Ecobank Salary Struture: How Much they Pay staff

A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. This article is about Ecobank salary structure i.e how much Rcobank staff earns.

The operations of Ecobank Nigeria are supervised and regulated by the Central Bank of Nigeria (CBN) as well as the National Deposit Insurance Corporation (NDIC).

About the Bank

Ecobank had previously acquired the deposit liabilities and customers of the defunct All States Trust Bank Plc, Hallmark Bank Plc and African International Bank PLC (AIB). The bank began operations in 1989. It operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. The bank divides its operations into three major divisions: retail banking, wholesale banking and treasury & Financial Institutions. The bank also offers capital markets and investment banking services. During the fourth quarter of 2011, Ecobank Nigeria through its parent company Ecobank Transnational Inc. (ETI) acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Limited. As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately US$8.1 billion (NGN:1.32 trillion), making it one of the five largest banks in Nigeria at the time. Also, the bank had 610 free-standing branches, making it the second-largest bank in the country by branch network.The bank currently operates a consolidated on-line, real time branch network in over 600 locations across the country.

Ecobank Salary Struture: How Much they Pay staff

Here is Ecobank Nigeria Salary Structure

Just as obtained in many cooperate sectors and banks in Nigeria, Salaries at Ecobank is paid based on roles, employment status and number of years in service. These are some factors that affect salary of staff at Ecobank apart from the semi skilled staff of the bank ie security guards, cleaners etc.

The skilled staff of Ecobank is either of contract staff or full-time staff. This is not just perculiar to Ecobank alone. The use of contract staff in Nigeria banking industry has become a norm. The salary of contract staff at Ecobank is analyzed below:

Graduate Trainees

From the least of them, we have the Graduate Trainees. These individuals are employed on a temporal basis. This temporary status usually lasts for few months to a year. During this period, the new recruits undergo intensive training in banking systems, operations, policies, and terminologies, in order for them to get acquainted with the requisite skills and knowledge required for the job.

During the time of this training, they are paid monthly. Ecobank pays it’s graduate trainees a salary of N49,000 monthly. After they are done with the training and are evaluated, those who scaled through are recommended and approved for promotion to the next level in the hierarchy, which is the Entry-level or Basic-level.

Entry-Level or Basic-Level

This level is not temporary; employees are considered as permanent staff at this level. Entry-level staff is a step higher than the Graduate trainees. One single step might however mean a huge difference in salary outcome. Ecobank pays its entry-level staffs a monthly salary of N141, 000.

Bank Executive Trainees (ET)

The bank pays their executive trainees ₦149,000 – ₦186,000.

Relationship Manager/Officer

Relationship Manager’s role involves working with clients to assist them in making the right decisions with their accounts and explaining the financial services on offer to them. In Ecobank, the relationship manager/officer receives within the range of ₦176,000 – ₦191,000 as salary per month.

Loan Officers at EcoBank

These staffs are in charge of the loan activities of the bank — from disbursement to retrieving of these loans. To get to this position, one will have to work in the bank for quite a number of years to gain enough experience to occupy that position.

EcoBank pays their loan officers an attractive sum of ₦663,000 monthly.

Credit Analysts

Credit analysts are considered one of the most strategic functionaries in a proper banking system. Their responsibilities and how they carry out these responsibilities directly or indirectly result in either achievements or failures of the bank at a given time. Credit analysts are paid about N747, 000 monthly salaries. This is about 9 million naira per year in addition to their benefits and allowances.

Branch Manager

As the name implies, branch Managers are at the top tier leadership scale in their respective bank locations. Branch Managers are responsible for all administrative functions and technical oversight of the branch of the bank where they are posted.

Branch Managers earn a salary of N846, 000 monthly. Added to this sum, is a wide range of allowances .

Customer care Service Representative

This staff Serves customers by providing service information and resolving problems. Furthermore, they attract potential customers by answering questions and suggesting information about other services. EcoBank pay their customer service representatives within the range of ₦73,000 – ₦93,000 per month.

Cleaners & Security Guards

Salary of cleaners and security guards at Ecobank is between N30,000 to N45,000 per month.

Conclusion

It is important to note that the salary structure is also affected by the location of the branch. Hence, it is safe to say the salary could be more or less.

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