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The Truth About Bank Pay In Nigeria - Career - Nairaland

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Poll: Would you like to work in a bank for more than 5 years

yes: 24% (8 votes)
no: 54% (18 votes)
not sure: 21% (7 votes)
This poll has ended

What People Dont Know About Bank Contract Staff. / Wema Bank Pay Package. / First Bank Pay Now 2.2 Million Naira? (1) (2) (3) (4)

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The Truth About Bank Pay In Nigeria by emekauzor(m): 6:14pm On Jul 30, 2008
This information/news is being passed around. Now, its your turn to have it.  Enjoy reading.  Guys, Just read this up:


At times when u guys pass comments on bank's pay, u tend to make me laugh.
I am working in one of the banks, my bank is not in the top five yet but in the top ten.
Do not be deceived with all those paper pays and apart from that, HR policies of each of the banks differs

If you say Bank PHB is the highest paying you make me laugh. See they will just tell u the good part of it, they are leaving out the negatives.
Do you know that in the same Bank PHB, you only earn the percentage of the branch target that was met for that month? If you branch makes 75% in target and profitability, then you are going to earn 75% of your salary, be it business developers (marketers) or support guys (operations).

Entry level for 1ST BANK is 104k and it is a less stressful place to work. this is because they have cheap funds ---- monies of our great grandfathers who are dead & we are not even aware of (ie monies of the deads).The amalgamation of this funds over the decade makes 1st bank a big bank, thereby putting less stress on their biz developers. they are really being proactive and dynamic nowadays.

As for INTERCONTINENTAL BANK, nice pay but unsecured work. Don't be surprised if you get to work tomorrow morning and find that your colleague is under suspension for what could be treated as minor issues in other places. Sincerely, I don't know how their staff still manage to put up a SMILE despite the uncertainties that surrounds them.

Zenith pay is quite small at entry level but they usually promote across board unlike other places where promotion is based on performance. Zenith promotes you for your effort and also promotes at times for you to be geared to be like top performers though you're not performing very well. if you really want to learn the ethics and basics of banking, it is not the best place to start for a marketer because you will not know more than how to generate deposit. The other aspects of banking ie risk assets generation (credit packaging) will be virtually nil. It is a nice place to be with good and strong corporate image. They have a sound IT in place and their staff are proud of their Bank.

GT Bank is a very classy place to work. My problem with them, they have quite a sizeable number of contract staff as support. Their PS is cool too and your promotion is rest assured. Their staff are very distinct. Their staff are very proud of their bank too.

OCEANIC pays well too. It is roughly 90k at the beginning for 6months, before you are upgraded from PIT to AO and you start earning up to 156k in a month. I heard they also pay 87k as quarterly pay for entry level.
It is a bank that needs to pay more attention to the quality of staff they recruit, as well as their IT. More often than not, they are always having FINACLE DOWN TIME. At times the quality of staff recruited is a reflection of the organization. I tend to wonder if some of them tipped HR to be employed or maybe the people that are recruiting are recruiting people like them.

FCMB is a place I will rather advise entry level guys to start from because they will learn more within a short period of time. After acquiring the knowledge here, the sky is not even the limit again. Entry level is 160k per month before confirmation. Immediately you are confirmed, your monthly pay drops to 87k but the remaining part is paid as quarterly pay every three months. This is usually up to 220k. You also have access to 80k line of medical services. They have a superb IT  facility and their staff are highly knowledgeable. My problem with FCMB is their staff. They are usually not proud of their workplace and they have every cause to be though they have NICE T-SHIRT, ADVERT, PRODUCT, building. I love their lapel pin.

STANBIC IBTC is a lovely place to work too. entry level is up to 150k. It is another place I will recommend to starters to begin from because they will learn a lot from here. Their staff are cool.

Skye Bank -- entry level is 130k (not too sure). I heard they have a lot of contract staff too. I had an unpleasant experience wit some of their marketers last week and I promised myself if those are the caliber of people working in Skye, I will never work for them. They have a very good advert that won them into the hearts of Nigerians. I thought they dropped their standard wit that NEW HAKUNA MATATA ADVERT. They also need to improve their IT.

ACCESS BANK place a lot of emphasis on the quality they recruit. Though they have contract staff too, they all look well paid. Entry level is up to 120k. So I heard o.

ETB -- heard they pay well, but it is a one-man business that is not quoted on the stock market floor.

I don't know much about the following. ------ Fidelity, Eco, Unity, First Inland, Union


Be that as it may, banking sector is still one of the best place to work. It makes you couth and respected. You also meet people you would never have dreamt of meeting. In terms of pay, the Oil boys may be ahead initially but the problem is that they hardly get promoted unlike a banker that can become a BM within 4-5years whereas your friend in the oil sector is just about getting his 1st promotion and a time is coming when money might not be important again but positions. that is why you see people introducing themselves as Head of this and that while your friend in the oil industry is still saying yes sir to the same Oga he has been saying it to for 5 years.

