Wema Bank, a Nigerian commercial lender with a market capitalization of ₦260.38 billion, has implemented a salary increase for its over 1,700 employees, effective March 2025, according to three people familiar with the matter. While the bank has not publicly disclosed the percentage of the adjustment, it follows similar salary hikes across Nigeria’s banking sector as lenders compete for talent amid economic challenges.
The revised pay structure at Wema Bank significantly boosts salaries across multiple levels, making it the best-paying bank in Nigeria at several job tiers. Executive trainees, previously earning ₦255,000 per month, will now start at approximately ₦541,000—a 112% increase. Assistant banking officers will see their pay rise from ₦681,000 to ₦830,000, while banking officers’ salaries will climb to ₦1.015 million from ₦875,000. Senior banking officers, who previously earned ₦1.07 million, will now take home upwards of ₦1.2 million per month, outpacing tier-1 banks like Access Bank, where senior banking officers earn ₦1.1 million.
This marks Wema Bank’s second major salary increase in under two years. In July 2023, the bank implemented a 45% salary hike across all employee levels, citing inflation and the rising cost of living following government reforms that exacerbated economic hardship.
Wema Bank’s salary adjustments come amid intensifying competition for skilled professionals. Many Nigerian banks are struggling with high employee turnover, as fintech startups lure banking talent with higher pay, flexible work environments, and stock options. Additionally, an ongoing brain drain has seen thousands of financial professionals relocate abroad in search of better opportunities, further tightening the local talent pool.
To remain competitive, several other banks have also adjusted salaries. In late 2024, Guaranty Trust Bank (GTBank) raised staff salaries by 40%, while Union Bank followed with a similar increase. In January 2025, Sterling Bank implemented a 7% pay adjustment after previously introducing a cost-of-living allowance (COLA) to help employees cope with rising expenses.
Wema Bank did not immediately comment on the latest salary adjustments.
As Nigeria’s economy continues to grapple with headline inflation, banks are likely to keep reviewing salaries to retain and attract employees. However, higher payroll costs could also squeeze profit margins, making it crucial for banks to balance competitive salaries with sustainable financial performance.
