Sterling Bank has announced a significant salary adjustment for its 3,000+ employees, with entry-level staff now earning a net monthly salary of ₦528,000, up from approximately ₦320,000. This latest pay increase follows a modest 7% salary adjustment in January, which was met with dissatisfaction among employees.
The bank’s decision aligns with a growing trend in Nigeria’s financial sector, where institutions such as GTBank, Union Bank, and Wema Bank have also raised salaries in a bid to retain top talent.
Three senior banking executives, who requested anonymity, revealed that leading fintech companies are aggressively recruiting senior banking professionals, often offering salaries that are double what traditional banks provide. At the same time, many young professionals are seeking opportunities abroad, increasing the sector’s talent drain.
Although Sterling Bank has not issued an official statement on the salary review, industry analysts believe the move is part of a broader strategy to retain top talent as the bank expands into fintech, asset financing, and electric vehicles.
Despite being one of the largest subsidiaries within the Sterling Financial Group, the bank’s 2023 gross earnings stood at ₦221 billion, with a projection of ₦337 billion for 2024. However, it still trails competitors like Wema Bank, which, despite having comparable asset and deposit sizes, generates almost twice the revenue.
To bridge this gap and drive growth across multiple industries, Sterling’s leadership is keen on retaining skilled professionals who can contribute to its ambitious expansion plans.
The revised salary structure reflects the bank’s commitment to offering competitive compensation:
- Executive Trainees (Entry-Level) – ₦528,000 net monthly
- Assistant Banking Officers (ABO) – Approximately ₦850,000
- Banking Officers (BO) – Increased from ₦700,000 to ₦1,030,000
- Senior Banking Officers (SBO) – Now earning ₦1.1 million
- Assistant Managers (AM) – Raised to ₦1.3 million monthly
With banks competing aggressively for skilled professionals, Sterling Bank’s latest salary review serves both as a market response and a strategic investment in long-term growth. However, whether these adjustments will be enough to retain top talent amid the evolving financial landscape remains to be seen.