Truly speaking, the best thing you can do for yourself is to be self employed.

I have read about bankers and I just can not help laughing at times. Banking is not all about marketing and begging for money. There are other technical depts. --- financial control, treasury, credit admin etc.

You never know how far until you're in the system.
Re: The Truth About Bank Pay In Nigeria by ehie(f): 6:19pm On Jul 30, 2008
Thanks for the info, does the pay include the cost of those flashy suits?
grin
Re: The Truth About Bank Pay In Nigeria by ehie(f): 6:21pm On Jul 30, 2008
Let me repharse, how much do Bankers spen on their suits on a monthly basis? lipsrsealed
Re: The Truth About Bank Pay In Nigeria by benemeka: 8:25am On Jul 31, 2008
@emeka, thanks for that information. pls do u have an idea about pension coys' pay. do they pay like banks?
Re: The Truth About Bank Pay In Nigeria by hardknocks(m): 9:59am On Jul 31, 2008
u no talk about wema bank o ;d ;d ;d abi dem no dey pay at all? ;d
Re: The Truth About Bank Pay In Nigeria by Andyjoy(f): 10:25am On Jul 31, 2008
Thanks for that enlightenment really. Now we can have a better aproach to these banks. Do all these include wardrobe allowances or do they pay differently for that.
Cheers friend.
Re: The Truth About Bank Pay In Nigeria by Kemjisuper(m): 11:23am On Jul 31, 2008
Any info on Spring Bank PLC? I've never banked with a deader bank than that!
Re: The Truth About Bank Pay In Nigeria by kcgeorge(m): 12:40pm On Jul 31, 2008
Bro,
You just did some justice to an interesting issue.I must commend you know-how
on the banking sector with getting in touch with you. I deal with Bankers and i'm
yet to see some handful of intelligent Bankers like you.

It really shows you are Happy with your job even though there are some mis-givings,
in the sector.However, the Banking sector has been a Saving Grace to the Nigerian
graduates,without which many of you guys in the sector would have been roaming
the streets of Lagos State which is a home of Expectations for many.

Yes, i agree with you that some bank staffs are terrible and i often wonder how they
got their job-maybe they bribed their way in,it can be obtainable in Nigeria.The most
terrible amongst the Bankers are some of those Customer Service Ladies-especially
the single ladies.They find it difficult to differentiate between their Domestic Relationship(behaviour)
and their Corporate Expectations,from my experience.

I think the Government need to implement policies to check this 'contract staff' stuff and the Bogus Targets
they want you guys to meet-up.

Thanks for the thread,it was quite educative to me.Finally,i wanted to say i can't work in the Bank, except otherwise.My personality
will not augur with that-I'm a physicist though and i completement my present job with Internet Marketing,

George.
http://www.AffiliatesMakingMoney.biz
Re: The Truth About Bank Pay In Nigeria by emekauzor(m): 3:09pm On Jul 31, 2008
wow
I never knew people will come over and pass comments on this topic well it all goes show that we are indeed concerned about certain industries please let me point here that i don't mean to be a final judge or pass judgement its just my two cents on what i c

now let me remind you guys that banking is lucrative try to get what you can from it
save it and invest in it
simple

@george nice one all the best and best wishes to every one

cheers and one love
Re: The Truth About Bank Pay In Nigeria by ehie(f): 3:15pm On Jul 31, 2008
kcgeorge:

Yes, i agree with you that some bank staffs are terrible and i often wonder how they
got their job-maybe they bribed their way in,it can be obtainable in Nigeria.The most
terrible amongst the Bankers are some of those Customer Service Ladies-especially
the single ladies.They find it difficult to differentiate between their Domestic Relationship(behaviour)
and their Corporate Expectations,from my experience.

I think the Government need to implement policies to check this 'contract staff' stuff and the Bogus Targets
they want you guys to meet-up.

Thanks for the thread,it was quite educative to me.Finally,i wanted to say i can't work in the Bank, except otherwise.My personality
will not augur with that-I'm a physicist though and i complete my present job with Internet Marketing,

George.
http://www.AffiliatesMakingMoney.biz


nna why do u blame their marital status for their attitude, its like people want single ladies to die or jump into a  lake or something, please stop making them desperate oh!
Mr Physicist
Re: The Truth About Bank Pay In Nigeria by larrybaby: 3:17pm On Jul 31, 2008
thanks so much for these details. i really go a long way for me. A well good jo. thanks
Re: The Truth About Bank Pay In Nigeria by uchesandy(f): 4:21pm On Jul 31, 2008
my dear, promotion does not matter at all cos in banks, u mit be promoted but it wont reflect in ur pay.
Re: The Truth About Bank Pay In Nigeria by Ola8(m): 5:04pm On Jul 31, 2008
SO, What are you insinuating now?
cos if there is any body who can assist me in getting Bank JOB, I'm so much interested BUT not as "MARKETERS"
Re: The Truth About Bank Pay In Nigeria by lordimpaq(m): 6:21pm On Jul 31, 2008
dats not true for oceanic bank, ur pay also rises
Re: The Truth About Bank Pay In Nigeria by newtontoyo(m): 6:32pm On Jul 31, 2008
@ emekauzor
U are correct!!!!!!

