In a country like Nigeria, where the banking sector is a critical driver of economic growth and development, it is disheartening to observe that bankers are still earning meager wages.
Despite the high deliverables demanded from them, the compensation package offered by some banks remains alarmingly low. One such example seen in Kalu Aja twitter post , which states that one Nigeria can’t pays its commissioned staff a N45,000 or $3 a day, highlighting a stark contrast between the industry’s expectations and the financial rewards it offers.
Banks are known for their fast-paced, high-pressure working environments, where employees are expected to meet stringent targets and deliver exceptional customer service. The importance of financial institutions cannot be overstated, as they facilitate economic transactions, provide loans, and support businesses. Yet, the remuneration of bankers often falls short of reflecting the level of skill, responsibility, and dedication required of them.
Challenges Faced by Bankers:
Banking professionals in Nigeria encounter numerous challenges daily. They must navigate complex regulatory frameworks, manage financial risks, handle large sums of money, and provide personalized financial advice to clients.
Furthermore, the sector is continuously evolving with advancements in technology and changes in customer expectations. Despite these challenges, the wages offered to bankers do not align with the level of expertise and professionalism they bring to the table.
The Impact of Low Wages:
The low wages in the banking sector have several negative consequences. Firstly, they can lead to demotivation and a lack of commitment among employees. When individuals feel undervalued and underpaid, their productivity and job satisfaction decline, ultimately affecting the quality of services provided. Moreover, low wages hinder the attraction and retention of top talent, as skilled professionals may opt for other industries or seek better opportunities abroad, exacerbating the brain drain phenomenon.
Seeking Fair Compensation:
To bridge the wage gap and attract and retain skilled professionals, it is crucial for banks like Kalu Aja and others in Nigeria to reassess their compensation policies. By offering competitive salaries that reflect the skills and responsibilities of bankers, financial institutions can foster a more motivated and committed workforce. Additionally, it is essential for industry bodies, regulators, and stakeholders to collaborate in addressing this issue and establishing fair remuneration standards across the banking sector.
The Role of Industry Stakeholders:
The responsibility of rectifying this wage disparity does not solely rest on the shoulders of individual banks. Industry bodies, such as the Central Bank of Nigeria and the Bankers’ Committee, must actively advocate for fair compensation practices and encourage banks to review their wage structures. These entities can also collaborate to establish guidelines for minimum wages, ensuring that bankers receive salaries commensurate with their contributions.
What people are saying
Twitter user @Theno said, “Many companies in Nigeria are not ready for productivity. They don’t care and that’s why they are heartless”
Twitter user TemiBolaji80808 said “I worked for an organization 2021. The agreement was to pay 60k monthly allowance but they defaulted and paid 40k, later they deducted it to 20k and started paying what they feels like later. I had to quit after some months. Still owes me my last salary till date”
Ameed Bello was not surprised he said “I am surprised people are just knowing this. It dates back to 2009 and all the banks are in it. Some banks gives it ” intern” others are DSA. From the days of Intercontinental bank and presently Stanbic bank and, these outsourcing companies make lots of money from this deal.”
The low wages earned by bankers in Nigeria, exemplified by the N45,000 or $3 a day offered by Nigerian Bank, present a concerning dichotomy between the high deliverables expected from these professionals and the financial rewards they receive. To cultivate a thriving banking sector that attracts and retains top talent, it is imperative for banks and industry stakeholders to prioritize fair compensation practices. By acknowledging the pivotal role bankers play in driving economic growth, Nigeria can foster a more motivated and skilled workforce, ultimately contributing to the overall development of the nation’s financial industry.