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Bank Branch Manager Average Salary in Nigeria 2022

How much money does a Bank Branch Manager make in Nigeria?


Average Monthly Salary
586,000 NGN
( 7,030,000 NGN yearly)

LOW
299,000
NGN
AVERAGE
586,000
NGN
HIGH
902,000
NGN

A person working as a Bank Branch Manager in Nigeria typically earns around 586,000 NGN per month. Salaries range from 299,000 NGN (lowest) to 902,000 NGN (highest).

This is the average monthly salary including housing, transport, and other benefits. Bank Branch Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Bank Branch Manager Salary Distribution in Nigeria

Median and salary distribution monthly Nigeria Bank Branch Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Bank Branch Manager salaries in Nigeria range from 299,000 NGN per month (minimum salary) to 902,000 NGN per month (maximum salary).

  • Median Salary

    The median salary is 574,000 NGN per month, which means that half (50%) of people working as Bank Branch Manager(s) are earning less than 574,000 NGN while the other half are earning more than 574,000 NGN. 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 Bank Branch Manager(s) are earning less than 393,000 NGN while 75% of them are earning more than 393,000 NGN. Also from the diagram, 75% of Bank Branch Manager(s) are earning less than 723,000 NGN while 25% are earning more than 723,000 NGN.


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

Bank Branch Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Nigeria Bank Branch Manager
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Bank Branch Manager salaries by experience level and this is what we found.

A Bank Branch Manager with less than two years of experience makes approximately 335,000 NGN per month.

While someone with an experience level between two and five years is expected to earn 437,000 NGN per month, 31% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 612,000 NGN per month, 40% more than someone with two to five years of experience.

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.

Additionally, Bank Branch Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 736,000 NGN per month, 20% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 799,000 NGN per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 863,000 NGN per month, 8% more than people with fifteen to twenty years of experience.


Bank Branch Manager average salary change by experience in Nigeria

0 - 2 Years
335,000 NGN
2 - 5 Years+31%
437,000 NGN
5 - 10 Years+40%
612,000 NGN
10 - 15 Years+20%
736,000 NGN
15 - 20 Years+9%
799,000 NGN
20+ Years+8%
863,000 NGN
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Bank Branch Manager Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Bank Branch Manager(s) who have the same experience but different education levels.

Salary comparison by education level monthly Nigeria Bank Branch Manager
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Bank Branch Manager salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of a Bank Branch Manager is 413,000 NGN per month.

While someone with a Master's Degree gets a salary of 733,000 NGN per month, 77% more than someone having a Bachelor's Degree degree.


Bank Branch Manager average salary difference by education level in Nigeria

Bachelor's Degree
413,000 NGN
Master's Degree+77%
733,000 NGN
Percentage increase and decrease are relative to the previous value

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 Nigeria costs anywhere from 1,690,000 Naira(s) to 5,080,000 Naira(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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Bank Branch Manager Salary Comparison By Gender

Salary comparison by gender monthly Nigeria Bank Branch Manager
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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 Bank Branch Manager employees in Nigeria earn 19% more than their female counterparts on average.

Male
638,000 NGN
Female-16%
538,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nigeria for all Careers

Salary comparison by gender monthly Nigeria
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Bank Branch Manager Average Annual Salary Increment Percentage in Nigeria

How much are annual salary increments in Nigeria for Bank Branch Manager(s)? How often do employees get salary raises?

Bank Branch Manager

Bank Branch Manager(s) in Nigeria are likely to observe a salary increase of approximately 13% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria Bank Branch Manager
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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.

Nigeria / 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 Nigeria is 5%.

Annual Increment Rate By Industry 2021

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Listed above are the average annual increase rates for each industry in Nigeria for the year 2021. 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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Bank Branch Manager Bonus and Incentive Rates in Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Bank Branch Manager
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A Bank Branch Manager is considered to be a high bonus-based job 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.

23% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 77% 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
77%
No Bonus
23%

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.

Bank Branch Manager Average Hourly Wage in Nigeria


3,380 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 3,380 NGN. This means that the average Bank Branch Manager in Nigeria earns approximately 3,380 NGN 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.

