Loan Quality Assurance Auditor Average Salary in Nigeria 2024
How much money does a person working as Loan Quality Assurance Auditor make in Nigeria?
LOW
184,000
NGN AVERAGE
384,000
NGN HIGH
603,000
NGN
A person working as Loan Quality Assurance Auditor in Nigeria typically earns around 384,000 NGN. Salaries range from 184,000 NGN (lowest) to 603,000 NGN (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Loan Quality Assurance Auditor salaries in Nigeria vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Loan Quality Assurance Auditor Pay Scale and Salaries in Nigeria
Salary Structure and Pay Scale Comparison
359,000 NGN or more
316,000 to 359,000 NGN
222,000 NGN or less
222,000 to 316,000 NGN
 184,000 NGN |
361,000 NGN |
603,000 NGN |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Loan Quality Assurance Auditor in Nigeria range from 184,000 NGN (starting salary) to 603,000 NGN (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 361,000 NGN, half of the professionals who work as Loan Quality Assurance Auditor in Nigeria earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Loan Quality Assurance Auditor in Nigeria earn less than 294,000 NGN, while 75% earn more. Similarly, the chart shows that 75% earn less than 414,000 NGN while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Loan Quality Assurance Auditor in Nigeria compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 222,000 NGN to 316,000 NGN. About 20% of salaries are below the 222,000 NGN mark, while 10% fall within the range of 316,000 NGN to 359,000 NGN. Only 5% of individuals have salaries exceeding 359,000 NGN.
Salary Comparison by Years of Experience / Loan Quality Assurance Auditor / Nigeria
How do experience and age affect pay?
| 0 - 2 Years | 216,000 NGN | |
| 2 - 5 Years | +42% | 306,000 NGN |
| 5 - 10 Years | +31% | 402,000 NGN |
| 10 - 15 Years | +23% | 494,000 NGN |
| 15 - 20 Years | +6% | 526,000 NGN |
| 20+ Years | +10% | 576,000 NGN |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Loan Quality Assurance Auditor and this is what we found.
Employees with less than two years of experience earn approximately 216,000 NGN.
While someone with an experience level between two and five years is expected to earn 306,000 NGN, 42% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 402,000 NGN, 31% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 494,000 NGN, 23% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 526,000 NGN, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 576,000 NGN, 10% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Loan Quality Assurance Auditor / Nigeria
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Loan Quality Assurance Auditor.
| Bachelor's Degree | 339,000 NGN | |
| Master's Degree | +43% | 486,000 NGN |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Loan Quality Assurance Auditor in order to make a comparison.
Level 1: Bachelor's Degree
Employees at this education level have an average salary of 339,000 NGN.
Level 2: Master's Degree
At this level, the average salary becomes 486,000 NGN, 43% more than the previous level.
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 1,700,000 NGN to 5,100,000 NGN 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 to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Loan Quality Assurance Auditor / Nigeria
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Loan Quality Assurance Auditor in Nigeria, the average difference between the salary of male and female employees is 9%.
| Male | 409,000 NGN | |
| Female | -9% | 373,000 NGN |
Salary Comparison By Gender in Nigeria for all Careers
Average Annual Salary Increment Percentage / Loan Quality Assurance Auditor / Nigeria
How much are annual salary increments in Nigeria for individuals working as Loan Quality Assurance Auditor? How often do employees get salary raises?
Individuals working as Loan Quality Assurance Auditor in Nigeria are likely to observe a salary increase of approximately 12% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.
Nigeria / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Loan Quality Assurance Auditor / Nigeria
How much and how often are bonuses being awarded?
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21% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 79% 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 | 79% | |
| No Bonus | 21% |
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.
