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.
|Job Title||Average Salary|
|AML Analyst||529,000 NGN|
|Assistant Bank Branch Manager||455,000 NGN|
|Assistant Bank Manager||572,000 NGN|
|ATM Manager||512,000 NGN|
|ATM Service Technician||135,000 NGN|
|Bank Accounts Analyst||190,000 NGN|
|Bank Accounts Controller||253,000 NGN|
|Bank Accounts Executive||360,000 NGN|
|Bank Accounts Manager||442,000 NGN|
|Bank Auditing Manager||418,000 NGN|
|Bank Branch Manager||586,000 NGN|
|Bank Clerk||113,000 NGN|
|Bank Compliance Specialist||328,000 NGN|
|Bank Manager||666,000 NGN|
|Bank Operational Risk Manager||687,000 NGN|
|Bank Operations Head||741,000 NGN|
|Bank Operations Officer||273,000 NGN|
|Bank Operations Specialist||442,000 NGN|
|Bank Process Manager||411,000 NGN|
|Bank Product Manager||452,000 NGN|
|Bank Programme Manager||496,000 NGN|
|Bank Project Manager||565,000 NGN|
|Bank Propositions Manager||482,000 NGN|
|Bank Quantitative Analyst||365,000 NGN|
|Bank Regional Manager||761,000 NGN|
|Bank Regional Risk Officer||369,000 NGN|
|Bank Relationship Manager||535,000 NGN|
|Bank Relationship Officer||249,000 NGN|
|Banking Business Analyst||372,000 NGN|
|Banking Business Development Officer||232,000 NGN|
|Banking Business Planning Executive||541,000 NGN|
|Banking Product Manager||450,000 NGN|
|Banking Reference Data Manager||418,000 NGN|
|Banking Risk Analyst||347,000 NGN|
|Banking Technical Analyst||192,000 NGN|
|Bankruptcy Coordinator||252,000 NGN|
|Budget Analyst||360,000 NGN|
|Cards Marketing Manager||448,000 NGN|
|Cash Management Manager||621,000 NGN|
|Check Processing Manager||486,000 NGN|
|Commercial Vault Associate||347,000 NGN|
|Corporate Dealer||382,000 NGN|
|Credit Analyst||284,000 NGN|
|Credit and Collections Manager||473,000 NGN|
|Credit Card Fraud Investigator||384,000 NGN|
|Credit Portfolio Manager||659,000 NGN|
|Credit Risk Analyst||424,000 NGN|
|Credit Risk Associate||391,000 NGN|
|Direct Bank Sales Representative||253,000 NGN|
|Financial Bank Planning Consultant||469,000 NGN|
|Financial Banking Analysis Manager||534,000 NGN|
|Financial Banking Assistant||183,000 NGN|
|Financial Banking Systems Manager||502,000 NGN|
|Foreign Exchange Manager||515,000 NGN|
|Fraud Analyst||398,000 NGN|
|Fraud Detection Associate||270,000 NGN|
|Fraud Detection Manager||585,000 NGN|
|Fraud Detection Supervisor||313,000 NGN|
|Internal Bank Audit Manager||663,000 NGN|
|Internal Bank Auditor||338,000 NGN|
|International Banking Manager||758,000 NGN|
|Loan Analyst||368,000 NGN|
|Loan Area Manager||425,000 NGN|
|Loan Audit Team Leader||398,000 NGN|
|Loan Branch Manager||418,000 NGN|
|Loan Business Development Officer||216,000 NGN|
|Loan Clerk||134,000 NGN|
|Loan Collection Manager||435,000 NGN|
|Loan Collector||120,000 NGN|
|Loan Examiner||154,000 NGN|
|Loan Processing Manager||403,000 NGN|
|Loan Processor||161,000 NGN|
|Loan Quality Assurance Auditor||384,000 NGN|
|Loan Quality Assurance Manager||410,000 NGN|
|Loan Quality Assurance Representative||262,000 NGN|
|Loan Review Manager||419,000 NGN|
|Loan Team Leader||359,000 NGN|
|Mortgage Advisor||262,000 NGN|
|Mortgage Collection Manager||423,000 NGN|
|Mortgage Collector||125,000 NGN|
|Mortgage Credit Analyst||195,000 NGN|
|Mortgage Credit Manager||393,000 NGN|
|Mortgage Development Manager||478,000 NGN|
|Mortgage Document Reviewer||156,000 NGN|
|Mortgage Funding Manager||490,000 NGN|
|Mortgage Operations Manager||649,000 NGN|
|Mortgage Payment Processing Clerk||137,000 NGN|
|Mortgage Processing Manager||416,000 NGN|
|Mortgage Processor||173,000 NGN|
|Mortgage Quality Assurance Auditor||376,000 NGN|
|Mortgage Quality Assurance Manager||413,000 NGN|
|Mortgage Servicing Clerk||128,000 NGN|
|Mortgage Servicing Manager||390,000 NGN|
|Mortgage Underwriter||148,000 NGN|
|Online Banking Manager||617,000 NGN|
|Payment Processing Clerk||133,000 NGN|
|Personal Banker||267,000 NGN|
|Personal Banking Advisor||262,000 NGN|
|Phone Banker||175,000 NGN|
|Private Banker||261,000 NGN|
|Reconciliation and Investigation Specialist||286,000 NGN|
|Trade Officer||147,000 NGN|
|Trade Product Manager||446,000 NGN|
|Treasury Operations Officer||328,000 NGN|
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).
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.
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.
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 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.
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.
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.
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 Nigeria for the year 2022. 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.
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.
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.
|Benin City||314,000 NGN|
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.
©Salary Explorer 2023