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Banking Average Salaries in Nigeria 2021

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


Average Monthly Salary
368,000 NGN
( 4,420,000 NGN yearly)

LOW
116,000
NGN
AVERAGE
368,000
NGN
HIGH
756,000
NGN

A person working in Banking in Nigeria typically earns around 368,000 NGN per month. Salaries range from 116,000 NGN (lowest average) to 756,000 NGN (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 Analyst529,000 NGN
Assistant Bank Branch Manager455,000 NGN
Assistant Bank Manager572,000 NGN
ATM Manager512,000 NGN
ATM Service Technician135,000 NGN
Bank Accounts Analyst190,000 NGN
Bank Accounts Controller253,000 NGN
Bank Accounts Executive360,000 NGN
Bank Accounts Manager442,000 NGN
Bank Auditing Manager418,000 NGN
Bank Branch Manager586,000 NGN
Bank Clerk113,000 NGN
Bank Compliance Specialist328,000 NGN
Bank Manager666,000 NGN
Bank Operational Risk Manager687,000 NGN
Bank Operations Head741,000 NGN
Bank Operations Officer273,000 NGN
Bank Operations Specialist442,000 NGN
Bank Process Manager411,000 NGN
Bank Product Manager 452,000 NGN
Bank Programme Manager496,000 NGN
Bank Project Manager565,000 NGN
Bank Propositions Manager482,000 NGN
Bank Quantitative Analyst365,000 NGN
Bank Regional Manager761,000 NGN
Bank Regional Risk Officer369,000 NGN
Bank Relationship Manager535,000 NGN
Bank Relationship Officer249,000 NGN
Banker255,000 NGN
Banking Business Analyst372,000 NGN
Banking Business Development Officer232,000 NGN
Banking Business Planning Executive541,000 NGN
Banking Product Manager450,000 NGN
Banking Reference Data Manager418,000 NGN
Banking Risk Analyst347,000 NGN
Banking Technical Analyst192,000 NGN
Bankruptcy Coordinator252,000 NGN
Budget Analyst360,000 NGN
Cards Marketing Manager448,000 NGN
Cash Management Manager621,000 NGN
Check Processing Manager486,000 NGN
Commercial Vault Associate347,000 NGN
Corporate Dealer382,000 NGN
Credit Analyst284,000 NGN
Credit and Collections Manager473,000 NGN
Credit Card Fraud Investigator384,000 NGN
Credit Portfolio Manager659,000 NGN
Credit Risk Analyst424,000 NGN
Credit Risk Associate391,000 NGN
Direct Bank Sales Representative253,000 NGN
Financial Bank Planning Consultant469,000 NGN
Financial Banking Analysis Manager534,000 NGN
Financial Banking Assistant183,000 NGN
Financial Banking Systems Manager502,000 NGN
Foreign Exchange Manager515,000 NGN
Fraud Analyst398,000 NGN
Fraud Detection Associate270,000 NGN
Fraud Detection Manager585,000 NGN
Fraud Detection Supervisor313,000 NGN
Internal Bank Audit Manager663,000 NGN
Internal Bank Auditor338,000 NGN
International Banking Manager758,000 NGN
Loan Analyst368,000 NGN
Loan Area Manager425,000 NGN
Loan Audit Team Leader398,000 NGN
Loan Branch Manager418,000 NGN
Loan Business Development Officer216,000 NGN
Loan Clerk134,000 NGN
Loan Collection Manager435,000 NGN
Loan Collector120,000 NGN
Loan Examiner154,000 NGN
Loan Processing Manager403,000 NGN
Loan Processor161,000 NGN
Loan Quality Assurance Auditor384,000 NGN
Loan Quality Assurance Manager410,000 NGN
Loan Quality Assurance Representative262,000 NGN
Loan Review Manager419,000 NGN
Loan Team Leader359,000 NGN
Mortgage Advisor262,000 NGN
Mortgage Collection Manager423,000 NGN
Mortgage Collector125,000 NGN
Mortgage Credit Analyst195,000 NGN
Mortgage Credit Manager393,000 NGN
Mortgage Development Manager478,000 NGN
Mortgage Document Reviewer156,000 NGN
Mortgage Funding Manager490,000 NGN
Mortgage Operations Manager649,000 NGN
Mortgage Payment Processing Clerk137,000 NGN
Mortgage Processing Manager416,000 NGN
Mortgage Processor173,000 NGN
Mortgage Quality Assurance Auditor376,000 NGN
Mortgage Quality Assurance Manager413,000 NGN
Mortgage Servicing Clerk128,000 NGN
Mortgage Servicing Manager390,000 NGN
Mortgage Underwriter148,000 NGN
Online Banking Manager617,000 NGN
Payment Processing Clerk133,000 NGN
Personal Banker267,000 NGN
Personal Banking Advisor 262,000 NGN
Phone Banker175,000 NGN
Private Banker261,000 NGN
Reconciliation and Investigation Specialist286,000 NGN
Teller120,000 NGN
Trade Officer147,000 NGN
Trade Product Manager446,000 NGN
Trader179,000 NGN
Treasury Operations Officer328,000 NGN

Banking Jobs Salary Distribution in Nigeria

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

  • Salary Range

    Banking salaries in Nigeria range from 116,000 NGN per month (minimum average salary) to 756,000 NGN per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 346,000 NGN per month, which means that half (50%) of people working in Banking are earning less than 346,000 NGN while the other half are earning more than 346,000 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 people working in Banking are earning less than 208,000 NGN while 75% of them are earning more than 208,000 NGN. Also from the diagram, 75% of people working in Banking are earning less than 518,000 NGN while 25% are earning more than 518,000 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

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 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 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 Nigeria 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 Nigeria who work in Banking earn 16% more than their female counterparts on average.

Male
388,000 NGN
Female-14%
335,000 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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Banking Average Annual Salary Increment Percentage in Nigeria

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

Banking

Banking professionals in Nigeria are likely to observe a salary increase of approximately 10% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.

Annual Salary Increment Rate Nigeria 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.

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 2020

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 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.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Nigeria

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

29% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 71% 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
71%
No Bonus
29%

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 Nigeria


2,120 NGN per hour

The average hourly wage (pay per hour) in Nigeria is 2,120 NGN. This means that the average person in Nigeria earns approximately 2,120 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.

Banking VS Other Jobs

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

Salary Comparison By City

CityAverage Salary
Benin City314,000 NGN
Ibadan351,000 NGN
Kaduna331,000 NGN
Kano365,000 NGN
Lagos382,000 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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