Average Hourly Wage / Loan Quality Assurance Auditor / Nigeria
2,220 NGN per hourThe average hourly wage (pay per hour) for individuals working as Loan Quality Assurance Auditor in Nigeria is 2,220 NGN.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
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 fixed 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.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Loan Quality Assurance Auditor in Nigeria is 1,060 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Banking |  -100% | |
| AML Analyst | 529,000 NGN |  +38% |
| Assistant Bank Branch Manager | 455,000 NGN | +18% |
| Assistant Bank Manager | 572,000 NGN | +49% |
| ATM Manager | 512,000 NGN | +33% |
| ATM Service Technician | 135,000 NGN | -65% |
| Bank Accounts Analyst | 190,000 NGN | -51% |
| Bank Accounts Collector | 120,000 NGN | -69% |
| Bank Accounts Controller | 253,000 NGN | -34% |
| Bank Accounts Executive | 360,000 NGN | -6% |
| Bank Accounts Manager | 442,000 NGN | +15% |
| Bank Auditing Manager | 418,000 NGN | +9% |
| Bank Branch Manager | 586,000 NGN | +53% |
| Bank Branch Operations Coordinator | 257,000 NGN | -33% |
| Bank Clerk | 113,000 NGN | -71% |
| Bank Client Service Associate | 168,000 NGN | -56% |
| Bank Collector | 125,000 NGN | -67% |
| Bank Compliance Specialist | 328,000 NGN | -15% |
| Bank Manager | 666,000 NGN | +73% |
| Bank Operational Risk Manager | 687,000 NGN | +79% |
| Bank Operations Head | 741,000 NGN | +93% |
| Bank Operations Officer | 273,000 NGN | -29% |
| Bank Operations Specialist | 442,000 NGN | +15% |
| Bank Process Manager | 411,000 NGN | +7% |
| Bank Product Manager | 452,000 NGN | +18% |
| Bank Programme Manager | 496,000 NGN | +29% |
| Bank Project Manager | 565,000 NGN | +47% |
| Bank Propositions Manager | 482,000 NGN | +25% |
| Bank Quantitative Analyst | 365,000 NGN | -5% |
| Bank Regional Manager | 761,000 NGN | +98% |
| Bank Regional Risk Officer | 369,000 NGN | -4% |
| Bank Relationship Manager | 535,000 NGN | +39% |
| Bank Relationship Officer | 249,000 NGN | -35% |
| Bank Sustainability Analyst | 420,000 NGN | +9% |
| Bank Teller | 121,000 NGN | -69% |
| Banker | 255,000 NGN | -34% |
| Banking Business Analyst | 372,000 NGN | -3% |
| Banking Business Development Officer | 232,000 NGN | -40% |
| Banking Business Planning Executive | 541,000 NGN | +41% |
| Banking Data Analyst | 413,000 NGN | +7% |
| Banking Product Manager | 450,000 NGN | +17% |
| Banking Reference Data Manager | 418,000 NGN | +9% |
| Banking Regulatory Compliance Officer | 449,000 NGN | +17% |
| Banking Risk Analyst | 347,000 NGN | -10% |
| Banking Technical Analyst | 192,000 NGN | -50% |
| Bankruptcy Coordinator | 252,000 NGN | -34% |
| Bill and Account Collector | 129,000 NGN | -66% |
| Blockchain Analyst | 302,000 NGN | -21% |
| Blockchain Architect | 372,000 NGN | -3% |
| Blockchain Auditor | 316,000 NGN | -18% |
| Blockchain Compliance Analyst | 346,000 NGN | -10% |
| Blockchain Consultant | 348,000 NGN | -9% |
| Blockchain Trade Facilitator | 298,000 NGN | -22% |
| Budget Analyst | 360,000 NGN | -6% |
| Capital Risk Manager | 695,000 NGN | +81% |
| Cards Marketing Manager | 448,000 NGN | +17% |
| Cash Management Manager | 621,000 NGN | +62% |
| Check Processing Manager | 486,000 NGN | +26% |
| Chief Blockchain Officer | 412,000 NGN | +7% |
| Commercial Vault Associate | 347,000 NGN | -10% |
| Corporate Banker | 256,000 NGN | -33% |
| Corporate Dealer | 382,000 NGN | -1% |
| Credit Analyst | 284,000 NGN | -26% |
| Credit and Collections Manager | 473,000 NGN | +23% |
| Credit Card Fraud Investigator | 384,000 NGN | -0% |
| Credit Portfolio Manager | 659,000 NGN | +72% |
| Credit Risk Analyst | 424,000 NGN | +10% |
| Credit Risk Associate | 391,000 NGN | +2% |
| Cryptocurrency Accountant | 235,000 NGN | -39% |
| Cryptocurrency Adviser | 438,000 NGN | +14% |
| Cryptocurrency Analyst | 348,000 NGN | -9% |
| Cryptocurrency Compliance Manager | 414,000 NGN | +8% |
| Cryptocurrency Trader | 393,000 NGN | +2% |
