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Banking Average Salaries in South Africa 2022

How much money does a person working in Banking make in South Africa?

Average Monthly Salary
33,900 ZAR
( 406,000 ZAR yearly)


A person working in Banking in South Africa typically earns around 33,900 ZAR per month. Salaries range from 10,700 ZAR (lowest average) to 69,500 ZAR (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 Analyst52,200 ZAR
Assistant Bank Branch Manager44,900 ZAR
Assistant Bank Manager58,900 ZAR
ATM Manager49,800 ZAR
ATM Service Technician13,700 ZAR
Bank Accounts Analyst18,600 ZAR
Bank Accounts Controller25,300 ZAR
Bank Accounts Executive37,600 ZAR
Bank Accounts Manager43,600 ZAR
Bank Auditing Manager44,300 ZAR
Bank Branch Manager61,200 ZAR
Bank Clerk10,700 ZAR
Bank Compliance Specialist29,300 ZAR
Bank Manager69,500 ZAR
Bank Operational Risk Manager68,500 ZAR
Bank Operations Head70,900 ZAR
Bank Operations Officer28,100 ZAR
Bank Operations Specialist43,500 ZAR
Bank Process Manager38,700 ZAR
Bank Product Manager 45,100 ZAR
Bank Programme Manager49,000 ZAR
Bank Project Manager53,700 ZAR
Bank Propositions Manager48,600 ZAR
Bank Quantitative Analyst35,500 ZAR
Bank Regional Manager69,300 ZAR
Bank Regional Risk Officer34,500 ZAR
Bank Relationship Manager50,800 ZAR
Bank Relationship Officer22,600 ZAR
Banker24,700 ZAR
Banking Business Analyst36,300 ZAR
Banking Business Development Officer21,300 ZAR
Banking Business Planning Executive49,100 ZAR
Banking Product Manager44,800 ZAR
Banking Reference Data Manager40,700 ZAR
Banking Risk Analyst35,600 ZAR
Banking Technical Analyst18,900 ZAR
Bankruptcy Coordinator25,900 ZAR
Budget Analyst37,100 ZAR
Cards Marketing Manager43,800 ZAR
Cash Management Manager59,600 ZAR
Check Processing Manager44,100 ZAR
Commercial Vault Associate33,900 ZAR
Corporate Dealer35,700 ZAR
Credit Analyst26,600 ZAR
Credit and Collections Manager46,200 ZAR
Credit Card Fraud Investigator35,400 ZAR
Credit Portfolio Manager67,700 ZAR
Credit Risk Analyst39,900 ZAR
Credit Risk Associate38,400 ZAR
Direct Bank Sales Representative24,300 ZAR
Financial Bank Planning Consultant43,800 ZAR
Financial Banking Analysis Manager50,600 ZAR
Financial Banking Assistant16,400 ZAR
Financial Banking Systems Manager46,900 ZAR
Foreign Exchange Manager50,300 ZAR
Fraud Analyst38,600 ZAR
Fraud Detection Associate24,900 ZAR
Fraud Detection Manager56,800 ZAR
Fraud Detection Supervisor30,100 ZAR
Internal Bank Audit Manager63,000 ZAR
Internal Bank Auditor33,500 ZAR
International Banking Manager70,900 ZAR
Loan Analyst35,600 ZAR
Loan Area Manager43,700 ZAR
Loan Audit Team Leader40,900 ZAR
Loan Branch Manager40,500 ZAR
Loan Business Development Officer21,900 ZAR
Loan Clerk12,800 ZAR
Loan Collection Manager43,300 ZAR
Loan Collector11,800 ZAR
Loan Examiner15,800 ZAR
Loan Processing Manager39,100 ZAR
Loan Processor16,300 ZAR
Loan Quality Assurance Auditor36,800 ZAR
Loan Quality Assurance Manager40,900 ZAR
Loan Quality Assurance Representative27,300 ZAR
Loan Review Manager41,300 ZAR
Loan Team Leader36,900 ZAR
Mortgage Advisor25,400 ZAR
Mortgage Collection Manager42,900 ZAR
Mortgage Collector12,000 ZAR
Mortgage Credit Analyst19,500 ZAR
Mortgage Credit Manager41,000 ZAR
Mortgage Development Manager47,000 ZAR
Mortgage Document Reviewer16,000 ZAR
Mortgage Funding Manager47,600 ZAR
Mortgage Operations Manager64,000 ZAR
Mortgage Payment Processing Clerk14,100 ZAR
Mortgage Processing Manager42,200 ZAR
Mortgage Processor16,600 ZAR
Mortgage Quality Assurance Auditor36,600 ZAR
Mortgage Quality Assurance Manager41,900 ZAR
Mortgage Servicing Clerk12,800 ZAR
Mortgage Servicing Manager40,800 ZAR
Mortgage Underwriter15,700 ZAR
Online Banking Manager60,300 ZAR
Payment Processing Clerk12,300 ZAR
Personal Banker25,400 ZAR
Personal Banking Advisor 25,200 ZAR
Phone Banker16,600 ZAR
Private Banker25,100 ZAR
Reconciliation and Investigation Specialist30,300 ZAR
Teller11,900 ZAR
Trade Officer15,100 ZAR
Trade Product Manager43,400 ZAR
Trader18,200 ZAR
Treasury Operations Officer30,100 ZAR

Banking Jobs Salary Distribution in South Africa

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

  • Salary Range

    Banking salaries in South Africa range from 10,700 ZAR per month (minimum average salary) to 69,500 ZAR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 32,500 ZAR per month, which means that half (50%) of people working in Banking are earning less than 32,500 ZAR while the other half are earning more than 32,500 ZAR. 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 19,400 ZAR while 75% of them are earning more than 19,400 ZAR. Also from the diagram, 75% of people working in Banking are earning less than 49,000 ZAR while 25% are earning more than 49,000 ZAR.

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 South Africa costs anywhere from 156,000 Rand(s) to 467,000 Rand(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 South Africa 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 South Africa who work in Banking earn 8% more than their female counterparts on average.

35,300 ZAR
32,800 ZAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in South Africa for all Careers

Salary comparison by gender monthly South Africa
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Banking Average Annual Salary Increment Percentage in South Africa

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


Banking professionals in South Africa are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate South Africa 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.

South Africa / 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 South Africa is 5%.

Annual Increment Rate By Industry 2021

Information Technology

Listed above are the average annual increase rates for each industry in South Africa 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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Banking Bonus and Incentive Rates in South Africa

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

25% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 75% 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
No Bonus

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.

A graphics designer working for a graphics designing company.

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 South Africa

200 ZAR per hour

The average hourly wage (pay per hour) in South Africa is 200 ZAR. This means that the average person in South Africa earns approximately 200 ZAR 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 South Africa
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Bloemfontein32,900 ZAR
Cape Town39,400 ZAR
Durban37,600 ZAR
Johannesburg36,200 ZAR
Port Elizabeth34,200 ZAR
Pretoria35,600 ZAR

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 South Africa earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
30,200 ZAR
Public Sector+7%
32,300 ZAR
Percentage increase and decrease are relative to the previous value

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