Nigeria’s banking sector significantly increased employee compensation in 2025 as lenders battled inflation, rising migration, and aggressive recruitment from fintech startups.
An analysis of the audited financial statements of Access Holdings, United Bank for Africa (UBA), Zenith Bank, and Wema Bank shows that the four lenders collectively increased their workforce by 12.75% to 33,675 employees. During the same period, their combined wage bills climbed by 27.49% to ₦1.05 trillion ($769.09 million).
The banks also posted a combined profit of ₦2.36 trillion ($1.73 billion), reflecting strong earnings despite mounting operational costs.
Data from the financial reports revealed that 13,790 employees—the largest concentration of workers across the four banks—earned at least ₦718,125 ($526) monthly or ₦8.62 million ($6,314) annually. The salary figures exclude additional staff-related benefits such as healthcare, productivity bonuses, pension contributions, and professional development expenses.
Inflation and Fintech Competition Push Salaries Higher
The upward adjustment in salaries reflects growing pressure on banks to retain skilled professionals in a difficult economic environment marked by soaring inflation and higher living expenses.
At the same time, financial technology firms are increasingly competing with traditional banks for experienced talent. Fintech companies, which often operate with leaner structures, are attracting workers with higher pay packages, quicker career advancement, and more flexible working conditions.
Moniepoint, one of Nigeria’s leading fintech firms, has reportedly hired several professionals from major banks, including Access Bank and Stanbic IBTC, as it strengthens its compliance and risk management operations.
Among the notable hires are Michael Afolabi, formerly acting Chief Information Security and Data Protection Officer at Oxygen X, Access Bank’s lending subsidiary, and Bayo Olujobi, a former Stanbic IBTC executive who now serves as Moniepoint’s Chief Financial Officer.
Industry reports indicate that at least 19 employees moved from Access Bank to Moniepoint within two years, while several Stanbic IBTC workers also transitioned to the fintech company.
Access Holdings Records Highest Wage Bill
Access Holdings maintained the largest personnel expenses among the banks reviewed. The group’s wage and salary costs rose by 28.57% to ₦459.79 billion ($336.78 million).
The financial institution attributed the increase to its broader operational footprint and rising employee incentive costs. Spending on its restricted share performance plan surged by more than 625% to ₦20.23 billion ($14.82 million). Under the programme, employees receive company shares tied to performance targets over a three- to seven-year vesting period.
Its workforce expanded by 11.42% to 9,960 employees, with managerial staff making up over 81% of total workers.
Salary data showed that more than 2,500 employees earned between ₦624,083 and ₦730,000 monthly, while over 2,000 workers received between ₦946,667 and ₦1.25 million per month. Meanwhile, 764 employees earned above ₦3.78 million monthly.
UBA, Zenith, and Wema Expand Workforce
UBA increased its employee count by 16.07% to 10,821 staff members, with wages rising by 20.74% to ₦359.33 billion ($263.19 million). More than 5,000 employees earned above ₦750,000 monthly.
Zenith Bank also raised staff compensation significantly. Wages and salaries climbed 31.51% to ₦181.07 billion ($132.63 million), while additional employee-related costs surged by over 80% to ₦99.69 billion.
Wema Bank posted the fastest growth in personnel expenses among the lenders reviewed. Staff costs jumped 59.15% to ₦53.86 billion ($39.45 million), while its workforce rose to 2,504 employees.
Outsourcing Remains Common in Banking
Despite the increase in salaries, outsourcing remains deeply embedded in Nigeria’s banking industry. Spending on contract and outsourced workers rose by 9.42% to ₦222.82 billion ($163.21 million) in 2025.
These outsourced employees, many of whom work as tellers and customer service representatives, continue to form a major part of the sector’s workforce.
As competition for skilled professionals intensifies between banks and fintech firms, analysts expect personnel costs across the financial industry to remain elevated in the coming years.
