- Sterling Bank raises salaries for over 3,000 employees, with entry-level staff now earning N528,000 net monthly.
- The increment, over 35% across roles, aims to counter staff poaching and the ‘japa’ migration trend.
- The rise follows a 7% increase in January, aligning with industry-wide salary adjustments.
- Assistant Banking Officers now earn about N850,000, Banking Officers receive N1.03 million, Senior Banking Officers earn N1.1 million, and Assistant Managers get N1.3 million monthly.
Popular Nigerian bank, Sterling Bank, has announced a significant salary increment for over 3,000 employees, raising entry-level salaries to N528,000 net per month.
This increase, exceeding 35% across various roles, is part of the bank’s strategy to retain talent amid growing industry competition.
The new salary structure comes after an earlier 7% increment in January, reflecting a trend among Nigerian banks adjusting pay to attract and retain skilled professionals.
Industry sources revealed that fintech companies are aggressively recruiting senior banking staff with offers that double traditional banking salaries.
Additionally, the rising trend of professionals migrating abroad for better opportunities, known as the ‘japa’ phenomenon, has further pressured banks to enhance compensation packages.
With the latest adjustments, Sterling Bank’s Executive Trainees (entry-level employees) will now earn N528,000 monthly, up from approximately N320,000.
Assistant Banking Officers’ salaries have increased to about N850,000, while Banking Officers will now receive N1.03 million monthly.
Senior Banking Officers will earn N1.1 million, and Assistant Managers will see their salaries rise to N1.3 million per month.
Beyond salary increments, Sterling Bank has been expanding its footprint in fintech, asset financing, and electric vehicle financing.
The bank recently developed a core banking software, SeaBaaS by Peerless, aimed at improving efficiency and attracting fintech partnerships.
Despite its aggressive expansion and technological advancements, Sterling Bank’s revenue still trails competitors.
The bank recorded N221 billion in gross earnings in 2023, with a target of N337 billion for 2024.
However, it lags behind rivals like Wema Bank, which generates nearly double Sterling’s revenue despite having similar asset and deposit bases.