With a market cap of N175.76 billion, Sterling Bank has reportedly raised the salaries of its 3,000 staff members amid the rising cost of living caused by inflation.

The increase is 7%, which was communicated to the staff in a memo in early January 2025.

This move is a new trend among Nigerian banks, which are reviewing staff salaries amid escalating high living standards and pressure on consumer spending.

According to a report by TechCabal, the bank embarked on a cost-of-living adjustment (COLA) stipend of N75,000 to employees from executive trainee to assistant banking officer levels.

The bank reportedly operates a salary banding scheme with increases ranging from 7% to 10%. Recent adjustments have promoted employees to the top, with most earning N327,000 monthly.

Executive trainees who previously earned N327,000 will now earn N351,000, and senior executives on a monthly salary of N500,000 will see their wages increase to N527,000.