i left zenith for an oil servicing firm last yr.now i wish i had stayed cuz my mates will be deputy managers in d next 5 yrs and i ll still be an operator even though the money is cool and they may even be earning more than me by den!!!!!!!!
Re: The Truth About Bank Pay In Nigeria by emekauzor(m): 6:40pm On Jul 31, 2008
Ola8:

SO, What are you insinuating now?
because if there is any body who can assist me in getting Bank JOB, I'm so much interested BUT not as "MARKETERS"

hi let me remind you as a banker you are automatically a marketer be it that you work in HR or IT

newtontoyo:

@ emekauzor
You are correct!!!!!!

i left zenith for an oil servicing firm last yr.now i wish i had stayed because my mates will be deputy managers in d next 5 years and i ll still be an operator even though the money is cool and they may even be earning more than me by den!!!!!!!!

my dear don't regret you never can tell you may be better for it , the bottom now is start preparing for retirement and be your own boss

benemeka:

@emeka, thanks for that information. please do u have an idea about pension coys' pay. do they pay like banks?

don't know much but they earn fat as well was told the money they play around with far exceeds bankers

cheers
Re: The Truth About Bank Pay In Nigeria by nalijah07(f): 7:09pm On Jul 31, 2008
Please break this down into USD for me. What would the pay be in USD

Thanks!!
Re: The Truth About Bank Pay In Nigeria by cgift(m): 7:19pm On Jul 31, 2008
7-10                10-14
Entry        Deputy Manager Bottom. General Mgr

Year($) 29,166.67 83,333.33 150,000.00
month($) 2,430.56 6,944.44 12,500.00

the numbers on top means the average number of years you would have put in to get to that level. So, lets know how the US compares
Re: The Truth About Bank Pay In Nigeria by emekauzor(m): 7:24pm On Jul 31, 2008
cgift:

7-10 10-14
Entry Deputy Manager Bottom. General Mgr

Year($) 29,166.67 83,333.33 150,000.00
month($) 2,430.56 6,944.44 12,500.00

the numbers on top means the average number of years you would have put in to get to that level. So, lets know how the US compares


for which bank
give her details for which ban k and that of other banks
cheers
Re: The Truth About Bank Pay In Nigeria by femzy(m): 7:31pm On Jul 31, 2008
nalijah07:

Please break this down into USD for me. What would the pay be in USD

Thanks!!
Divide by 120 grin grin grin
Re: The Truth About Bank Pay In Nigeria by Urchie(f): 7:32pm On Jul 31, 2008
Thanks for that enlightenment really. Now we can have a better aproach to these banks. Do all these include wardrobe allowances or do they pay differently for that.
Cheers friend.


The pay includes both wardrobe, furniture, transport, housing, tea, cofee allowace and what have u.
I just finished my NYSC with Wema Bank and now got a job with Oceanic though have not resumed.
I like the banking job espaciall as young person but i dont think the banking industry will see me after about 4 years.
Men i should be doing better things with my life just as the poster pointed out.
Work on being ur own boss
Re: The Truth About Bank Pay In Nigeria by Orikinla(m): 7:36pm On Jul 31, 2008
Read the post on http://forum.jobscentral.com.sg/showthread.php?t=38.

Working in a good bank gives you long term job security and in a country like Nigeria, job security is top priority for anyone who wants to keep his sanity.

It is precarious to be self-employed in Nigeria.

The banking boom in Nigeria is good news for young graduates who need good jobs to earn good salaries and live well in an underdeveloped country.

The best place to work is not in a bank or oil company, but consultancy firms like Accenture and KPMG  or the offices of the United Nations and Aid agencies in Nigeria. They pay more and they give you more global opportunities without much stress.

