Nigeria's commercial banking industry has long been shrouded in secrecy when it comes to salaries, with employees forbidden from discussing their earnings with colleagues. However, a recent investigation by TechCabal has managed to uncover the salary scales of 12 commercial banks, providing a rare glimpse into the industry's compensation practices.

The culture of silence around salaries is deeply ingrained in Nigeria's banking industry, with HR departments explicitly prohibiting employees from discussing their pay with colleagues during onboarding. This lack of transparency has significant implications for employee mobility, as staff are unable to evaluate their career options, request raises, or consider moving to competitors.

TechCabal's investigation, which gathered insights from over 26 current employees across 12 commercial banks, reveals the salary scales for five key grades: Executive Trainee, Assistant Banking Officer, Banking Officer, Senior Banking Officer, and Assistant Manager. The data does not include bonuses such as profit sharing or 13th-month salaries.

The findings come at a time when Nigeria's inflation rate has reached an 18-year high, prompting many banks to raise salaries to retain top talent. In October 2024, GTCO raised employee salaries by 40%, while Union Bank also significantly increased pay across the board, positioning itself as one of the highest-paying banks in the country.

The commercial banking industry plays a critical role in Nigeria's talent landscape, hiring thousands of employees annually and setting the standard for salaries in the country. However, the lack of transparency around compensation has contributed to high turnover rates in the industry, which have been rising since remote work gained traction in 2020.

The revelation of these salary scales is expected to have significant implications for the industry, as employees gain a better understanding of their worth and are empowered to make more informed decisions about their careers. As the Nigerian economy continues to evolve, the commercial banking industry will need to adapt to changing talent landscape and prioritize transparency and fairness in their compensation practices.

For those with insights into the salaries of Nigerian bankers, TechCabal invites readers to share their knowledge and help fill in the gaps using an anonymous form. By shedding light on the industry's secretive compensation practices, we can work towards a more equitable and transparent talent landscape in Nigeria.