Nigeria's leading banks are spending more than ever to attract and retain workers as competition for skilled professionals intensifies across the financial sector.
An analysis of the 2025 audited financial statements of Access Holdings, United Bank for Africa (UBA), Zenith Bank, and Wema Bank shows that the four lenders increased their combined workforce by 12.75% to 33,675 employees, while total wages and salaries rose 27.49% to ₦1.05 trillion.
The surge in compensation comes as banks battle inflation, rising living costs, and an aggressive talent hunt from fintech firms that are drawing experienced professionals away from traditional lenders. Collectively, the four banks posted ₦2.36 trillion in profit for the 2025 financial year, underscoring the sector's strong earnings despite mounting personnel expenses.
Over 13,000 Bank Workers Earn Above ₦718,000 Monthly
The financial statements show that 13,790 employees, the largest salary category among the banks, earned at least ₦718,125 monthly or ₦8.62 million annually. The figures exclude additional staff-related benefits such as medical expenses, pension contributions, productivity incentives, and professional subscriptions, all of which have risen sharply across the industry.
Banks are increasingly adjusting salaries upward to cushion the effects of inflation and prevent talent losses in a labour market that has become highly competitive. Beyond inflationary pressures, financial institutions are also dealing with an exodus of skilled employees to fintech companies, many of which offer faster career growth, flexible work structures, and competitive pay packages.
Fintechs Intensify Talent Battle
Nigerian fintech unicorn Moniepoint has emerged as one of the biggest recruiters of banking talent in recent years, particularly from Access Bank and Stanbic IBTC. Among its notable hires are Michael Afolabi, former acting Chief Information Security and Data Protection Officer at Oxygen X, Access Bank's digital lending subsidiary, and Bayo Olujobi, a former Stanbic IBTC executive who now serves as Chief Financial Officer.
According to TechCabal, at least 19 employees moved from Access Bank to Moniepoint within two years, while six workers also left Stanbic IBTC for the fintech company. The trend reflects a broader shift within Nigeria's financial services industry, where digital finance firms are increasingly competing directly with banks for top talent.
Access Holdings Records the Highest Wage Bill
Access Holdings reported the largest personnel cost among the four banks, with wages and salaries climbing 28.57% to ₦459.79 billion. The bank attributed the increase to its expanding operations and higher spending on its restricted share performance plan, which rose by more than 625% to ₦20.23 billion. Under the scheme, staff receive shares tied to performance targets, with vesting periods ranging from three to seven years. In November 2025, the group announced share vesting for 689 employees. Its workforce grew 11.42% to 9,960 employees, with managerial staff accounting for over 81%.
UBA also expanded aggressively, increasing staff strength by 16.07% to 10,821 workers. Its wage bill rose 20.74% to ₦359.33 billion, with more than 5,000 employees earning above ₦750,000 monthly. Wema Bank recorded the fastest growth in staff costs, as salaries surged 59.15% to ₦53.86 billion. Zenith Bank also significantly raised wages, with salaries rising 31.51% to ₦181.07 billion. Zenith additionally spent ₦99.69 billion on other staff-related costs, including productivity incentives, healthcare, and professional subscriptions.
Outsourcing Still Dominates Banking Jobs
Despite rising salaries for permanent employees, outsourcing remains deeply entrenched within the banking sector. The four banks spent a combined ₦222.82 billion on outsourced and contract staff in 2025, representing a 9.42% increase from the previous year. These workers, who are commonly deployed as tellers and customer service representatives, continue to form a major part of Nigeria's banking workforce.
According to data from the National Bureau of Statistics, contract staff accounted for 42.75% of the banking sector workforce in 2021. Industry estimates suggest outsourcing can reduce labour costs for banks by as much as 40%. The growing wage bill across Nigeria's banking industry highlights how talent has become one of the sector's most expensive resources. As banks and fintechs continue competing for the same pool of workers, personnel costs are expected to remain elevated in the coming years.
