Zenith Bank has announced a 20% salary increase for its nearly 10,000 employees, effective January 2025.
This move comes as part of a growing trend among Nigerian banks to raise wages in order to retain top talent amid the country’s ongoing inflationary pressures.
The raise follows similar actions by GTCO, Union Bank, First Bank, and Sterling Bank in recent months.
Zenith Bank explained that the salary increase, ranging from 20% to 30%, is aimed at motivating employees and improving service delivery.
Additionally, over 4,000 staff members were promoted in the bank’s largest promotion exercise to date, which took place on January 17, 2025.
The salary adjustments at Zenith Bank include significant increases for various employee levels. Executive trainees, who previously earned ₦245,000 a month, will now receive ₦294,000, while assistant banking officers will see their monthly salaries rise from ₦609,000 to ₦730,800. Banking officers will also see a salary boost, from ₦800,000 to ₦960,000.
These increases are expected to raise Zenith Bank’s wage bill, which stood at ₦97.496 billion in September 2024, accounting for 22.86% of the bank’s total expenses.
Zenith currently has the second-lowest wage bill among Nigeria’s tier-1 banks, with GTBank spending the least.
This salary hike is part of a wider industry trend, as other major Nigerian banks, including GTBank, Union Bank, and Sterling Bank, have similarly adjusted their pay structures to address economic challenges and curb employee turnover, particularly as professionals seek better opportunities both within and outside the country.
