Connect with us
british airways

Financial Services

A look at how much Nigerian banks paid their staff in 9-month 2020

Thirteen Nigerian banks collectively spent a total of N413.49 billion on their staff between January and September 2020.



bankers, How much banks pay, Key 'side-hustles' Nigerian Bankers supplement their income with

Thirteen Nigerian banks on the floor of the Nigerian Stock Exchange collectively spent a total of N413.49 billion on their staff between January and September 2020. 

According to checks by Nairalytics – the research arm of Nairametrics, the N413.49 billion personnel cost represents a 6.36% increase compared to N388.77 billion spent in the corresponding period of 2019, despite the economic shocks caused by the Covid-19 pandemic this year. 

READ: FBN Holdings Plc posts Profit of N21.9 billion in Q3 2020

The personnel expenses encompass all of a company’s expenditure in relation to staff remuneration and welfare within a specific financial reporting period.  

In other words, such expenses may include salaries/wages, other benefits like health insurance costs, pension, training, amongst others. 

READ: Apple to start producing cars by 2024

FBN Holdings Plc 

FBN Holdings Plc is a holding company for First Bank of Nigeria Ltd and other subsidiaries such as FBNQuest and FBN Merchant Bank, which means the figures represent personnel expenses for all the subsidiaries across the FBN Holdings group of companies. 

  • The bank paid a sum of N74.2 billion as personnel expenses in the review period, representing 16.9% of the N439.9 billion gross revenue generated in the same period.  
  • The premier bank posted an impressive performance in the year, growing its profit after tax by 31.7% from N51.7 billion recorded in 2019 9M to N68.16 billion in 2020. 
  • Staff cost incurred by First Bank Holdings increased by 7.2% compared to N69.2 billion spent in the comparable period of 2019, and 6.4% increase compared to N69.7 billion recorded in 2018. 
  • Checks by Nairalytics Research shows that FBN Holdings has a total of 9,016 employees as of December 2019.

READ: First Bank is cutting inefficiencies and focusing on its strengths

Sigma Pensions

United Bank of Africa 

  • UBA paid a total of N66.6 billion to its workers in the review period, which represents 14.7% of the N453.7 billion generated as gross revenue.  
  • The tier one bank increased its staff expenses significantly by 20.7%, from N55.2 billion recorded in 2019 to N66.6 billion in 2020. 
  • UBA also recorded a 5.9% increase in gross revenue (N453.7 billion) and posted a profit after tax of N77.13 billion as at September 2020, representing a 5.5% decline compared to N81.63 billion recorded in the corresponding period of 2019. 
  • As of June 2020, UBA has a total employee of 11,200, 15.4% decrease when compared to 13,237 recorded as of December 2019.

READ: COVID 19: Debt Service Suspension Initiative extended to June 2021 – World Bank

Zenith Bank  

  • Zenith recorded a 5% increase in staff expenses from N57.1 billion in 2019 to N59.9 billion in 2020, which represents 11.8% of the total gross revenue earned in the period.  
  • The most profitable bank on The Exchange grew its revenue by 3.6% from N491.3 billion in 2019 to N508.9 billion in the review period. 
  • In terms of profitability, Zenith Bank posted a profit after tax of N159.3 billion, representing 5.7% increase compared to N150.7 billion recorded in the comparable period of 2019. 
  • Zenith Bank increased its staff strength by 9% from 5,982 as of December 2019 to 6,521 by the end of June 2020.

READ: GTBank, Access Bank, 11 others pay workers N271.64 billion in H1 2020

british airways

Access Bank  

  • Access bank spent the sum of N57.1 billion as staff costs, 4.4% increase compared to N54.7 billion recorded in the previous year 
  • It also recorded a 15.3% increase in gross revenue (N592.8 billion), while in terms of profitability, grew by 15.7% from N88.4 billion in 2019 to N102.3 billion as at September 2020. 
  • As of June 2020, Access Bank plc has a total staff strength of 5,576. This is 5% lower than 5,870 recorded as of the end of last year.

READ: Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020

Stanbic IBTC  

  • The bank spent a total of N31.2 billion as personnel expenses in the 9-month period of 2020, 2.2% increase compared to N30.6 billion recorded in 2019, having also increased gross revenue by 15.3% to stand at N183.3 billion. 
  • Notably, Stanbic recorded an improved profit of N66.2 billion from N55.6 billion recorded in the same period of 2019. 
  • Stanbic IBTC also increased its number of staff between December 2019 and June 2020 from 2,936 to 3,004 respectively.

READ: Nigeria’s tier-1 banks pay N29.8 billion worth of taxes in Q1 2020

For a full list of the banks and their personnel expenses in 9-month 2020, see the table below. It also contains their personnel expense costs in the last four years for easy comparison. 

