Sterling Bank Raises Entry-Level Salary to ₦528,000 in Company-Wide Pay Review
Sterling Bank has announced a salary increase for its over 3,000 employees, raising the monthly net pay for entry-level positions to ₦528,000, up from approximately ₦320,000. This adjustment, which represents an increase of more than 35% across various roles, follows a modest 7% salary increase in January that did not meet employee expectations.
This decision aligns with a broader trend in the banking sector, where institutions such as GTBank, Union Bank, and Wema are also raising salaries in response to an intensifying competition for skilled talent.
Three banking executives, who requested anonymity, indicated that leading fintech firms are actively recruiting senior banking professionals, offering salaries that can be nearly double what they currently earn. Additionally, an increasing number of young professionals are seeking opportunities abroad, further depleting the local talent pool.
Sterling Bank has not yet provided a response to inquiries regarding this matter.
While primarily recognized for its banking services, Sterling is also making significant strides in fintech, asset financing, and electric vehicles. The leadership team views the retention of top talent as essential for realizing the company’s strategic goals.
In 2023, Sterling’s banking division, the largest within the group, reported gross earnings of ₦221 billion and anticipates reaching ₦337 billion in 2024. However, it still trails behind competitors like Wema Bank, which, despite having comparable asset and deposit levels, generates nearly double the revenue.
The leadership at Sterling appears dedicated to retaining talent that will facilitate its growth across various sectors.
Following the latest adjustments:
- Executive trainees (entry-level) will now earn ₦528,000 net monthly
- Assistant Banking Officers (ABO) will take home around ₦850,000
- Banking Officers (BO) will see their salaries rise from ₦700,000 to ₦1,030,000
- Senior Banking Officers (SBO) will now earn ₦1.1 million
- Assistant Managers (AM) will take home ₦1.3 million monthly
In light of intense competition among banks for talented professionals, Sterling’s recent salary review serves as both a reaction to current market conditions and an indication of its long-term goals. It remains to be determined whether this strategy will effectively retain top talent amid the swiftly changing financial environment.
