Ecobank is one of Nigeria’s most stable commercial banks, having been around for quite a long time now. We shall be looking at Ecobank salary structure in Nigeria in order to understand just how much their employees are paid as salary on a monthly basis, taking into cognizance the following positions: Graduate Trainee, Entry Level, Loan Officers, Credit Analysts and Branch Manager. Before we do justice to the subject matter, let us quickly take a look at a brief overview of this giant financial institution.
ECOBANK NIGERIA LIMITED: COMPANY OVERVIEW
Ecobank Transnational Incorporated (ETI), a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980’s, foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum.
The Federation of West African Chambers of Commerce promoted and initiated a project to create a private, regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised seed capital for feasibility studies and the promotional activities leading to the creation of ETI.
In October 1985, ETI was incorporated with authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS.
Ecobank signed a Headquarters’ Agreement with the Government of Togo in 1985, which granted it the status of an international organisation. This status came with the rights and privileges necessary for ETI to operate as a regional institution, including the status of a non-resident financial institution. ETI commenced operations with its first subsidiary in Togo in March 1988.
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).
Incorporated as a public limited liability company on October 7, 1986, Ecobank Nigeria is a key subsidiary of Africa’s leading independent banking group, Ecobank Transnational Incorporated (ETI).
Following the successful acquisition of Oceanic Bank International by the Ecobank group in 2011, Ecobank Nigeria has become a top tier bank in Nigeria in terms of assets, customer base, deposits and branches. The bank currently operates a consolidated on-line, real time branch network in over 600 locations across the country.
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).
ECOBANK SALARY STRUCTURE IN NIGERIA: HOW MUCH ECOBANK PAYS ITS WORKERS
As we take a look at Ecobank Nigeria Limited salary structure today, we will intimate you our esteemed readers on how much their workers earn. This information should interest you if you are looking for a job at this leading financial institution in the country.
When you get employed as a fresh graduate into the bank, your first taste of banking experience comes as a graduate trainee. This position is a temporary one as newly recruited staff members at Ecobank Nigeria are expected to undergo the graduate trainee programme for a period of 4-5 months, depending on the time frame set by the bank.
During this period, new, inexperienced bank workers are trained intensively on the various banking systems, operations, policies and terminologies, in order to get them acquainted with how things are done at Ecobank.
While undergoing training, they also get paid for as long as the training lasts and at the end of the programme, they are evaluated and those who scale through are recommended and approved for promotion to the next level in the professional ladder which is the entry level. The various salary structure for the different banking positions we earlier mentioned are given below.
GRADUATE TRAINEE SALARY STRUCTURE AT ECOBANK NIGERIA LIMITED
Graduate Trainees at Ecobank Nigeria are paid a monthly salary of about ₦49,000 for for the entirety of their trainee programme which as we earlier mentioned, lasts for about 4-5 months.
HOW MUCH ARE ENTRY LEVEL WORKERS PAID AS SALARY PER MONTH AT ECOBANK?
Entry level workers are fresh graduates recently upgraded from graduate trainee. At Ecobank Nigeria, they are paid a monthly salary of about a ₦141,000, which is about ₦1.6 million per year.
LOAN OFFICERS SALARY SCALE AT ECOBANK NIGERIA LIMITED
Loan officers at Ecobank Nigeria are paid a monthly salary of about ₦663,000, which totals about ₦7.9 million every year. They are also entitled to other monetary benefits that improves significantly their yearly pay packet.
WHAT IS THE MONTHLY SALARY OF CREDIT ANALYSTS AT ECOBANK NIGERIA LIMITED?
Credit analysts are senior banking professionals at Ecobank and because of the importance of their job, they are paid really attractive sums. On the average, Ecobank pays its credit analysts a monthly salary of about ₦747,000, which is about ₦8.9 million per annum, excluding other allowances and benefits.
BRANCH MANAGERS MONTHLY SALARY AT ECOBANK NIGERIA LIMITED
Branch managers are the most senior employees of Ecobank at the different branches of the bank in the country. They are the chief decision makers and are responsible for the day-to-day running of the bank at their different branches. On the average, branch managers at Ecobank Nigeria Limited are paid a monthly salary of about ₦846,000, which totals about ₦10.6 million in earnings every year. They are entitled to other allowances that further increases their overall pay.