| Digital Banking Manager | 517,000 NGN | +35% |
| Digital Currency Analyst | 375,000 NGN | -2% |
| Direct Bank Sales Representative | 253,000 NGN | -34% |
| Exchange Control Consultant | 398,000 NGN | +4% |
| Executive Account Analyst | 347,000 NGN | -10% |
| Financial Bank Planning Consultant | 469,000 NGN | +22% |
| Financial Banking Analysis Manager | 534,000 NGN | +39% |
| Financial Banking Assistant | 183,000 NGN | -52% |
| Financial Banking Systems Manager | 502,000 NGN | +31% |
| Foreign Exchange Manager | 515,000 NGN | +34% |
| Fraud Analyst | 398,000 NGN | +4% |
| Fraud Detection Associate | 270,000 NGN | -30% |
| Fraud Detection Manager | 585,000 NGN | +52% |
| Fraud Detection Supervisor | 313,000 NGN | -19% |
| Internal Bank Audit Manager | 663,000 NGN | +73% |
| Internal Bank Auditor | 338,000 NGN | -12% |
| Internal Private Banker | 264,000 NGN | -31% |
| International Banking Manager | 758,000 NGN | +97% |
| Investment Banking Analyst | 515,000 NGN | +34% |
| Loan Analyst | 368,000 NGN | -4% |
| Loan Area Manager | 425,000 NGN | +11% |
| Loan Audit Team Leader | 398,000 NGN | +4% |
| Loan Branch Manager | 418,000 NGN | +9% |
| Loan Business Development Officer | 216,000 NGN | -44% |
| Loan Clerk | 134,000 NGN | -65% |
| Loan Collection and Recovery Manager | 460,000 NGN | +20% |
| Loan Collection Manager | 435,000 NGN | +13% |
| Loan Collector | 120,000 NGN | -69% |
| Loan Examiner | 154,000 NGN | -60% |
| Loan Officer | 144,000 NGN | -63% |
| Loan Processing Manager | 403,000 NGN | +5% |
| Loan Processor | 161,000 NGN | -58% |
| Loan Quality Assurance Auditor | 384,000 NGN | -0% |
| Loan Quality Assurance Manager | 410,000 NGN | +7% |
| Loan Quality Assurance Representative | 262,000 NGN | -32% |
| Loan Review Manager | 419,000 NGN | +9% |
| Loan Team Leader | 359,000 NGN | -7% |
| Loans Manager | 477,000 NGN | +24% |
| Mortgage Advisor | 262,000 NGN | -32% |
| Mortgage Collection Manager | 423,000 NGN | +10% |
| Mortgage Collector | 125,000 NGN | -67% |
| Mortgage Credit Analyst | 195,000 NGN | -49% |
| Mortgage Credit Manager | 393,000 NGN | +2% |
| Mortgage Development Manager | 478,000 NGN | +24% |
| Mortgage Document Reviewer | 156,000 NGN | -59% |
| Mortgage Funding Manager | 490,000 NGN | +28% |
| Mortgage Operations Manager | 649,000 NGN | +69% |
| Mortgage Payment Processing Clerk | 137,000 NGN | -64% |
| Mortgage Processing Manager | 416,000 NGN | +8% |
| Mortgage Processor | 173,000 NGN | -55% |
| Mortgage Quality Assurance Auditor | 376,000 NGN | -2% |
| Mortgage Quality Assurance Manager | 413,000 NGN | +7% |
| Mortgage Servicing Clerk | 128,000 NGN | -67% |
| Mortgage Servicing Manager | 390,000 NGN | +2% |
| Mortgage Underwriter | 148,000 NGN | -61% |
| Online Banking Manager | 617,000 NGN | +61% |
| Open Banking Strategist | 394,000 NGN | +3% |
| Payment Processing Clerk | 133,000 NGN | -65% |
| Personal Banker | 267,000 NGN | -31% |
| Personal Banking Advisor | 262,000 NGN | -32% |
| Phone Banker | 175,000 NGN | -54% |
| Private Banker | 261,000 NGN | -32% |
| Reconciliation and Investigation Specialist | 286,000 NGN | -26% |
| Tax Officer | 214,000 NGN | -44% |
| Teller | 120,000 NGN | -69% |
| Trade Officer | 147,000 NGN | -62% |
| Trade Product Manager | 446,000 NGN | +16% |
| Trader | 179,000 NGN | -53% |
| Treasury Operations Officer | 328,000 NGN | -15% |
| Wealth Management Advisor | 547,000 NGN | +42% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Nigeria is 6% on average across all career fields.
| Private Sector | 329,000 NGN | |
| Public Sector | +6% | 349,000 NGN |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Loan Quality Assurance Auditor in Nigeria?
A good and competitive compensation would range anywhere between 361,000 NGN and 414,000 NGN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Loan Quality Assurance Auditor in Nigeria ranges from 184,000 NGN to 294,000 NGN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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
