Nigeria’s banking sector is one of the sectors with the largest employment base and that is why thousands of Bank Tellers are found in that sector manning the centers of customer service and transaction processing. So, what is the average salary of a Bank Teller in Nigeria?
Adequate measurement of the Bank Tellers’ earnings in Nigeria as captured by the National Bureau of Statistics (NBS), shows that the average annual salary for Bank Tellers is about N120,000 per month.
However, there exist differences in salary factors such as geography, bank size, length of service and qualifications come into play.
This post will provide a comprehensive look at the bank teller salary in Nigeria, including factors that influence pay, regional differences, and prospects.
Also See: Federal Inland Revenue Service (FIRS) Salaries in Nigeria in 2024
What is the Role of a Bank Teller?
The activities of a bank teller include performing day-to-day financial transactions like paying in and paying out cash, and cashing checks.
A bank teller assists in the selling of the bank’s services and products, addresses service-related questions made by clients regarding their accounts, and adheres to the banking rules and regulations.
The position calls for working with customers, attention, and elementary knowledge of finance.
What is the Average Salary of a Bank Teller in Nigeria
Based on the information that can be found on Salary Explorer, the approximate average monthly salary for a bank teller in Nigeria stands at ₦120,000.
This figure can vary widely, depending on various factors such as experience, location, and the type of bank.
Let’s take a look at bank teller salary in Nigeria based on experience level.
Entry-Level Salaries
Since most fresh graduates may not have any working experience, most of the entry-level positions offered are low-paying in nature.
In Nigeria, a position for a junior banker will earn between N80,000 to N100,000 monthly.
Bank Tellers with Experience
On the high end, a bank teller who has worked for 2-5 years may earn a monthly salary within a range of about N120,000- N150,000.
Those people who have over five years of working experience can earn more than N200,000 per month.
Bank Teller Salary by Location
The location of a bank determines how much a bank teller earns in Nigeria. Certainly, major urban areas such as Lagos, Port Harcourt, and Abuja are said to feature better salaries than the small towns.
Below is a summary of various cities and the expected salaries of bank tellers.
- Lagos: The financial hub of Nigeria, where the cost of living is high, offers bank tellers an average monthly salary of around ₦170,000.
- Abuja the next biggest city after that comes up with an average of about ₦160, 000 also as salary for the bank tellers.
- Port Harcourt: Situated in the oil-rich region of Nigeria, it pays, on average, an amount of ₦150,000 to a bank teller monthly.
- Other cities: In other cities and small towns the salary ranges from ₦100,000 to ₦130,000 per month.
Bank Teller Salary by Education Level in Nigeria
Apart from the location and the type of bank, education also plays a key role in determining the salaries of bank workers in Nigeria.
Although bank teller is a professional that you can start with minimum qualification of university diploma or OND, having higher university qualifications will place you high above your counterpart with lower qualifications, meaning qualification command higher salaries.
Let’s see below how bank teller salary in Nigeria vary based on educational qualification.
| EDUCATIONAL LEVEL | AVERAGE SALARY |
| High School | 1,000,000 |
| OND or Diploma | 1,570,900 |
| Bachelor’s Degree | 2,000,000 |
| Master’s Degree | 2,800,000 |
Skills and Qualifications required to become a Bank Teller
To become a successful Bank Teller in Nigeria, you’ll need:
- Bachelor’s degree: In a relevant field such as finance, accounting, or business administration.
- Professional certifications: Such as ICAN or ACCA.
- Communication skills: Excellent customer service and communication skills.
- Analytical skills: Ability to analyze financial data and make informed decisions.
Factors Influencing Bank Teller Salaries
Some factors that affect the earnings of a bank teller in Nigeria include.
Banking Institution
This simply means that the bank that employs you will determine your salary. International Banks and bigger Nigerian Banks pay better salaries than local or smaller banks.
Banks like Zenith Bank, UBA, and First Bank see to it that employees are compensated in a good way.
