As inflation persists and the war for top talent intensifies, Nigerian banks are responding in markedly different ways when it comes to employee pay.
Naijaonpoint has analyzed the 2024 financial reports of 9 listed banks, and the findings reveal sharp contrasts in how banks structure compensation.
From executive-heavy organizations to lean branch-driven models, each bank’s strategy is reflected in how it pays its workforce.
We classified employee earnings into three categories:
We then compared what percentage of staff fell into each bracket and examined the number of executive directors, management staff, and overall employee count to better understand each bank’s staffing model.
Banks with the best-paying workforce:
Stanbic IBTC emerged as the top-paying bank, with 76.5% of its employees earning above N6 million per annum, the highest among all banks reviewed. It’s closely followed by Access Bank (70.5%) and Fidelity Bank (65.3%).
These institutions appear to prioritize a professional-heavy workforce with fewer junior-level staff.
While some banks have phased out junior roles, others still rely heavily on lower-compensated staff.
Wema Bank stands out, with nearly 46% of its workforce earning less than N3.5 million annually, the highest among its peers.
Zenith Bank (35.2%) and GTCO (25.6%) also have substantially low-income staff footprints.
By contrast, Fidelity Bank (0.9%), Stanbic IBTC (3.5%), and Access Bank (4.8%) have almost completely exited this bracket, likely a reflection of streamlined digital models and higher minimum compensation floors.
Banks like GTCO and UBA stand out for having a large share of staff earning between N3.5 million and N6 million; the operational backbone in most financial institutions.
This signals a healthy layer of experienced non-executive professionals and team leads.
This signals a healthy layer of experienced non-executive professionals and team leads.
The data also reveals how banks manage their leadership pipelines:
Compensation structure isn’t just a budgeting issue, it reflects a bank’s operational model, strategy, and growth stage.