Sterling Bank, a tier-2 Nigerian commercial bank with a market capitalization of ₦174.76 billion, has raised salaries for its over 3,000 employees to help them cope with rising living costs and inflation, sources familiar with the matter confirmed. The salary adjustment, said to be around 7%, was communicated in an internal memo in early January 2025.
This move continues a trend among Nigerian banks to review compensation in response to economic pressures on consumer spending. In August 2024, Sterling Bank introduced a cost-of-living adjustment (COLA) stipend, paying ₦75,000 to employees from executive trainee to assistant banking officer levels. It remains unclear if this stipend will continue alongside the new salary structure.
While the precise figures are not publicly disclosed, three people confirmed the adjustments are based on employees’ grade levels. Sterling operates a salary banding system with increases typically ranging from 7% to 10%, and recent adjustments have moved many employees to the top of their respective bands. For instance, executive trainees (ETs), previously earning ₦327,000 monthly, will now take home ₦351,000. Senior executives (junior roles above ETs) on a ₦500,000 salary will see their pay rise to ₦527,000.
To manage pay increases without promoting employees to higher ranks, Sterling Bank uses a tiered salary structure that includes internal “notches” within each grade level, allowing for raises without formal promotions, according to sources familiar with the bank’s compensation policies.
Source: https://techcabal.com/2025/01/14/sterling-bank-adjusts-salaries/