Bank workers are not really well paid in Nigeria if you rate them by the man-hours required to earn these six-digit and seven-digit salaries.
Nigerian bank workers are overworked and too much executive stress.
Re: The Truth About Bank Pay In Nigeria by akanni(m): 7:45pm On Jul 31, 2008
@emekauzor
Nice thread once again though i think some of us have forgotten the fact that competition is really stiff amongst these banks.
when we talk about your take home really taking you home,oceanic is it.
i happen to work in one of the top 10 banks (i hope) and what i earn on my grade is what someone two steps below me in oceanic takes home smiling.
well, we say all is not about pay but guys,in this country,money plays a big role or whatcha think?
Re: The Truth About Bank Pay In Nigeria by cgift(m): 7:47pm On Jul 31, 2008
emekauzor:

for which bank
give her details for which ban k and that of other banks
cheers


For an average bank in Nigeria. She does not need all the details i think. What i have ut there for those three grades is not far from what an average bank pays in Nigeria, except the bank is ging towards extinction.

akanni:

@emekauzor
Nice thread once again though i think some of us have forgotten the fact that competition is really stiff amongst these banks.
when we talk about your take home really taking you home,oceanic is it.
i happen to work in one of the top 10 banks (i hope) and what i earn on my grade is what someone two steps below me in oceanic takes home smiling.
well, we say all is not about pay but guys,in this country,money plays a big role or whatcha think?


then migrate to Oceanic grin
Re: The Truth About Bank Pay In Nigeria by akanni(m): 7:51pm On Jul 31, 2008
Bank workers are not really well paid in Nigeria if you rate them by the man-hours required to earn these six-digit and seven-digit salaries.
Nigerian bank workers are overworked and too much executive stress.

@orikinla.
i actually have a smile on my face saying  this,'you mean we are not being well-paid'?
my dear, when Nigeria gets to that point where the likes of US are, you can tell me about bankers not being well paid with respect to man-hours put in.
that is not to say if my pay is increased, iwill refuse it( wink)
@cgift
i tried migrating to oceanic but they told me my grade was too high for opeartions and for the location i had in mind-abuja! grin
no marketing for me abeg.
Re: The Truth About Bank Pay In Nigeria by cgift(m): 8:03pm On Jul 31, 2008
Oceanic has poached many of our staff but they are really experiencing peace. I intereviewed a guy who wanted to join my team from Oceanic and was surprised of the pay he presented on an AM grade cos what my guys earn as AM is much higher than that. I learnt from him that there are bands for some grades.

Never forget the fact that even on the same grade in most of these banks, people get different pay. I am one example. I earn more than 90% of my colleagues on the same grade cos of an important strategic factor. So, these things are relative and depends on whom, what, why and where wink
Re: The Truth About Bank Pay In Nigeria by emekauzor(m): 10:58pm On Jul 31, 2008
wow this tread is on the front page of nairaland good
cgift:

Oceanic has poached many of our staff but they are really experiencing peace. I intereviewed a guy who wanted to join my team from Oceanic and was surprised of the pay he presented on an AM grade because what my guys earn as AM is much higher than that. I learnt from him that there are bands for some grades.

Never forget the fact that even on the same grade in most of these banks, people get different pay. I am one example. I earn more than 90% of my colleagues on the same grade because of an important strategic factor. So, these things are relative and depends on whom, what, why and where wink

well what else can i say

adetorosey:

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THANKS


na wah for you why here

www.egusiland.com
Re: The Truth About Bank Pay In Nigeria by kolexinfos: 12:43am On Aug 01, 2008
You complain about IT staffs in some Banks that they are not that competent but i like to find out how this Banks recruit there it staffs am prettie experienced but cant really get a job in Bank.

I am self employed now been a fresh graduate I design dynamic sites for small companies and individuals and i knw a lot about server OS and lots of stuffs that I can really talk about nowbut I really want to get a job in a Bank or better still a Telecoms company.

I have pro IT certification like CCNA, and I am 2weeks away from my CCNP but getting the right job is the headache. Please I would like you to give me inforation on how they recruit IT staffs or do they contract out there IT jobs for consulting companies or what. I would like to here from u enkweazor my email addie is 08057083033 or better still u can send me ur phone number so that I call u if u can.
Re: The Truth About Bank Pay In Nigeria by idupaul: 10:45am On Aug 01, 2008
Spring banks entry level starts at 120k
Re: The Truth About Bank Pay In Nigeria by Babalaw0: 11:26am On Aug 01, 2008
@kolexinfos

I would like to here from u enkweazor my email addie is 08057083033 or better still u can send me your phone number so that I call u if u can.

You complain about experienced and not getting a bank job yet, you quoted numbers as email address?! little things like that counts!, Back to schl bro.
Re: The Truth About Bank Pay In Nigeria by Mustay(m): 12:13pm On Aug 01, 2008
Babalaw0:

@kolexinfos

You complain about experienced and not getting a bank job yet, you quoted numbers as email address?! little things like that counts!, Back to schl bro.

original babalawo grin grin grin grin
Re: The Truth About Bank Pay In Nigeria by Ank(m): 1:47pm On Aug 01, 2008
The numbers indicated for bank pays are not bad at all even in US. These are very competitive rates. .But my question is : Are these take home pays or do your Companies have to deduct taxes. Please advise. I also did not see any mention of UBA. Are they any good. What is the average pay for a branch manager.

Thanks

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