As inflation persists and the war for top talent intensifies, Nigerian banks are responding in markedly different ways when it comes to employee pay.
Nairametrics has analyzed the 2024 financial reports of 9 listed banks, and the findings reveal sharp contrasts in how banks structure compensation.
From executive-heavy organisations to lean branch-driven models, each bank’s strategy is reflected in how it pays its workforce.
How we assessed pay
We classified employee earnings into three categories:
- High income: Above N6 million annually
- Middle income: N3.5 million – N6 million
- Low income: Below N3.5 million
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 prioritise a professional-heavy workforce with fewer junior-level staff.
Banks with the largest low-income workforce
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.
GTCO leads in middle-income balance
Banks like GTCO and UBA stand out for having a large share of staff earning between N3.5 million and N6 million, which is the operational backbone in most financial institutions.
This signals a healthy layer of experienced non-executive professionals and team leads.
Leadership concentration and staff structure
The data also reveals how banks manage their leadership pipelines:
- Access Bank has the largest leadership structure with 1,013 management staff and 15 executive directors for a workforce of 8,939.
- Zenith Bank manages over 9,300 staff with just 196 managers, signaling a highly operational, layered model.
- Wema Bank is the leanest: only 32 managers for 2,300+ employees, reinforcing its retail-heavy strategy.
What we learned
- Stanbic IBTC, Access Bank, and Fidelity Bank are top-heavy in their compensation structure, suggesting a focus on elite, professionalized talent.
- GTCO and UBA offer the most balanced staff compensation, rewarding their operational backbone.
- Wema Bank appears to maintain the most junior-heavy structure, possibly due to a broader retail presence.
- Zenith Bank strikes a hybrid model but still leans toward a large entry-level base.
Why this matters:
Compensation structure isn’t just a budgeting issue, it reflects a bank’s operational model, strategy, and growth stage.
- For example, a top-heavy structure may align with investment banking, digital transformation, or advisory services.
- In contrast, branch-heavy banks may have more junior roles due to customer-facing operations.
- For professionals in the industry, job seekers, and investors alike, these insights provide a revealing lens into how Nigerian banks prioritize human capital and who gets rewarded most.
