12 Best Banks to Work for in Nigeria in 2024

Working in the banking sector in Nigeria can be highly rewarding, but also intensely competitive. With over 20 commercial banks and hundreds of microfinance banks, there is no shortage of options for aspiring bankers. However, some banks stand out by offering better compensation, career development opportunities, and workplace culture. This article reviews the 12 best banks to work for in Nigeria in 2024.InformationGuideNigeria

The Nigerian banking industry has experienced tremendous growth over the past decade. Despite economic challenges, the sector continues to be profitable and employs a significant percentage of the country’s labor force. Banks are undertaking digital transformation initiatives, expanding their branch networks, and introducing new products. This growth has created abundant employment and career advancement opportunities.

However, with so many banks to choose from, it can be difficult to decide where to apply or change jobs. Job seekers must look beyond basic benefits like salaries and assess other factors like training, work-life balance, and advancement opportunities. Luckily, some Nigerian banks are better than others in specific areas like these, and we have compiled a ranking of the best options.

This article will evaluate the 12 leading commercial banks in Nigeria and review essential factors like employee compensation, company culture, career growth, training, job security, and work-life balance. Whether you are starting your career or looking to advance it, this review will help you identify the most suitable banks to target.

Methodology

To compile this 2023 ranking of the best banks to work for in Nigeria, we analyzed several key factors:

• Compensation – Salary, bonuses, allowances, and other monetary benefits.
• Work Culture – Work environment, company values, diversity, inclusion, and employee satisfaction.
• Career Growth – Training, internal advancement opportunities, and career development programs.
• Job Security – Financial stability and growth outlook of the bank.
• Work-life Balance – Flexible work arrangements, leave allowance, and work schedules.
• Prestige – Brand reputation, industry recognition, and social perception of the bank.

Information was obtained from employee reviews on job sites like Jobberman and Glassdoor, career publications, company reports, and industry experts. Banks were ranked based on a weighted score accounting for performance across all these parameters.

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12 Best Banks to Work for in Nigeria in 2024

1. First Bank of Nigeria

First Bank of Nigeria is the premier banking institution in the country with over 12 million customers and 750 branches. Having been in existence for over 100 years since 1894, it has maintained its revolutionary status as the biggest bank in Nigeria.12 Best Banks to Work for in Nigeria in 2023

Work Culture

First Bank has successfully built an inclusive work culture where employees are encouraged to innovate and develop professionally. There are great mentorship structures and opportunities to give back to the community through staff volunteering initiatives.

Compensation

First Bank offers very competitive salaries supplemented with healthcare benefits, insurance plans, and generous leave allowances. High performers get bonuses of up to 170% of their annual salaries.

Career Growth

Employees get access to the First Academy for specialized training, graduate trainee programs to transition into banking, and defined career paths to progress from entry-level roles. There are also global job rotation opportunities.

Job Security

As Nigeria’s biggest bank, First Bank provides exceptional job security underscored by its longevity and market leadership. Even during difficult economic times, it continues to provide sustainable employment for its staff.

Work-life Balance

First Bank promotes a healthy work-life balance through policies like telecommuting, parental leave of 3 months, flexible work hours, and condensed work weeks. Staff get time off for weddings, bereavement, and sabbaticals.

Prestige

First Bank is easily the most recognizable and prestigious Nigerian bank. It tops industry rankings as the number 1 banking employer of choice in the country.

2. Zenith Bank

Zenith Bank is the pioneer of international standards and superior customer service in the Nigerian banking industry. It is recognized for driving youth employment through world-class training and career development.

Work Culture

Zenith Bank champions meritocracy, professionalism, and work-life balance among its staff. Even though targets could be demanding, employees praise the positive work environment and constant training on the latest banking trends.

Compensation

Zenith Bank offers very competitive pay, regular bonuses, and exceptional health coverage for employees and dependents. Top performers get up to 100% of their annual salaries as yearly bonuses.

Career Growth Through the Zenith Learning and Development Center, staff are taken through rigorous banking training including international certifications. Employees are supported to acquire advanced financial degrees. There is a clear path to progress from entry-level to executive management.

Job Security Zenith Bank is the 6th largest bank in Nigeria with 509 branches nationwide and continually expanding its operations and market share. It enjoys very stable financial performance to provide long-term employment.

Work-life Balance Staff enjoy generous annual, sick, exam, and maternity leave allowances. Additionally, the bank provides exceptional support for weddings, bereavement, and family emergencies. Employees praise the positive work-life balance culture.Best Acupuncture for Waist Pain

Prestige Zenith Bank remains an aspirational brand for new graduates starting careers in banking and finance. It is acclaimed for pioneering international standards in Nigerian banking.

3. Access Bank

Following its merger with Diamond Bank in 2019, Access Bank became the largest bank in Nigeria by customer base and expanded its operations across Africa. It maintains an award-winning youth-focused work culture.

Work Culture Access Bank actively promotes diversity and inclusion for women, persons with disabilities, and young employees to have fulfilling careers. The bank maintains a lively work culture with opportunities for networking, sports, and team-building activities.