Bank Branch Manager VS Other Jobs

Salary Comparison Between Bank Branch Manager and Banking monthly Nigeria
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The average salary for Bank Branch Manager is 59% more than that of Banking. Also, Banking salaries are 9% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
AML Analyst529,000 NGN-10%
Assistant Bank Branch Manager455,000 NGN-22%
Assistant Bank Manager572,000 NGN-2%
ATM Manager512,000 NGN-13%
ATM Service Technician135,000 NGN-77%
Bank Accounts Analyst190,000 NGN-68%
Bank Accounts Controller253,000 NGN-57%
Bank Accounts Executive360,000 NGN-39%
Bank Accounts Manager442,000 NGN-25%
Bank Auditing Manager418,000 NGN-29%
Bank Branch Manager586,000 NGN+0%
Bank Clerk113,000 NGN-81%
Bank Compliance Specialist328,000 NGN-44%
Bank Manager666,000 NGN+14%
Bank Operational Risk Manager687,000 NGN+17%
Bank Operations Head741,000 NGN+27%
Bank Operations Officer273,000 NGN-53%
Bank Operations Specialist442,000 NGN-25%
Bank Process Manager411,000 NGN-30%
Bank Product Manager 452,000 NGN-23%
Bank Programme Manager496,000 NGN-15%
Bank Project Manager565,000 NGN-4%
Bank Propositions Manager482,000 NGN-18%
Bank Quantitative Analyst365,000 NGN-38%
Bank Regional Manager761,000 NGN+30%
Bank Regional Risk Officer369,000 NGN-37%
Bank Relationship Manager535,000 NGN-9%
Bank Relationship Officer249,000 NGN-57%
Banker255,000 NGN-56%
Banking Business Analyst372,000 NGN-36%
Banking Business Development Officer232,000 NGN-60%
Banking Business Planning Executive541,000 NGN-8%
Banking Product Manager450,000 NGN-23%
Banking Reference Data Manager418,000 NGN-29%
Banking Risk Analyst347,000 NGN-41%
Banking Technical Analyst192,000 NGN-67%
Bankruptcy Coordinator252,000 NGN-57%
Budget Analyst360,000 NGN-39%
Cards Marketing Manager448,000 NGN-23%
Cash Management Manager621,000 NGN+6%
Check Processing Manager486,000 NGN-17%
Commercial Vault Associate347,000 NGN-41%
Corporate Dealer382,000 NGN-35%
Credit Analyst284,000 NGN-52%
Credit and Collections Manager473,000 NGN-19%
Credit Card Fraud Investigator384,000 NGN-34%
Credit Portfolio Manager659,000 NGN+13%
Credit Risk Analyst424,000 NGN-28%
Credit Risk Associate391,000 NGN-33%
Direct Bank Sales Representative253,000 NGN-57%
Financial Bank Planning Consultant469,000 NGN-20%
Financial Banking Analysis Manager534,000 NGN-9%
Financial Banking Assistant183,000 NGN-69%
Financial Banking Systems Manager502,000 NGN-14%
Foreign Exchange Manager515,000 NGN-12%
Fraud Analyst398,000 NGN-32%
Fraud Detection Associate270,000 NGN-54%
Fraud Detection Manager585,000 NGN-0%
Fraud Detection Supervisor313,000 NGN-47%
Internal Bank Audit Manager663,000 NGN+13%
Internal Bank Auditor338,000 NGN-42%
International Banking Manager758,000 NGN+29%
Loan Analyst368,000 NGN-37%
Loan Area Manager425,000 NGN-27%
Loan Audit Team Leader398,000 NGN-32%
Loan Branch Manager418,000 NGN-29%
Loan Business Development Officer216,000 NGN-63%
Loan Clerk134,000 NGN-77%
Loan Collection Manager435,000 NGN-26%
Loan Collector120,000 NGN-80%
Loan Examiner154,000 NGN-74%
Loan Processing Manager403,000 NGN-31%
Loan Processor161,000 NGN-73%
Loan Quality Assurance Auditor384,000 NGN-34%
Loan Quality Assurance Manager410,000 NGN-30%
Loan Quality Assurance Representative262,000 NGN-55%
Loan Review Manager419,000 NGN-28%
Loan Team Leader359,000 NGN-39%
Mortgage Advisor262,000 NGN-55%
Mortgage Collection Manager423,000 NGN-28%
Mortgage Collector125,000 NGN-79%
Mortgage Credit Analyst195,000 NGN-67%
Mortgage Credit Manager393,000 NGN-33%
Mortgage Development Manager478,000 NGN-18%
Mortgage Document Reviewer156,000 NGN-73%
Mortgage Funding Manager490,000 NGN-16%
Mortgage Operations Manager649,000 NGN+11%
Mortgage Payment Processing Clerk137,000 NGN-77%
Mortgage Processing Manager416,000 NGN-29%
Mortgage Processor173,000 NGN-70%
Mortgage Quality Assurance Auditor376,000 NGN-36%
Mortgage Quality Assurance Manager413,000 NGN-29%
Mortgage Servicing Clerk128,000 NGN-78%
Mortgage Servicing Manager390,000 NGN-33%
Mortgage Underwriter148,000 NGN-75%
Online Banking Manager617,000 NGN+5%
Payment Processing Clerk133,000 NGN-77%
Personal Banker267,000 NGN-54%
Personal Banking Advisor 262,000 NGN-55%
Phone Banker175,000 NGN-70%
Private Banker261,000 NGN-55%
Reconciliation and Investigation Specialist286,000 NGN-51%
Teller120,000 NGN-80%
Trade Officer147,000 NGN-75%
Trade Product Manager446,000 NGN-24%
Trader179,000 NGN-69%
Treasury Operations Officer328,000 NGN-44%

Salary Comparison By City

CityAverage Salary
Benin City561,000 NGN
Ibadan633,000 NGN
Kaduna593,000 NGN
Kano660,000 NGN
Lagos627,000 NGN

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 Nigeria earn 6% more than their private sector counterparts on average across all sectors.

Private Sector
328,000 NGN
Public Sector+6%
347,000 NGN
Percentage increase and decrease are relative to the previous value

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