Level of Education
Although the minimum requirement is usually a university diploma or OND, pursuing further studies in very relevant fields such as finance, accounting, or business provides the opportunity for the best remuneration and promotion.
Certifications and Skills
Professionals with certifications such as ICAN or ACCA tend to earn higher salaries.
Performance and Tenure
Great performance and staying in a bank for a long period act as a basis for promotion and salary increments.
It is common for Banks to extend their annual retention and performance-based bonuses and some percentage salary increments to selective and competent staff.
Bank Teller Benefits and Perks
Apart from the core salary, tellers in Nigeria’s banks have a number of benefits and privileges.
These may include health coverage, pension schemes, housing, and performance bonuses.
Some other banks provide career growth training courses within the institution to help its employees develop.
Health Insurance
Most of the banks offer a comprehensive health insurance package covering the employee’s medical bills and those of their dependents in some cases.
This additional benefit eliminates a good portion of the expense of healthcare services.
Pension Schemes
In most cases, the banks contribute to pension schemes for their employees in Nigeria for the purposes of providing them with benefits after retirement.
This remuneration is one of the most important in the compensation structure.
Housing Allowances
There is a great variability in housing allowances considering that it can also be relatively large apart from the total compensation.
This advantage tends to be more in the bigger banks and is often subject to the grade level and duration of service of the employee.
Performance Bonuses
Performance bonuses are given to employees for performing beyond reasonable expectations and it is usually a large percentage of their basic wage.
The yardsticks for measuring this performance include the level of satisfaction by customers, levels of accuracy in transactions as well as compliance with the entire bailiwick of banking regulations.
Future Prospects for Bank Tellers in Nigeria
Career Progression
Most individuals consider a career as a bank teller, seeing it as a starter position with better possibilities of moving up the corporate ladder.
With experience and further education, such tellers can occupy higher-paying posts as customer service representatives, loan officers, and branch managers.
Industry Growth
The Nigerian banking industry is set to experience growth due to reasons such as the commercialization of new technology and the rise of financial inclusion.
This growth is anticipated to bring about more employment opportunities and possibly better pay for the bank tellers.
Technological Impact
The function of the bank teller is changing due to automation and digital banking.
Although more work has been automated, Tellers who can deliver personal customer attention and perform complicated work are in great demand.
This change will probably affect salary structure and job content description in the coming years.
FAQs – Bank Teller Salary in Nigeria: An Overview
How much is a Teller paid in Nigeria?
On average, bank tellers are paid between NGN 76K – and NGN 217K per month according to reports from Glassdoor
How much does Zenith Bank pay tellers?
The average monthly salary Zenith Bank pays tellers monthly is 145,448 according to Glassdoor.
How much does UBA pay their tellers?
The United Bank for Africa Bank (UBA) Teller Monthly Pay according to Glassdoor is between NGN 80,000 and NGN 105,000.
How much is GTbank Teller salary?
Guaranty Trust Bank (Nigeria) Bank Teller Salaries per year is between N900,000 to N1,100,000 according to Glassdoor
Conclusion
The salary of a bank teller in Nigeria is influenced by the level of experience, the location, and the type of bank institution. On average, a bank teller makes about ₦120,000 monthly – the starting pay at entry-level positions is around ₦80,000 while most experienced bank tellers can make as much as ₦200,000.
Apart from the salary structure, bank tellers enjoy extra benefits like health coverage, holidays, retirement benefits, accommodation, and bonuses for performance.
Correspondingly, the bank tellers in Nigeria, do not have gloomy prospects since the banking industry is expected to continue growing and changing. As long as they adapt and learn about the new trends and changes in the industry, while continually enhancing their skill level, bank tellers will be able to extend their earning capacity as well as career prospects.
Please note that:
- The salary figures provided in this section are obtained from employers’ job postings and other sources of information.
- Some of the salaries expressed above are projections and pay rates for actual positions may differ from them due to such factors as the area of work, the company size, the job description, and the experience or education of the person.