Prominent financial institution in Nigeria, Sterling Bank, has declared a substantial enhancement in remuneration for more than 3,000 personnel, elevating entry-level compensation to N528,000 net per month.
This augmentation, surpassing 35% across diverse positions, constitutes a component of the bank’s strategic endeavor to retain human capital in the face of escalating competition within the sector.
The newly instituted salary framework follows a preceding 7% increase in January, indicative of a broader trend among Nigerian banking institutions recalibrating remuneration to attract and retain proficient professionals.
Sources within the industry have disclosed that fintech enterprises are vigorously recruiting senior banking personnel with compensation packages that are significantly higher than conventional banking salaries.
Moreover, the prevailing trend of professionals relocating abroad in pursuit of enhanced prospects, colloquially referred to as the ‘japa’ phenomenon, has exerted additional pressure on banks to augment their remuneration offerings.
In light of the recent modifications, Sterling Bank’s Executive Trainees (entry-level personnel) will now receive N528,000 monthly, an increase from approximately N320,000.
The salaries of Assistant Banking Officers have been raised to around N850,000, while Banking Officers will now be compensated with N1.03 million monthly.
Senior Banking Officers will earn N1.1 million, and Assistant Managers will experience a salary increase to N1.3 million per month.
In addition to salary enhancements, Sterling Bank has been broadening its presence in fintech, asset financing, and financing for electric vehicles.
The bank has recently developed a core banking software solution, SeaBaaS by Peerless, designed to enhance operational efficiency and cultivate fintech collaborations.
Notwithstanding its vigorous expansion and technological innovations, Sterling Bank’s revenue remains inferior to that of its competitors.
In the fiscal year 2023, the bank reported N221 billion in gross earnings, with a projected target of N337 billion for the year 2024.
However, it continues to fall short compared to competitors such as Wema Bank, which generates nearly double the revenue of Sterling despite possessing comparable asset and deposit bases.
