Sterling Bank has increased salaries for its 3,000+ employees, with entry-level staff now earning ₦528,000 net monthly, up from around ₦320,000. The review—over 35% across several roles—follows a tepid 7% salary bump in January that left employees unimpressed.
The move comes amid industry-wide pay hikes at banks like GTBank, Union Bank, and Wema, driven by a growing battle for talent.
Three banking executives who declined to be named said top fintech companies are aggressively poaching senior banking staff, citing salary offers that were effectively double their bank salaries. At the same time, more young professionals are leaving Nigeria for opportunities abroad, further straining the talent pool.
Sterling Bank did not immediately respond to a request for comments.
While Sterling is best known for its banking operations, the group is expanding aggressively into fintech, asset financing, and even electric vehicles, and leadership sees retaining top talent as critical to executing its vision.
Sterling’s banking business, the largest subsidiary in its group, reported ₦221 billion in gross earnings in 2023 and projects ₦337 billion for 2024. However, it lags behind competitors like Wema Bank, which, despite having similar asset and deposit sizes, generates nearly twice as much revenue.
Sterling’s leadership appears committed to holding onto talent that can help drive its expansion across multiple industries.
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
With banks fiercely competing for skilled professionals, Sterling’s latest salary review is both a response to the market and a signal of its long-term ambitions. Whether it will be enough to retain its best employees in a rapidly evolving financial landscape remains to be seen.
