A person working in Banking in Kenya typically earns around 160,000 KES per month. Salaries range from 50,300 KES (lowest average) to 328,000 KES (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
|Job Title||Average Salary|
|AML Analyst||223,000 KES|
|Assistant Bank Branch Manager||206,000 KES|
|Assistant Bank Manager||254,000 KES|
|ATM Manager||217,000 KES|
|ATM Service Technician||60,400 KES|
|Bank Accounts Analyst||85,000 KES|
|Bank Accounts Controller||117,000 KES|
|Bank Accounts Executive||175,000 KES|
|Bank Accounts Manager||186,000 KES|
|Bank Auditing Manager||197,000 KES|
|Bank Branch Manager||277,000 KES|
|Bank Clerk||52,000 KES|
|Bank Compliance Specialist||144,000 KES|
|Bank Manager||321,000 KES|
|Bank Operational Risk Manager||323,000 KES|
|Bank Operations Head||321,000 KES|
|Bank Operations Officer||128,000 KES|
|Bank Operations Specialist||203,000 KES|
|Bank Process Manager||172,000 KES|
|Bank Product Manager||207,000 KES|
|Bank Programme Manager||224,000 KES|
|Bank Project Manager||263,000 KES|
|Bank Propositions Manager||222,000 KES|
|Bank Quantitative Analyst||164,000 KES|
|Bank Regional Manager||337,000 KES|
|Bank Regional Risk Officer||171,000 KES|
|Bank Relationship Manager||249,000 KES|
|Bank Relationship Officer||113,000 KES|
|Banking Business Analyst||169,000 KES|
|Banking Business Development Officer||101,000 KES|
|Banking Business Planning Executive||229,000 KES|
|Banking Product Manager||211,000 KES|
|Banking Reference Data Manager||177,000 KES|
|Banking Risk Analyst||161,000 KES|
|Banking Technical Analyst||89,700 KES|
|Bankruptcy Coordinator||122,000 KES|
|Budget Analyst||171,000 KES|
|Cards Marketing Manager||200,000 KES|
|Cash Management Manager||284,000 KES|
|Check Processing Manager||212,000 KES|
|Commercial Vault Associate||160,000 KES|
|Corporate Dealer||172,000 KES|
|Credit Analyst||132,000 KES|
|Credit and Collections Manager||231,000 KES|
|Credit Card Fraud Investigator||179,000 KES|
|Credit Portfolio Manager||297,000 KES|
|Credit Risk Analyst||182,000 KES|
|Credit Risk Associate||172,000 KES|
|Direct Bank Sales Representative||124,000 KES|
|Financial Bank Planning Consultant||217,000 KES|
|Financial Banking Analysis Manager||238,000 KES|
|Financial Banking Assistant||78,200 KES|
|Financial Banking Systems Manager||226,000 KES|
|Foreign Exchange Manager||244,000 KES|
|Fraud Analyst||171,000 KES|
|Fraud Detection Associate||122,000 KES|
|Fraud Detection Manager||270,000 KES|
|Fraud Detection Supervisor||149,000 KES|
|Internal Bank Audit Manager||318,000 KES|
|Internal Bank Auditor||155,000 KES|
|International Banking Manager||331,000 KES|
|Loan Analyst||163,000 KES|
|Loan Area Manager||198,000 KES|
|Loan Audit Team Leader||185,000 KES|
|Loan Branch Manager||185,000 KES|
|Loan Business Development Officer||101,000 KES|
|Loan Clerk||59,700 KES|
|Loan Collection Manager||204,000 KES|
|Loan Collector||56,900 KES|
|Loan Examiner||69,400 KES|
|Loan Processing Manager||173,000 KES|
|Loan Processor||73,200 KES|
|Loan Quality Assurance Auditor||166,000 KES|
|Loan Quality Assurance Manager||187,000 KES|
|Loan Quality Assurance Representative||126,000 KES|
|Loan Review Manager||193,000 KES|
|Loan Team Leader||174,000 KES|
|Mortgage Advisor||121,000 KES|
|Mortgage Collection Manager||186,000 KES|
|Mortgage Collector||52,600 KES|
|Mortgage Credit Analyst||86,500 KES|
|Mortgage Credit Manager||184,000 KES|
|Mortgage Development Manager||213,000 KES|
|Mortgage Document Reviewer||73,300 KES|
|Mortgage Funding Manager||220,000 KES|
|Mortgage Operations Manager||281,000 KES|
|Mortgage Payment Processing Clerk||62,700 KES|
|Mortgage Processing Manager||197,000 KES|
|Mortgage Processor||78,100 KES|
|Mortgage Quality Assurance Auditor||164,000 KES|
|Mortgage Quality Assurance Manager||190,000 KES|
|Mortgage Servicing Clerk||55,200 KES|
|Mortgage Servicing Manager||177,000 KES|
|Mortgage Underwriter||71,800 KES|
|Online Banking Manager||284,000 KES|
|Payment Processing Clerk||58,600 KES|
|Personal Banker||121,000 KES|
|Personal Banking Advisor||129,000 KES|
|Phone Banker||83,900 KES|
|Private Banker||121,000 KES|
|Reconciliation and Investigation Specialist||139,000 KES|
|Trade Officer||67,200 KES|
|Trade Product Manager||195,000 KES|
|Treasury Operations Officer||142,000 KES|
Banking salaries in Kenya range from 50,300 KES per month (minimum average salary) to 328,000 KES per month (maximum average salary, actual maximum is higher).
The median salary is 153,000 KES per month, which means that half (50%) of people working in Banking are earning less than 153,000 KES while the other half are earning more than 153,000 KES. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 91,600 KES while 75% of them are earning more than 91,600 KES. Also from the diagram, 75% of people working in Banking are earning less than 231,000 KES while 25% are earning more than 231,000 KES.
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
A Master's degree program or any post-graduate program in Kenya costs anywhere from 734,000 Kenyan Shilling(s) to 2,200,000 Kenyan Shilling(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Kenya who work in Banking earn 10% more than their female counterparts on average.
Banking professionals in Kenya are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Listed above are the average annual increase rates for each industry in Kenya for the year 2020. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
42% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 58% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.
The most standard form of bonus where the employee is awarded based on their exceptional performance.Company Performance Bonuses
Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.Goal-Based Bonuses
Granted upon achieving an important goal or milestone.Holiday / End of Year Bonuses
These types of bonuses are given without a reason and usually resemble an appreciation token.
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
The main two types of jobs
|Revenue Generators||Supporting Cast|
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.
Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
The average salary for Banking is 9% more than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Kenya earn 14% more than their private sector counterparts on average across all sectors.