Banking Average Salaries in Eritrea 2023
How much money does a person working in Banking make in Eritrea?
LOW
2,340
ERN AVERAGE
7,430
ERN HIGH
15,300
ERN
A person working in Banking in Eritrea typically earns around 7,430 ERN per month. Salaries range from 2,340 ERN (lowest average) to 15,300 ERN (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 Title | Average Salary |
| AML Analyst | 10,800 ERN |
| Assistant Bank Branch Manager | 8,940 ERN |
| Assistant Bank Manager | 11,800 ERN |
| ATM Manager | 9,610 ERN |
| ATM Service Technician | 2,830 ERN |
| Bank Accounts Analyst | 4,000 ERN |
| Bank Accounts Controller | 5,070 ERN |
| Bank Accounts Executive | 7,270 ERN |
| Bank Accounts Manager | 9,000 ERN |
| Bank Auditing Manager | 8,830 ERN |
| Bank Branch Manager | 12,600 ERN |
| Bank Clerk | 2,340 ERN |
| Bank Compliance Specialist | 6,210 ERN |
| Bank Manager | 13,600 ERN |
| Bank Operational Risk Manager | 14,400 ERN |
| Bank Operations Head | 14,900 ERN |
| Bank Operations Officer | 5,470 ERN |
| Bank Operations Specialist | 9,100 ERN |
| Bank Process Manager | 8,180 ERN |
| Bank Product Manager | 9,150 ERN |
| Bank Programme Manager | 9,750 ERN |
| Bank Project Manager | 11,600 ERN |
| Bank Propositions Manager | 10,100 ERN |
| Bank Quantitative Analyst | 7,390 ERN |
| Bank Regional Manager | 14,000 ERN |
| Bank Regional Risk Officer | 7,040 ERN |
| Bank Relationship Manager | 11,000 ERN |
| Bank Relationship Officer | 4,750 ERN |
| Banker | 5,030 ERN |
| Banking Business Analyst | 7,440 ERN |
| Banking Business Development Officer | 4,680 ERN |
| Banking Business Planning Executive | 10,700 ERN |
| Banking Product Manager | 9,440 ERN |
| Banking Reference Data Manager | 7,850 ERN |
| Banking Risk Analyst | 7,030 ERN |
| Banking Technical Analyst | 3,760 ERN |
| Bankruptcy Coordinator | 5,240 ERN |
| Budget Analyst | 7,130 ERN |
| Cards Marketing Manager | 9,440 ERN |
| Cash Management Manager | 12,600 ERN |
| Check Processing Manager | 9,030 ERN |
| Commercial Vault Associate | 6,860 ERN |
| Corporate Dealer | 7,760 ERN |
| Credit Analyst | 5,430 ERN |
| Credit and Collections Manager | 10,100 ERN |
| Credit Card Fraud Investigator | 7,480 ERN |
| Credit Portfolio Manager | 14,200 ERN |
| Credit Risk Analyst | 7,920 ERN |
| Credit Risk Associate | 7,850 ERN |
| Direct Bank Sales Representative | 4,960 ERN |
| Financial Bank Planning Consultant | 8,950 ERN |
| Financial Banking Analysis Manager | 10,700 ERN |
| Financial Banking Assistant | 3,340 ERN |
| Financial Banking Systems Manager | 10,200 ERN |
| Foreign Exchange Manager | 10,600 ERN |
| Fraud Analyst | 7,840 ERN |
| Fraud Detection Associate | 5,060 ERN |
| Fraud Detection Manager | 11,100 ERN |
| Fraud Detection Supervisor | 6,540 ERN |
| Internal Bank Audit Manager | 12,800 ERN |
| Internal Bank Auditor | 7,260 ERN |
| International Banking Manager | 14,900 ERN |
| Loan Analyst | 7,510 ERN |
| Loan Area Manager | 8,620 ERN |
| Loan Audit Team Leader | 8,070 ERN |
| Loan Branch Manager | 8,550 ERN |
| Loan Business Development Officer | 4,460 ERN |
| Loan Clerk | 2,520 ERN |
| Loan Collection Manager | 9,130 ERN |
| Loan Collector | 2,330 ERN |
| Loan Examiner | 3,320 ERN |
| Loan Processing Manager | 7,940 ERN |
| Loan Processor | 3,210 ERN |
| Loan Quality Assurance Auditor | 7,710 ERN |
| Loan Quality Assurance Manager | 8,300 ERN |
| Loan Quality Assurance Representative | 5,350 ERN |
| Loan Review Manager | 8,630 ERN |
| Loan Team Leader | 7,470 ERN |
| Mortgage Advisor | 4,970 ERN |
| Mortgage Collection Manager | 8,950 ERN |
| Mortgage Collector | 2,420 ERN |
| Mortgage Credit Analyst | 3,800 ERN |
| Mortgage Credit Manager | 8,540 ERN |
| Mortgage Development Manager | 9,480 ERN |
| Mortgage Document Reviewer | 3,120 ERN |
