- Wema Bank has reportedly improved the salaries of its workforce amid the rising cost of living in Nigeria
- The bank's new salary adjustment for workers is said to be one of the highest in the banking industry
- The rising cost of living, food prices, and inflation rate have eroded the purchasing power of Nigerians
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Wema Bank, one of Nigeria’s leading financial institutions has reportedly increased the salary of its workers in a new payment structure that is considered one of the best in the banking industry.
The Banking industry remains one of the highest-employing sectors in the country, but most are contract staff.
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Wema Bank adjusts workers' salary
TechCabal reports that Wema Bank implemented a salary increase for its over 1,700 employees, effective March 2025.
The report added that under the new structure, executive trainees, who previously earned N255,000 per month, will now start at approximately N541,000, which is a 112% increase.
While assistant banking officers will see their salaries rise from N681,000 to N830,000 while banking officers’ pay will increase from N875,000 to N1.015 million.
Senior banking officers, who previously earned N1.07 million, will now take home upwards of N1.2 million per month.
Nigeria banks increase salary
Wema Bank is not the only bank to have adjusted its salary structure as the cost of living skyrocketed across the country.
Beginning 2025 with some exciting news, several banks took steps to increase the salaries of their staff.
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Sterling Bank, with a market capitalization of N175.76 billion, was among the first to implement a salary increase.
The bank reportedly raised the salaries of its 3,000 employees by 7% in response to the rising cost of living caused by inflation.
Meanwhile, as part of an ongoing restructuring effort, Zenith Bank—one of Nigeria’s largest banks—has reportedly promoted 4,165 staff members with increased salaries.
This move aims to reward performance and boost employee confidence.
Legit.ng had previously revealed the salaries of staff of some of the major banks in the country including Guaranty Trust Bank, Union Bank, First Bank, Zenith Bank and Sterling Bank
Interestingly, these banks have in the last six months taken steps towards this direction as part of efforts to reward performance and boost the confidence of its workforce.
Here is a snapshot of workers' salaries in the banking industry.
Bank salary for executive trainee:
- Union Bank - N547,000
- Standard Chartered Bank - N541,000
- GTCO - N460,000
- Providus - N433,000
- UBA - N400,000
- EcoBank - N394,000
- Sun Trust - N390,000
- Fidelity - N389,000
- Keystone - N350,000
- First Bank - N350,000
- Sterling - N340,000
- Access - N330,000
- Globus - N276,000
- Wema Bank - N255,000(Now reportedly N541,000)
- Zenith Bank - N245,000
Assistant banking officer:
- Union Bank - N760,000
- GTCO - N720,000
- Wema Bank - N681,000
- Zenith Bank - N609,000
- UBA - N600,000
- Providus - N600,000
- Fidelity - N590,000
- Stanbic IBTC - N550,000
- Sterling - N547,000
- Sun Trust - N526,000
- First Bank - N500,000
- Access - N470,000
Banking Officer
- Providus - N1,500,000
- Access - N900,000
- Wema Bank - N875,000
- Zenith Bank - N800,000
- UBA - N800,000
- Fidelity - N780,000
- Stanbic IBTC - N730,000
- Sun Trust - N698,000
- Sterling - N662,000
- First Bank - N579,000
Senior Banking Officer
- Access - N1,100,000
- Wema Bank - N1,070,000
- Stanbic IBTC - N830,000
- Fidelity - N830,000
- Sun Trust - N760,000
- First Bank - N660,000
Assistant Manager
- Access - N1,300,000
- Stanbic IBTC - N1,100,000
- Fidelity - N1,100,000
- Starling - N952,000
- Zenith Bank - N881,000
- First Bank - N700,000
Wema Bank opens new branches
Legit.ng earlier reported that Wema Bank PLC announced plan to expand its branch network to the southeast region.
This was disclosed by Moruf Osen, managing director/CEO of Wema Bank Plc, disclosed this at the bank's annual general meeting (AGM).
During the meeting, Wema's boss also declared that the bank would retain its national banking license and would not go back to its regional banking license.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