Stanbic 728 x 90
Source: Nairalytics 

 What you need to know 

  • Of the thirteen banks under review, nine recorded positive increase in personnel expenses when compared to the corresponding period of 2019, while four recorded decline. 
  • The thirteen banks collectively posted a profit after tax of N678.2 billion between January and September 2020, 6.9% increase compared to the previous year (634.5 billion). 
  • According to data from the National Bureau of Statistics, the staff strength of Nigeria’s Deposit Money Banks grew by 1.5% from 94,498 in Q2 2020 to 95,888 as of Q3 2020. However, it declined by 5.5% compared to 103,610 recorded as of Q3 2019. 

READ: More banks, insurance firms declare closed periods ahead of H1 results release

Bottom line 

Despite a very difficult year for the Nigerian economy, commercial banks maintained headcount and their payroll structure. This is perhaps due to the agreement reached between the central bank and the bankers committee in the wake of the planned downsizing at Access Bank.   

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Top digital banking apps in Nigeria

These digital banking apps have offered a more convenient full-banking experience to their users.



Top Digital Banking Apps in Nigeria

Traditional banks have been facing stiff competition from fast-rising digital banks. These digital banks emerged with higher consumer demand and have offered a more convenient full-banking experience to their users including higher interest rates on savings thereby attracting more people to adopt their services.

This has caused some traditional banks like Wema Bank and Sterling Bank to adopt this trend and also develop their own digital banking platforms.

Here is a list of the top digital banking apps in Nigeria.


VFD Microfinance Bank is a fully digital bank that offers a wide range of financial products and services to professionals and entrepreneurs across all sectors. The digital bank has over 100,000 downloads on Playstore. They offer zero charges on transactions. Free account maintenance, monthly interest on savings, swift and secure transfers, withdrawals, and bill payments.


  • Instant account opening without any paperwork.
  • Fingerprint authorization: Login with your fingerprint and authorize transactions using your 4-digit PIN.
  • Good customer service.
  • Set up and track your spend budgets.
  • Order debit cards from the apps.
  • USSD banking service available.
  • Easy bill payments on the app.
  • Target savings with 8% interest rate.

User complaints

  • New update causes app to crash.
  • Upgrading KYC takes relatively longer.

Kuda bank

Kuda Bank is a free, digital-only bank with a microfinance banking license from the Central Bank of Nigeria. The bank includes tools for tracking your spending habits, saving more, and making the right money moves. They don’t charge card maintenance or account maintenance fees. Kuda has 1M+ downloads on Playstore. Its customers get 25 free transfers to other banks every month.


Sigma Pensions
  • Free debit cards.
  • Good user experience.
  • Free withdrawals at over 3,000 ATMs across Nigeria.
  • 15% annual interest rates on savings.
  • No paperwork involved when signing up.
  • Automatic budgeting tools for easier money management.

User complaints

  • Cards often take a long time to arrive.
  • No SMS notification when you get credited.
  • No USSD code option for transactions.
  • Identity verification takes time.


ALAT is Nigeria’s first fully digital bank, designed to help you do more with your money. Alat is owned by Wema bank. Just like every other digital bank, there is no need to visit a bank to open an account. Alat has over 500,000 downloads on Playstore.

british airways


  • Free bank card delivery anywhere in Nigeria.
  • A Virtual Dollar Card for online payments.
  • Bill payments option.
  • Collateral-free loans are available.
  • Save easily with automated goal saving.

User complaints

  • The virtual card does not yet work.
  • Delay in physical card delivery.


Sparkle is a lifestyle and finance app. It is a digital ecosystem providing financial, lifestyle, and business support services to Nigerians around the world. Licensed by the Central Bank of Nigeria (CBN), Sparkle is all about helping people achieve what they want, whether it’s entertainment, education, saving, or investing in the future. Sparkle has over 100,000+ downloads on the play store.

Stanbic 728 x 90


  • Create an account with just your Bank Verification Number (BVN), email address and phone number.
  • If you ever lose or misplace your card, you can freeze and unfreeze it in the Sparkle app.
  • Save using Sparkle Stash for different goals at the same time.
  • Percentage savings where you determine what percentage of your account balance will be going to your savings every day, week or month!
  • Get real-time instant notifications for your transactions.
  • Bill payments; Pay your bills whenever you want, wherever you are.
  • Split bills with friends and family on the app.
  • Physical and virtual cards available.

User complaints

  • New update causes the app to crash.
  • Reversal on failed transaction takes time.
  • Cards can’t be used for international transactions.
  • Poor customer service.

Mint App

MyMintApp is a self-service platform developed for customers to carry out a range of digital and mobile banking transactions on their accounts. It offers customers benefits such as convenience, speed, online real-time access, the security of transactions and options to initiate basic service requests without having to physically visit the bank.

