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Sterling Bank Increases Salaries (New Salary Structure)

Starpotter55 seconds ago

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Sterling Bank raises salaries again

When the Japa wave—Nigeria’s mass exodus of talent—began, one of its most significant consequences was brain drain. Many industries lost top professionals, and the banking sector was hit particularly hard.

For Nigerian banks, the challenge was twofold: they were losing talent not just to emigration but also to fintechs, which offered competitive salaries—sometimes double what banks paid.

Now, banks are responding. In January, we reported that Sterling Bank, a tier-2 Nigerian bank, raised staff salaries by 7% and paid a cost-of-living adjustment (COLA) stipend; however, the meagre increase did not sit well with its employees who have seen other banks like GTBank, Union Bank, and Zenith Bank all increase salaries by 20%–40% in the last few months. In response, Sterling Bank increased salaries again by 35% on Wednesday. These pay hikes come at a crucial time when Nigeria is grappling with its worst cost-of-living crisis in decades, with inflation soaring; retaining talent has never been more urgent.

But for Sterling Bank, these salary adjustments aren’t just about retention—they are central to its broader vision. While best known for its banking operations, Sterling is aggressively expanding into fintech, asset financing, and even electric vehicles. Leadership sees talent retention as critical to executing this strategy.