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Banking Average Salaries in Kenya 2020

How much money does a person working in Banking make in Kenya?


Average Monthly Salary
160,000 KES
( 1,920,000 KES yearly)

LOW
50,300
KES
AVERAGE
160,000
KES
HIGH
328,000
KES

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.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst223,000 KES
Assistant Bank Branch Manager206,000 KES
Assistant Bank Manager254,000 KES
ATM Manager217,000 KES
ATM Service Technician60,400 KES
Bank Accounts Analyst85,000 KES
Bank Accounts Controller117,000 KES
Bank Accounts Executive175,000 KES
Bank Accounts Manager186,000 KES
Bank Auditing Manager197,000 KES
Bank Branch Manager277,000 KES
Bank Clerk52,000 KES
Bank Compliance Specialist144,000 KES
Bank Manager321,000 KES
Bank Operational Risk Manager323,000 KES
Bank Operations Head321,000 KES
Bank Operations Officer128,000 KES
Bank Operations Specialist203,000 KES
Bank Process Manager172,000 KES
Bank Product Manager 207,000 KES
Bank Programme Manager224,000 KES
Bank Project Manager263,000 KES
Bank Propositions Manager222,000 KES
Bank Quantitative Analyst164,000 KES
Bank Regional Manager337,000 KES
Bank Regional Risk Officer171,000 KES
Bank Relationship Manager249,000 KES
Bank Relationship Officer113,000 KES
Banker110,000 KES
Banking Business Analyst169,000 KES
Banking Business Development Officer101,000 KES
Banking Business Planning Executive229,000 KES
Banking Product Manager211,000 KES
Banking Reference Data Manager177,000 KES
Banking Risk Analyst161,000 KES
Banking Technical Analyst89,700 KES
Bankruptcy Coordinator122,000 KES
Budget Analyst171,000 KES
Cards Marketing Manager200,000 KES
Cash Management Manager284,000 KES
Check Processing Manager212,000 KES
Commercial Vault Associate160,000 KES
Corporate Dealer172,000 KES
Credit Analyst132,000 KES
Credit and Collections Manager231,000 KES
Credit Card Fraud Investigator179,000 KES
Credit Portfolio Manager297,000 KES
Credit Risk Analyst182,000 KES
Credit Risk Associate172,000 KES
Direct Bank Sales Representative124,000 KES
Financial Bank Planning Consultant217,000 KES
Financial Banking Analysis Manager238,000 KES
Financial Banking Assistant78,200 KES
Financial Banking Systems Manager226,000 KES
Foreign Exchange Manager244,000 KES
Fraud Analyst171,000 KES
Fraud Detection Associate122,000 KES
Fraud Detection Manager270,000 KES
Fraud Detection Supervisor149,000 KES
Internal Bank Audit Manager318,000 KES
Internal Bank Auditor155,000 KES
International Banking Manager331,000 KES
Loan Analyst163,000 KES
Loan Area Manager198,000 KES
Loan Audit Team Leader185,000 KES
Loan Branch Manager185,000 KES
Loan Business Development Officer101,000 KES
Loan Clerk59,700 KES
Loan Collection Manager204,000 KES
Loan Collector56,900 KES
Loan Examiner69,400 KES
Loan Processing Manager173,000 KES
Loan Processor73,200 KES
Loan Quality Assurance Auditor166,000 KES
Loan Quality Assurance Manager187,000 KES
Loan Quality Assurance Representative126,000 KES
Loan Review Manager193,000 KES
Loan Team Leader174,000 KES
Mortgage Advisor121,000 KES
Mortgage Collection Manager186,000 KES
Mortgage Collector52,600 KES
Mortgage Credit Analyst86,500 KES
Mortgage Credit Manager184,000 KES
Mortgage Development Manager213,000 KES
Mortgage Document Reviewer73,300 KES
Mortgage Funding Manager220,000 KES
Mortgage Operations Manager281,000 KES
Mortgage Payment Processing Clerk62,700 KES
Mortgage Processing Manager197,000 KES
Mortgage Processor78,100 KES
Mortgage Quality Assurance Auditor164,000 KES
Mortgage Quality Assurance Manager190,000 KES
Mortgage Servicing Clerk55,200 KES
Mortgage Servicing Manager177,000 KES
Mortgage Underwriter71,800 KES
Online Banking Manager284,000 KES
Payment Processing Clerk58,600 KES
Personal Banker121,000 KES
Personal Banking Advisor 129,000 KES
Phone Banker83,900 KES
Private Banker121,000 KES
Reconciliation and Investigation Specialist139,000 KES
Teller58,900 KES
Trade Officer67,200 KES
Trade Product Manager195,000 KES
Trader82,400 KES
Treasury Operations Officer142,000 KES

Banking Jobs Salary Distribution in Kenya

Median and salary distribution monthly Kenya Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    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).

  • Median Salary

    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.

  • Percentiles

    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.


What is the difference between the median and the average salary?

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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

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.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

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.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Kenya Banking
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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.

Male
169,000 KES
Female-9%
154,000 KES
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Kenya for all Careers

Salary comparison by gender monthly Kenya
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Banking Average Annual Salary Increment Percentage in Kenya

How much are annual salary increments in Kenya for Banking professionals? How often do employees get salary raises?

Banking

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.

Annual Salary Increment Rate Kenya Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Kenya / All Professions

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.

How to calculate the salary increment percentage?

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

The average salary increase in one year (12 months) in Kenya is 2%.

Annual Increment Rate By Industry 2019

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Listed above are the average annual increase rates for each industry in Kenya for the year 2019. 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.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Kenya

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Kenya Banking
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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.

Received Bonus
58%
No Bonus
42%

Types of Bonuses Considered

Individual Performance-Based Bonuses

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.

Bonuses Are Not Commissions!

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.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting 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.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

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.

Banking Hourly Average Wage in Kenya


920 KES per hour

The average hourly wage (pay per hour) in Kenya is 920 KES. This means that the average person in Kenya earns approximately 920 KES for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Kenya
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Kisumu155,000 KES
Mombasa174,000 KES
Nairobi190,000 KES

Government vs Private Sector Salary Comparison

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.

Private Sector
140,000 KES
Public Sector+14%
159,000 KES
Percentage increase and decrease are relative to the previous value

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