MyMintApp also offers different banking services such as SME Banking, Personal Banking, Corporate Banking, Internet Banking (Electronic Banking), Current Account Opening, Savings Account Opening, Business Services, Loans, e-Business Solutions, Personalized Money Tracking and Card Solutions, etc. Mint has over 10,000+ downloads on Playstore.


  • Good customer service.
  • Seamless account funding via Paystack or directly from your existing bank account.
  • Different saving goals with competitive interest rates to help you save for a targeted purpose.
  • Money Manager to help you tag your expenses according to the most common categories, and see real views of how and where you spend monthly.
  • Zero transaction fees on bill payments.

User complaints

Coronation ads
  • No bonus when you refer someone to the app.
  • The selfie verification process takes time.


Onebank brings a whole new financial and non-financial experience to the digital space. This application comes with sophisticated features and an impeccable user experience. It is highly secure, convenient, and easy to use. Onebank also offers payments, lending, investment, advisory, informational, and lifestyle services which brings that intuitive banking experience on your mobile. Onebank is owned by Sterling Bank


  • Create a wallet account instantly with your mobile number.
  • Biometric authentication.
  • Instantly create your virtual card for online shopping and decide the card’s usage and expiry.
  • Investments; enjoy up to 100% returns on Naira and Dollar investments.
  • Quick loans of up to N5 million in 5 minutes.
  • Receive money from Onebank user via QR code scan.
  • Pay for airline tickets, cable & internet subscription directly on the app.
  • Cardless withdrawals are available.

User complaints 

  • Prone to error when you try to sign in.
  • Bad user experience.
  • Transaction history only shows debits and not credit transaction.
  • Failed transactions take time to be reversed.
  • Difficulty when you try to switch devices.


Rubies is a digital bank that disrupts regular banking by providing 100% digital top-notch services and technology at its peak. With Rubies, you can decide what your account number looks like. Rubies give you the financial freedom to do more than just banking and the app has garnered over 100,000 downloads on Playstore.



  • No maintenance fees.
  • Free Debit Cards: Also comes with an option of free delivery.
  • Independent Banker: Refer people and earn every time they transact on Rubies.
  • Customizable Account: Decide what your Account Number looks like.
  • Proximity Transfer: Transfer money easily to friends on Rubies around you with a single tap.
  • Open Account: Get an account on the fly, from anywhere (App, Website).
  • Request Money: Request funds from friends on Rubies with a single button.

User complaints

  • Verification process takes time.
  • BVN verification unstable.
  • App downtime takes more than 24 hours to resolve.
  • Difficulties upgrading account.


Why this matters

With the increasing number of digital banks and fintech startups, the competition for acquiring and retaining new and old customers is getting stiffer. More traditional banks will need to adopt digital banking to stay competitive.


Continue Reading


CBN moves against bad debtors to other financial institutions in new circular

The CBN has said it will extend its Credit Risk Management System to other financial institutions in the country.



CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

The Central Bank of Nigeria (CBN) has further moved against bad debtors as it said it will extend its Credit Risk Management System (CRMS) to the other financial institutions (OFIs) in the country.

This follows the successful implementation of the CRMS in deposit money banks across the country.

This disclosure is contained in a circular titled, ‘Credit Risk Management System: Commencement of Enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies, issued by the apex bank and signed by its Director, Financial Policy and Regulation Department, Kelvin Amugo, on April 8, 2021.

CBN in the circular noted that this policy is to help promote a safe and sound financial system in the country as well as prevent the bad debtors from undermining the banking system.

READ: CBN warns banks against rising level of Non Performing Loans

What the CBN is saying in the circular

The statement from the CBN’s circular reads, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CRMS platform.

Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis. OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions.

Sigma Pensions

READ: CBN reviews minimum interest rates on savings deposit to 1.25%

To ensure full compliance, OFIs are reminded to conclude the tagging of ALL life credits files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 2021.’’

british airways

The apex bank in the circular also advised concerned OFIs to acquaint themselves with the regulatory guidelines for the operations of the redesigned CRMS for commercial, merchant and non-interest banks in the country.

While noting that it would monitor compliance with the requirements of this circular, the CBN said that appropriate sanctions would be applied for non-compliance.

READ: U.S Government to unveil Crypto nemesis before end of July

Stanbic 728 x 90

What you should know

  • The CRMS was introduced due to rising cases of non-performing loans in banks and this contributed significantly to the financial distress in the banking sector.
  • This was also compounded by the existence of predatory debtors in the banking system who are fond of abandoning their debt obligations in some banks only to move to contract new debts in other banks. This led to the need for a central database from which consolidated credit information on borrowers could be obtained.
  • The CRMS is web-enabled thereby allowing banks and other stakeholders to dial directly into the CRMS database for the purpose of rendering statutory returns or conducting status enquiry on borrowers.

Continue Reading


Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.