| Mortgage Funding Manager | 9,910 ERN |
| Mortgage Operations Manager | 12,400 ERN |
| Mortgage Payment Processing Clerk | 2,930 ERN |
| Mortgage Processing Manager | 8,480 ERN |
| Mortgage Processor | 3,220 ERN |
| Mortgage Quality Assurance Auditor | 7,340 ERN |
| Mortgage Quality Assurance Manager | 8,130 ERN |
| Mortgage Servicing Clerk | 2,660 ERN |
| Mortgage Servicing Manager | 8,190 ERN |
| Mortgage Underwriter | 3,240 ERN |
| Online Banking Manager | 12,200 ERN |
| Payment Processing Clerk | 2,660 ERN |
| Personal Banker | 5,270 ERN |
| Personal Banking Advisor | 5,150 ERN |
| Phone Banker | 3,370 ERN |
| Private Banker | 5,250 ERN |
| Reconciliation and Investigation Specialist | 6,280 ERN |
| Teller | 2,480 ERN |
| Trade Officer | 3,140 ERN |
| Trade Product Manager | 8,700 ERN |
| Trader | 3,520 ERN |
| Treasury Operations Officer | 6,610 ERN |
Banking Jobs Salary Distribution in Eritrea
The median, the maximum, the minimum, and the range
Salary Range
Banking salaries in Eritrea range from 2,340 ERN per month (minimum average salary) to 15,300 ERN per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 7,730 ERN per month, which means that half (50%) of people working in Banking are earning less than 7,730 ERN while the other half are earning more than 7,730 ERN. 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 4,530 ERN while 75% of them are earning more than 4,530 ERN. Also from the diagram, 75% of people working in Banking are earning less than 12,000 ERN while 25% are earning more than 12,000 ERN.
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?
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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 Eritrea costs anywhere from 34,200 Nakfa(s) to 103,000 Nakfa(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
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Eritrea who work in Banking earn 9% more than their female counterparts on average.
| Male | 7,860 ERN | |
| Female | -8% | 7,230 ERN |
Salary Comparison By Gender in Eritrea for all Careers
Banking Average Annual Salary Increment Percentage in Eritrea
How much are annual salary increments in Eritrea for Banking professionals? How often do employees get salary raises?
Banking
Banking professionals in Eritrea are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
Eritrea / 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
Annual Increment Rate By Industry 2022
| Banking | 4% | |
| Energy | 8% | |
| Information Technology | 3% | |
| Healthcare | 7% | |
| Travel | 2% | |
| Construction | 6% | |
| Education | 1% |
Listed above are the average annual increase rates for each industry in Eritrea 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.
Worldwide Salary Raises: All Countries and All Jobs
Banking Bonus and Incentive Rates in Eritrea
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/eritrea/banking/annual-salary-bonus-rate-eritrea-banking.jpg
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.
38% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 62% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.
| Received Bonus | 62% | |
| No Bonus | 38% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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 Eritrea
43 ERN per hourThe average hourly wage (pay per hour) in Eritrea is 43 ERN. This means that the average person in Eritrea earns approximately 43 ERN for every worked hour.
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
The average salary for Banking is 9% more than that of All Jobs.
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 Eritrea earn 21% more than their private sector counterparts on average across all sectors.
| Private Sector | 6,220 ERN | |
| Public Sector | +21% | 7,520 ERN |
