Stanbic Bank Nigeria is an arm of a South Africa-based bank group known as Standard Bank Group. This group is the largest financial institution in Africa. In Nigeria, they function under the name ‘Stanbic IBTC Holdings Plc.’, otherwise known as Stanbic IBTC.
In Nigeria, they came into being as a result of a merger involving Stanbic Nigeria Ltd. and IBTC Chartered Bank Plc. Nigeria Plc. This happened in 2007; but before both financial institutions merged, Standard Bank Nigeria Plc. was existing independently, having being formed and introduced into the Nigerian market as far back as in 1991.
Stanbic IBTC bank is one of the best banks in Nigeria. They have a very large customer base with over 180 branch offices across Nigeria. Their services are also very user-friendly and efficient. Perhaps, one of the reasons behind Stanbic IBTC bank’s effectiveness and success in the business market is the motivation of its staffs, which is in part due to the good salary they are paid.
As we all know, attitude in the workplace is key to productivity, and a motivated worker will naturally perform better than his unmotivated counterpart. Thus, money – or salary, in this context – is a major factor for driving motivation and productivity (by extension) in the workplace.
Among all the banks in Nigeria, Stanbic IBTC bank is one of the best-paying banks. Recently, the management of the bank announced a pay rise of 46% for all their staffs. They pay their staffs salaries according to ‘staff class’, just like most other banks; and in addition to the basic pay, they also offer some great incentives and bonuses to boost the morale of their employees.
If you recently got offered a job with the bank, this article may be helpful to you. If you are considering applying for a job there, this article will also be useful for you.
How Much Does a Stanbic IBTC Staff Earn
As with most other banks, there are different classes of bank staffs; and as stated earlier, the bank pays its staff according to their class within the bank system. Among many classifications, there are two major classes: the Core or Permanent Staffs, and the Contract or Temporary Staffs. Salaries of both cadres differ greatly, as we will see shortly.
For the temporary or contract staffs, the salary varies. IT students earn in the region of #7,000 to #10,000 naira monthly; other specialized interns earn anywhere between #10,000 – #20,000 naira monthly. Graduate trainees earn in the region of #60,000 to #75,000 naira monthly during their training. However, if through dedication, impact, luck and sacrifice, they are upgraded to the level of Entry-level staffs (which are permanent staffs), their salary increases drastically.
For the permanent staffs, their salary outlook is one of the best in the entire banking landscape. Entry-level staffs are the lowest cadre of permanent staffs. They earn between #160,000 and #180,000 naira monthly. After this level, it increases as one climbs higher the ladder of leadership and responsibility through recommendation and promotion.