Compensation Staff enjoy competitive salaries and regularly get performance bonuses of up to 120% of their annual salaries. Some branch staff earn more than headquarters employees due to sales commissions.

Career Growth New graduates benefit from mentorship initiatives when they join and undergorotations across various roles during their first 2 years. Access Bank has an accelerated career program where high-performing entry-level staff transition into middle management roles rapidly.

Job Security With more than 600 branches in Nigeria and operations across Africa, Access Bank offers solid job security and abundant opportunities for relocation and regional growth.15 Best Patterned Heels

Work-life Balance The bank promotes work-life balance by providing generous vacation and festive season leave entitlements, maternity leave of 4 months, and paternity leave of 10 days. Gym and health club discounts are also available for employees.

Prestige Access Bank is renowned across the industry for pioneering youth-focused career development programs and women empowerment initiatives. It is a desired employer for new graduates seeking growth.

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4. Ecobank Nigeria

Ecobank Nigeria is the local subsidiary of Ecobank Transnational Inc., the leading pan-African banking conglomerate with affiliates in 33 countries. The bank prides itself on providing international career exposure for its staff in Nigeria.

Work Culture Ecobank allows open communication between all employees regardless of seniority. Staff praise the collaborative work environment and problem-solving culture. There are also opportunities for cross-country networking and team bonding.

Compensation Salaries are competitive and Expat packages are provided for those transferring to other African countries. Performance bonuses range from 40% to 60% of annual salary. Higher bonuses are rewarded for international assignments.

Career Growth
Ecobank Nigeria regularly sends high-performing staff on overseas secondments to other Ecobank affiliates and international partners like BNP Paribas and Deutsche Bank. This builds knowledge and experience to take on regional executive roles.

Job Security As an affiliate of the largest pan-African banking network, Ecobank Nigeria provides exceptional job security and regional growth opportunities across 33 African countries for mobile employees.

Work-life Balance Employees get 25 working days of annual leave, maternity leave of 4 months, 5 days of bereavement leave, and time off for weddings and family emergencies. The bank also provides healthcare support for family of employees.

Prestige Ecobank is internationally reputed for positioning Africa as a strategic investment destination. Employees have opportunities to build regional expertise and gain global exposure.

5. Fidelity Bank

Fidelity Bank is a rapidly growing tier-2 Nigerian bank that is leading the charge for digital banking and youth empowerment in the country. With 300 branches nationwide, it provides a dynamic career path for young professionals.105 Good Morning My Love Messages

Work Culture
Fidelity Bank champions a collaborative fast-paced work culture focused on creativity, diversity, and technology-driven innovation. There are fun leisure activities along with opportunities for skills development and community impact.

Compensation Employees enjoy competitive salaries. Outstanding performers get up to 100% of their annual salary as cash bonuses. Top relationship managers also earn commissions and incentives for bringing in new business.

Career Growth
The bank provides international training for employees and has fast-track programs to accelerate high-performing entry-level staff into middle management roles within 3 years. Staff are also supported to obtain professional certifications.

Job Security
Despite being relatively new, Fidelity Bank has seen tremendous growth with assets of over N2 trillion. The bank has solid profitability and credit ratings to assure employees of long-term job safety.

Work-life Balance Staff enjoy benefits like gym discounts, extended maternity leave of 4 months, paternity leave of 10 days, hybrid remote work arrangements, and sponsored family health insurance.

Prestige Fidelity Bank is acclaimed for digital innovation and pioneering youth empowerment. Working there provides an opportunity to build expertise in future-focused banking.

6. Sterling Bank

Sterling Bank is a future-focused retail bank driving innovation in digital banking and technology-led finance. With over 200 branches nationwide, the bank provides fulfilling careers for creatives.

Work Culture Sterling Bank champions free thinking provides funding and time off for personal projects, and organizes inspirational sessions with industry experts to engage employees. Staff praise the emphasis on creativity.

Compensation
Employees enjoy competitive pay, performance bonuses, car loans of N1 million, home loans of N20 million, and other reward schemes for going the extra mile. Top sales staff earn commissions.

Career Growth
The bank provides scholarships for professional qualifications, overseas training, job rotations, and flexible shifts to accommodate further education. High performers get fast-tracked for management roles.

Job Security The bank has seen steady growth in customer base, assets under management, and profitability over the past decade assuring long-term employment for staff.

Work-life Balance Sterling provides time off for creativity, extended maternity leave, remote working opportunities, and leisure activities like talent shows and team Olympics for employees.

Prestige
The bank is renowned for positioning itself as a hub for innovation by pioneering things like digital branches, social banking, and technology-led lending.200 Romantic Message for Her

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7. United Bank for Africa Plc

United Bank for Africa Plc (UBA Plc) is the Nigerian operations of the UBA Group. As Nigeria’s global bank, it provides world-class career opportunities from the country headquarters.

Work Culture UBA Plc maintains a professional work environment rewarding meritocracy. It actively supports diversity with a Women’s Council that empowers female staff with global leadership training.

