This article showcases the banking institutions allegedly offering the most modest starting salaries, with a maximum cap of 350,000 Naira. It is important to note that salary structures can vary significantly based on multiple factors. This information is derived from publicly available data and should be considered a general overview.
Polaris Bank – NGN270k+ and 363k net (after confirmation)
Polaris Bank is a relatively new player in the Nigerian banking landscape, having been established in 2018 after the acquisition of the former Skye Bank by the Asset Management Corporation of Nigeria (AMCON). The bank has been working to establish itself in the market and attract top talent.
Polaris Bank reportedly offers entry-level salaries starting at approximately NGN 270,000, with graduate trainees earning around NGN 45,000 monthly during their training period. After confirmation, the salary can increase to a maximum of NGN 363,000.
Union Bank = NGN 84k – NGN331k
Union Bank is one of the oldest banks in Nigeria, with a history dating back to 1917. The bank has undergone several transformations and acquisitions over the years, including a major recapitalization in 2012. Union Bank is known for its focus on retail banking and has a wide network of branches across the country.
Union Bank’s entry-level salaries range from NGN 84,000 to NGN 331,000. As one of the oldest banks in Nigeria, Union Bank has a well-established reputation, but its starting salaries are on the lower end of the spectrum compared to some competitors.
Sterling Bank – NGN327k net
Sterling Bank, formerly known as Magnum Trust Bank, has been in operation since 1960. The bank has positioned itself as a mid-sized player in the Nigerian banking sector, focusing on areas such as agriculture, health, education, and renewable energy.
Sterling Bank offers a net salary of approximately NGN 327,000 for entry-level positions. The bank has positioned itself as a mid-sized player in the Nigerian market.
Keystone Bank = NGN61k – NGN316k
Keystone Bank, formerly known as Bank PHB, was established in 2011 after the acquisition of Bank PHB by the Asset Management Corporation of Nigeria (AMCON). The bank has been working to rebuild its reputation and attract customers after the challenges faced by its predecessor.
Keystone Bank has a reported entry-level salary range of NGN 61,000 to NGN 316,000. This wide range indicates variability based on specific roles and responsibilities, but overall, it suggests that the bank is positioned towards the lower end of the salary spectrum in the industry.
Optimus Bank = NGN307k net
Optimus Bank, formerly known as Skye Bank, was established in 2006 through the merger of four banks. The bank faced challenges in recent years, leading to its acquisition by AMCON and subsequent rebranding as Polaris Bank.
Optimus Bank offers a net entry-level salary of around NGN 307,000. As a bank that has undergone significant restructuring, it may be focusing on competitive salaries to attract skilled professionals while stabilizing its operations in the Nigerian banking landscape.
Zenith Bank = NGN245k – NGN290k+
Zenith Bank is one of the largest and most successful banks in Nigeria, with a strong presence across the country and internationally. The bank has a reputation for innovation and has been at the forefront of digital banking in Nigeria.
Zenith Bank’s entry-level salaries range from NGN 245,000 to NGN 290,000+. As one of Nigeria’s largest banks, Zenith Bank’s compensation packages are relatively competitive, showcasing its strong market position.
Ecobank= NGN274k net
Ecobank is a pan-African bank with operations in 33 countries across the continent. The bank entered the Nigerian market in 1986 and has since grown to become one of the major players in the country’s banking sector.
Ecobank provides entry-level salaries at approximately NGN 274,000 net. Being a pan-African bank, Ecobank’s salary structure may be influenced by its broader operational strategy across multiple countries, which can affect its ability to offer competitive salaries in Nigeria
Access Bank = NGN265k net
Access Bank is another major player in the Nigerian banking sector, with a focus on corporate and retail banking. The bank has undergone significant growth in recent years, including the acquisition of Diamond Bank in 2019.
Access Bank’s entry-level salary is reported at around NGN 265,000 net. The bank has experienced significant growth and expansion, which may allow it to offer competitive salaries to attract new graduates in a competitive job market.
United Bank for Africa = NGN80k – NGN150k
UBA is a pan-African financial services group with operations in 20 African countries and offices in the United States, the United Kingdom, and France. The bank has a strong presence in Nigeria and is known for its innovative products and services.
UBA has a wide entry-level salary range from NGN 80,000 to NGN 150,000. As a major player in the African banking sector, UBA’s lower starting salaries may reflect its focus on volume hiring.
It’s important to note that salary structures are influenced by various factors, including a bank’s size, market position, growth strategy, and overall financial performance. Larger, more established banks may have more room to offer higher starting salaries, while smaller or restructuring banks may prioritize cost management in the short term. While entry-level salaries in the Nigerian banking sector vary, there are opportunities for growth and development at all levels.
Please Note: It is crucial to understand that this list is based on available public data and may not reflect the entire salary landscape. Salaries can vary widely within banks based on factors such as department, role, and experience. Reasearch and materials gotten from (Glassdoor).
This article was written by Tamaraebiju Jide, a student at Elizade University
