such as age restrictions and educational qualifications.
Stanbic IBTC Bank provides various facilities for its employees, including free tea/coffee, staff buses with air conditioning, food canteens with affordable meals, and a games room. They also have periodic Olympics-style games weeks with various competitions and prizes.
3. Zenith Bank
Founded by Jim Ovia in 1990, Zenith Bank is a new generation bank making significant strides in the industry. With a strong presence not just in Nigeria but also in countries like Ghana and the UK, it’s a bank on the rise. Entry-level salaries range from N180,000 to N200,000 per month, along with various perks and bonuses.
Zenith Bank’s Graduate Assistant (often referred to as GT) has a salary of 110,500. This position is on a two-year contract, which is subject to renewal for another two years. After a total of 4 years, there’s a conversion to permanent staff with a salary for Executive Training (ET) at 161K.
Founded in 1990, GTBank is popular among youth and a leader in the banking industry. With branches in 36 states in Nigeria and other countries like Kenya, Liberia, and the UK, it’s a bank with a global footprint.
The bank has won numerous awards for its excellent financial services. If you’re starting out here, you can expect a monthly salary of around N200,000.
GT Bank is one of the top places to work in Nigeria’s banking sector. They invest a lot in training their employees, which is probably why they have very few people leaving the job. Senior staff even get a fully paid overseas vacation with their families every year. Here’s how much they pay their employees each month:
- IT Students: N40,000 to N48,000
- Entry Level Staff: N200,000 to N210,000
- Management Trainees: N220,000 to N245,000
- Assistant Banking Officers: N250,000 to N270,000
- Banking Officers: N350,000 to N400,000
- Senior Banking Officers: N500,000 to N535,000
- Assistant Managers: N600,000 to N653,000
- Deputy Managers: N800,000 to N1,400,000
- Managers: N1,600,000 to N1,800,000
- Branch Managers: N1,900,000 to N2,000,000
5. First Bank
First Bank of Nigeria Plc is a top payer in the country. Based in Lagos, it’s a multinational bank offering a range of financial services.
Specializing in retail banking, it serves a large consumer base. First Bank sets the bar high for others in the industry and is one of the highest paying banks in Nigeria. As an entry-level employee, you can expect to earn between N200,000 and N250,000 per month.
6. Access Bank
Though not the largest bank in Nigeria, Access Bank is highly rated for its work environment and fair compensation. Even Forbes speaks highly of its wage payment practices. Entry-level employees can expect to earn between N250,000 and N300,000 per month, which is higher than most other banks.
7. Fidelity Bank
Founded in 1988, Fidelity Bank has a solid reputation for treating its employees well. Although it’s not among the top five richest banks in Nigeria anymore, it’s still a great place to work. In 2013, the bank’s assets exceeded $6 billion.
Fidelity Bank also got high marks in a 2017 customer satisfaction survey. Entry-level employees at Fidelity Bank can expect to earn around N180,000 per month, plus various allowances.
8. Union Bank
You can also work for Union Bank as they have a long history in Nigeria, dating back to 1917. Originally called Colonial Bank, it became Union Bank after Barclays acquired it.
Apart from history, the bank has a strong presence across Nigeria and even has divisions in the United Kingdom. Union Bank is known for its commitment to quality service and is one of the top-paying banks in Nigeria. An entry-level employee here can expect to earn about N180,000 monthly.
9. Sterling Bank
A key player in Nigeria’s banking sector, one of the highest paying banks in Nigeria, and has employed around 2000 people. And yes, you can categorize Sterling Bank as a high paying bank in Nigeria.
Although not all are full-time staff, the bank has the approval of the Nigerian Central Bank to operate nationwide. Sterling Bank is committed to the growth of the banking industry in Nigeria and pays its entry-level employees at least N145,000 per month, along with several allowances.
10. Ecobank Nigeria
Ecobank is a big name across Africa, with branches in 34 countries. They’ve been around since 1985 and have over 10,000 employees. Entry-level workers earn about N140,000 monthly, but they can make more with bonuses and incentives.
- If you’re a Graduate Trainee, you’ll earn between ₦40,000 and ₦50,000.
- Entry-level staff make from ₦140,000 to ₦150,000.
- Loan Officers get between ₦500,000 and ₦650,000.
- Credit Analysts earn from ₦700,000 to ₦800,000.
- Managers make between ₦853,000 and ₦900,000.
- Senior Managers earn from ₦1,000,000 to ₦1,500,000.
- Assistant General Managers get between ₦2,000,000 and ₦2,250,000.
- The Managing Director or CEO earns at least ₦2,500,000.
11. First City Monument Bank (FCMB)
FCMB is a modern bank in Nigeria that offers a range of tech-savvy services like online banking and mobile apps. They pay their entry-level staff at least N110,000 per month, making them one of the better-paying banks in the country.
- If you’re a Branch Manager, you can expect to make around N690,000 each month.
- Entry-level staff earn between N110,000 and N125,000 monthly.
- For the first four months, Graduate Trainees get between N40,000 and N45,000.
- Loan Officers make from N541,000 up to N600,000.
- If you’re a Senior Banking Officer, your monthly pay will be between N500,000 and N650,000.
- Credit Analysts can expect to earn from N610,000 to N650,000.
- Senior Officers, like Managers and above, make between N750,000 and N1,000,000.
- Assistant General Managers get a monthly salary of N1,100,000 to N1,600,000.
- The Managing Director or CEO earns around N1,900,000 each month.
Conclusion on the Highest Paying Banks in Nigeria
If you’re a fresh graduate thinking about a career in banking, this guide gives you a good idea of where you can earn the most. It’s not just the big names that pay well; some lesser-known banks offer competitive salaries too.
From UBA’s wide reach and decent entry-level pay to Stanbic IBTC’s cool perks like free tea and games, each bank has something unique. Zenith Bank and GTBank are also strong contenders, offering solid salaries and benefits. First Bank, Access Bank, and Fidelity Bank are also worth considering for their fair compensation and good work environment.
Ecobank and FCMB offer not just good salaries but also additional bonuses and tech-forward services. Even if you start at the bottom, there’s room to grow and earn more.
So, don’t just go for any bank; choose one that fits your career goals and pays you what you’re worth. With this guide, you’re well-equipped to make an informed decision.
Read also: Top Companies that Pay in Dollars in Nigeria