Compensation Salaries and incentives are competitive. Staff get international training and career acceleration opportunities. High performers get up to 180% of their salaries as cash bonuses.

Career Growth Graduate trainees get 12 weeks of induction, mentorship programs, and rotations in core banking roles. Exceptional juniors can transition into management roles within 2 years. Ongoing international and local training is provided.

Job Security
As a tier-1 Nigerian bank and flagship subsidiary of UBA Group, UBA Plc is strongly capitalized and positioned for long-term growth and stability to offer staff decades-long career paths.

Work-life Balance Staff enjoy birthdays off, extended maternity leave of up to 5 months, paternity leave of 10 days, and exceptional family medical insurance. Gym discounts are also provided.

Prestige UBA Plc represents a prestigious global brand renowned for pioneering pan-African banking and providing fulfilling international careers from Nigeria.

8. Guaranty Trust Holding Company Plc

Guaranty Trust Bank recently transitioned into a holding company (GTCO) to offer more diverse financial services. As Nigeria’s best-managed bank, it provides world-class career opportunities for performance-driven individuals.

Work Culture GTBank champions professionalism, transparency, and merit-based recognition. It actively listens to employees through regular engagement surveys and provides ongoing performance feedback.

Compensation GTCO offers very competitive pay at par with oil and gas firms. Exceptional performers get massive cash bonuses of up to 300% of annual salaries along with free global vacations.

Career Growth
The bank provides international training, professional certification sponsorship, and opportunities for global secondments with partners like Goldman Sachs and JP Morgan.

Job Security GTCO is Nigeria’s most efficiently managed bank with double-digit annual growth rates and manages risk very effectively. This assures employees of long-term job safety.

Work-life Balance Staff enjoy comprehensive health insurance for themselves and family, generous maternity leave entitlements, discounted gym access, and frequent team bonding activities.

Prestige GTCO is the flagship brand of the respected Tayo Aderinokun dynasty known for pioneering best-in-class professional banking in Nigeria.

9. Diamond Bank

Although acquired by Access Bank in 2019, Diamond Bank maintains its distinct professional culture and continues to offer specialized career opportunities in retail banking and SME services.

Work Culture The bank promotes open communication between employees and supports staff-driven initiatives like sports clubs and networking forums. Having transitioned into Access Bank gives more opportunities for internal growth and collaboration.

Compensation Salaries are competitive within the industry benchmark. Performance bonuses average 60% of annual salary. Top-performing sales staff also earn commissions on new business.NYSC Portal

Career Growth Diamond Bank provides skills training in core banking, international certifications, mentoring for fresh graduates, and career transition support for women returning from maternity leave.

Job Security Despite its acquisition, Diamond Bank still operates as a distinct business unit within Access Bank providing sustainable employment and shared services opportunities.

Work-life Balance Staff enjoy generous maternity leave of 5 months, paternity leave of 2 weeks, yearly medical checks, and gym subsidies. Shorter work hours are allowed for nursing mothers.

Prestige Though now part of Access Bank, Diamond Bank maintains prestige for pioneering retail banking in Nigeria and supporting women’s careers.

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10. Union Bank

Founded in 1917, Union Bank is one of Nigeria’s oldest homegrown financial institutions. While it has changed ownership over the years, it still provides diverse career opportunities for professionals seeking long-term growth.

Work Culture
Union Bank strives for diversity and inclusiveness in the workforce with mentorship programs to support women leaders and new hires. Staff are encouraged to find fulfillment beyond their core job functions.

Compensation Salaries are competitive and benchmarked regularly. Performance bonuses are up to 100% of the monthly salary. Top sales employees also earn commissions on new accounts.

Career Growth
Employees get access to local and foreign training, mentorship from senior colleagues, and opportunities to work across different roles to get a broad experience of the bank’s operations.

Job Security Despite several mergers and acquisitions of the bank over the decades, Union Bank remains systemically important. Its risk management and corporate governance structures assure employees of long-term job safety.

Work-life Balance Work hours are fixed to enable employees to plan personal activities accordingly. The bank provides time off for special events, maternity leave of 4 months, paternity leave of 10 days, and sabbatical leave options.

Prestige As one of Nigeria’s oldest homegrown banks, Union Bank enjoys high prestige and respect as an employer that promotes loyalty and career longevity.

11. First City Monument Bank Ltd

FCMB is a leading tier-2 Nigerian bank rapidly expanding its retail market share and growing its SME banking business. With over 200 branches nationwide, it provides rewarding careers for client-focused individuals.

Work Culture The bank fosters a fast-paced performance-driven culture with an emphasis on collaboration for collective success. Staff actively participate in corporate social impact initiatives.

Compensation FCMB offers very competitive pay. Top performers get cash bonuses ranging from 100% to 200% of their monthly salary. Client-facing roles also earn commissions on new accounts.

Career Growth Rapid career acceleration is assured for outstanding employees. There are opportunities for international secondments in partner institutions like JP Morgan and the European Investment Bank.

Job Security FCMB has consistently increased its market share, assets under management, and capitalization over the past decade. This steady expansion ensures long-term employment prospects.JAMB Portal