Sterling Bank has announced a significant salary increase for its over 3,000 employees, with entry-level staff—executive trainees—now earning a net monthly salary of ₦528,000, up from around ₦320,000.
This represents a pay rise of more than 35% across multiple roles, following a modest 7% salary adjustment in January that left many employees dissatisfied.
The move comes as Nigeria’s banking sector grapples with an intensifying battle for talent.
Recent months have seen several banks — including GTBank, Union Bank, and Wema Bank — raise salaries in a bid to retain staff, as competition heats up both within the industry and from fast-growing fintech companies.
Three senior banking executives, speaking anonymously, revealed that top fintech firms are aggressively poaching senior bank staff, often offering salaries nearly double what traditional banks pay. At the same time, a wave of young professionals is emigrating for better opportunities abroad, further tightening the talent pool.
Although widely recognized for its banking operations, Sterling has been expanding into fintech, asset financing, and even electric vehicles — a bold diversification strategy. Retaining top-tier talent is seen as crucial to driving this broader vision forward.
The bank’s flagship banking business, its largest subsidiary, reported ₦221 billion in gross earnings in 2023 and is projecting ₦337 billion for 2024. However, it continues to lag behind rivals like Wema Bank, which, despite having comparable asset and deposit sizes, generates nearly twice as much revenue.
Under the new structure, Executive Trainees — the bank’s entry-level employees — will now earn a net monthly salary of ₦528,000, a sharp rise from the previous ₦320,000. This increase of over 35% reflects Sterling Bank’s intent to attract and retain young talent at the start of their careers.
For more experienced staff, the increments are even more striking. Assistant Banking Officers will now take home ₦850,000 monthly, while Banking Officers, whose salaries previously stood at ₦700,000, will see their earnings rise to ₦1,030,000. The bank’s Senior Banking Officers have also received a boost, with their pay set at ₦1.1 million per month. At the top end of this review, Assistant Managers will now earn ₦1.3 million monthly.
Sterling’s leadership appears determined to hold onto key talent, viewing the pay hike as both a response to industry pressures and a statement of its long-term ambition.
Whether these salary boosts will be enough to fend off poaching from fintech rivals and stem the tide of emigration among young professionals remains to be seen.
