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Banking Average Salaries in Zambia 2020

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

Average Monthly Salary
6,620 ZMK
( 79,500 ZMK yearly)


A person working in Banking in Zambia typically earns around 6,620 ZMK per month. Salaries range from 2,050 ZMK (lowest average) to 13,400 ZMK (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 Analyst9,010 ZMK
Assistant Bank Branch Manager7,650 ZMK
Assistant Bank Manager10,600 ZMK
ATM Manager8,430 ZMK
ATM Service Technician2,430 ZMK
Bank Accounts Analyst3,600 ZMK
Bank Accounts Controller4,450 ZMK
Bank Accounts Executive6,880 ZMK
Bank Accounts Manager7,520 ZMK
Bank Auditing Manager8,140 ZMK
Bank Branch Manager11,100 ZMK
Bank Clerk2,110 ZMK
Bank Compliance Specialist5,440 ZMK
Bank Manager13,200 ZMK
Bank Operational Risk Manager12,700 ZMK
Bank Operations Head12,400 ZMK
Bank Operations Officer5,170 ZMK
Bank Operations Specialist7,800 ZMK
Bank Process Manager6,830 ZMK
Bank Product Manager 8,240 ZMK
Bank Programme Manager8,350 ZMK
Bank Project Manager10,200 ZMK
Bank Propositions Manager9,510 ZMK
Bank Quantitative Analyst6,170 ZMK
Bank Regional Manager12,600 ZMK
Bank Regional Risk Officer6,670 ZMK
Bank Relationship Manager9,630 ZMK
Bank Relationship Officer4,160 ZMK
Banker4,410 ZMK
Banking Business Analyst6,700 ZMK
Banking Business Development Officer4,110 ZMK
Banking Business Planning Executive9,170 ZMK
Banking Product Manager8,290 ZMK
Banking Reference Data Manager6,880 ZMK
Banking Risk Analyst6,810 ZMK
Banking Technical Analyst3,560 ZMK
Bankruptcy Coordinator4,830 ZMK
Budget Analyst6,580 ZMK
Cards Marketing Manager8,500 ZMK
Cash Management Manager12,000 ZMK
Check Processing Manager8,340 ZMK
Commercial Vault Associate6,660 ZMK
Corporate Dealer6,810 ZMK
Credit Analyst5,140 ZMK
Credit and Collections Manager9,300 ZMK
Credit Card Fraud Investigator6,730 ZMK
Credit Portfolio Manager12,800 ZMK
Credit Risk Analyst7,130 ZMK
Credit Risk Associate7,060 ZMK
Direct Bank Sales Representative4,810 ZMK
Financial Bank Planning Consultant8,480 ZMK
Financial Banking Analysis Manager9,840 ZMK
Financial Banking Assistant3,010 ZMK
Financial Banking Systems Manager8,960 ZMK
Foreign Exchange Manager10,000 ZMK
Fraud Analyst6,880 ZMK
Fraud Detection Associate4,670 ZMK
Fraud Detection Manager9,990 ZMK
Fraud Detection Supervisor5,890 ZMK
Internal Bank Audit Manager12,100 ZMK
Internal Bank Auditor6,700 ZMK
International Banking Manager13,400 ZMK
Loan Analyst6,430 ZMK
Loan Area Manager8,360 ZMK
Loan Audit Team Leader7,830 ZMK
Loan Branch Manager7,320 ZMK
Loan Business Development Officer4,120 ZMK
Loan Clerk2,270 ZMK
Loan Collection Manager8,020 ZMK
Loan Collector2,150 ZMK
Loan Examiner2,990 ZMK
Loan Processing Manager6,970 ZMK
Loan Processor3,040 ZMK
Loan Quality Assurance Auditor6,430 ZMK
Loan Quality Assurance Manager7,470 ZMK
Loan Quality Assurance Representative5,190 ZMK
Loan Review Manager7,400 ZMK
Loan Team Leader6,890 ZMK
Mortgage Advisor4,470 ZMK
Mortgage Collection Manager7,860 ZMK
Mortgage Collector2,070 ZMK
Mortgage Credit Analyst3,510 ZMK
Mortgage Credit Manager7,690 ZMK
Mortgage Development Manager8,320 ZMK
Mortgage Document Reviewer2,950 ZMK
Mortgage Funding Manager8,280 ZMK
Mortgage Operations Manager11,200 ZMK
Mortgage Payment Processing Clerk2,570 ZMK
Mortgage Processing Manager7,640 ZMK
Mortgage Processor2,830 ZMK
Mortgage Quality Assurance Auditor6,280 ZMK
Mortgage Quality Assurance Manager7,500 ZMK
Mortgage Servicing Clerk2,280 ZMK
Mortgage Servicing Manager7,550 ZMK
Mortgage Underwriter2,920 ZMK
Online Banking Manager11,800 ZMK
Payment Processing Clerk2,280 ZMK
Personal Banker4,740 ZMK
Personal Banking Advisor 5,000 ZMK
Phone Banker3,190 ZMK
Private Banker4,850 ZMK
Reconciliation and Investigation Specialist5,650 ZMK
Teller2,340 ZMK
Trade Officer2,750 ZMK
Trade Product Manager7,450 ZMK
Trader3,250 ZMK
Treasury Operations Officer5,800 ZMK

Banking Jobs Salary Distribution in Zambia

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

  • Salary Range

    Banking salaries in Zambia range from 2,050 ZMK per month (minimum average salary) to 13,400 ZMK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 6,620 ZMK per month, which means that half (50%) of people working in Banking are earning less than 6,620 ZMK while the other half are earning more than 6,620 ZMK. 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 3,900 ZMK while 75% of them are earning more than 3,900 ZMK. Also from the diagram, 75% of people working in Banking are earning less than 10,000 ZMK while 25% are earning more than 10,000 ZMK.

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 Zambia costs anywhere from 30,000 Zambian Kwacha(s) to 90,000 Zambian Kwacha(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 Zambia 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 Zambia who work in Banking earn 8% more than their female counterparts on average.

6,350 ZMK
6,830 ZMK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Zambia for all Careers

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

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


Banking professionals in Zambia are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Zambia 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.

Zambia / 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 Zambia is 2%.

Annual Increment Rate By Industry 2019

Information Technology

Listed above are the average annual increase rates for each industry in Zambia 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 Zambia

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

40% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 60% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% 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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Zambia
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Where can you get paid more, working for a private company or for the government? Public sector employees in Zambia earn 17% more than their private sector counterparts on average across all sectors.

Private Sector
5,580 ZMK
Public Sector+17%
6,540 ZMK
Percentage increase and decrease are relative to the previous value

Banking Hourly Average Wage in Zambia

38 ZMK per hour

The average hourly wage (pay per hour) in Zambia is 38 ZMK. This means that the average person in Zambia earns approximately 38 ZMK 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 Zambia
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The average salary for Banking is 10% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Lusaka7,650 ZMK
0 - 0

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