- Sterling Bank increased the salaries of its over 3,000 employees
- The salary increment is to avoid staff poaching and japa
- The increase would see entry-level staff earn N528,000 net monthly
Tier-2 Nigerian commercial bank, Sterling Bank, has increased salaries of over 3,000 employees by over 35 per cent across several roles.
The increase means that the bank’s entry-level staff now earn N528,000 net monthly, an increase from around N320,000 previously.
The recent increase comes on the heels of a seven per cent salary increase in January, which was amid industry-wide pay hikes across many banks caused by a growing battle for talent.
Salary increase to avoid staff poaching, japa
Per TechCabal, three banking executives who craved anonymity disclosed that top financial technology (fintech) companies are aggressively poaching senior banking staff, offering them salary packages that were effectively double their bank salaries.
They also stated that due to the japa phenomenon, more young professionals are leaving Nigeria for opportunities abroad, further straining the talent pool.
Sterling Bank did not, however, respond to a request for comments on the matter, according to TechCabal.
New monthly salary of Sterling Bank’s staff
Following the latest salary adjustments, Sterling Bank’s Executive Trainees (entry-level) will now earn N528,000 net monthly, while Assistant Banking Officers’ (ABO) salaries are now around N850,000.
The salaries of Banking Officers (BO) will increase from N700,000 previously to N1,030,000. Senior Banking Officers (SBO) will now earn N1.1 million, while Assistant Managers’ (AM) salaries will rise to N1.3 million monthly.
Sterling Bank’s aggressive expansion
Sterling Bank has been intentional about its expansion into other areas like fintech, asset financing, and electric vehicles, without losing sight of its best-in-class banking operations.
To ensure swift banking transactions, the bank developed its new core banking software, SeaBaaS by Peerless, which it pitched to financial institutions, fintechs, and telecommunication companies (telcos).
The core banking software was built to give Sterling the semblance and ease that fintechs are notable for.
Its banking business, the largest subsidiary in its group, reported N221 billion in gross earnings in 2023, with a target of N337 billion in 2024.
The bank’s gross earnings are, however, far behind those of competitors like Wema Bank, which generates nearly twice as much revenue despite having similar asset and deposit sizes.
Full list: Salaries of different levels of employees in Nigerian banks
Meanwhile, TheRadar earlier reported that the amount Nigerian banks pay different levels of employees is often kept a secret, a strategy deployed by banks to avoid staff requesting raises or considering moving to competitors.
TheRadar highlighted the different salaries for different levels of bank employees such as Executive Trainee, Assistant Banking Officer, Banking Officer, Senior Banking Officer, and Assistant Manager.
