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.

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 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.

Legit.ng had previously reported that Zenith Bank, Guaranty Trust Bank, Union Bank, First Bank, and Sterling Bank in the last six months have 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