In this article, we shall be discussing about Polaris Bank salary structure in Nigeria in order to know how much they pay their staff/workers. Polaris Bank Limited, formerly Skye Bank, is one of the most popular commercial banks in the country, licenced by the Central Bank of Nigeria to operate as a provider of financial services.
BRIEF HISTORY OF POLARIS BANK LIMITED
The bank was established in 1989 as Prudent Bank Plc after it was incorporated as a limited liability company that year. Two years later, in 1990, the bank was licenced by the Central Bank of Nigeria as Merchant Bank, and still in the same year, it underwent a re-branding process that changed its name as Prudent Merchant Bank Limited.
In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc. The four other banks include: Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc. However, in 2018, the Central Bank of Nigeria which regulates all banking activities in the country revoked the operating licence of Skye Bank.
This the CBN did, stating that the assets and liabilities of the bank would be taken over by a new entity, Polaris Bank as a result of the inability of the Skye Bank’s shareholders to adequately recapitalise the bank after the 2016 intervention.
Presently, Polaris Bank Limited maintains over two hundred and sixty (260) branches in all parts of the country and the headquarters of the bank is situated at 3, Akin Adesola Street, Victoria Island, Lagos, State, Nigeria.
POLARIS BANK SALARY STRUCTURE IN NIGERIA: HOW MUCH POLARIS BANK LIMITED PAYS ITS WORKERS
The monthly salary payment for Polaris Bank employees are discussed below:
HOW MUCH DOES POLARIS BANK PAY CONTRACT STAFF?
Contract staff at Polaris Bank Limited are paid monthly salaries in the region between ₦55,000 – ₦60,000 monthly. The employees at this level at the bank are not entitled to any promotion until they fulfil a number of years on the job before they are eligible for promotional exams that determines whether or not they will be made full staff members at this financial institution.
HOW MUCH DOES POLARIS BANK PAY GRADUATE TRAINEE WORKERS?
Graduate trainees at Polaris Bank Limited are required to undergo at least 4 – 6 months of training before they are integrated into the bank as full members of staff. During the training process, graduate trainees at this bank are paid monthly salaries in the range between ₦35,000 – ₦40,000.
During this programme, Polaris Bank graduate trainees undergo theoretical and practical training in order to get them up to speed with banking practices in the financial sector and as they approach the end of the programme, they are sent on a two-weeks compulsory attachment at various othet Polaris Bank branches where they are mentored on real life, on-the-job situations, after which successful candidates are finally confirmed for employment.
HOW MUCH DOES POLARIS BANK PAY ENTRY LEVEL EMPLOYEES?
At Polaris Bank Limited, fresh graduates, that is, entry level employees are paid a salary per month between the range of ₦100,000 – ₦110,000 and this is independent of allowances and bonuses. Kindly bear in mind that these starting salaries for fresh graduates are estimates and that they are subject to change.
HOW MUCH DOES POLARIS BANK PAY SENIOR BANKING OFFICERS AS SALARY PER MONTH?
Senior banking officers at Polaris Bank Limited are those workers who are at the top of the heirarchical order of employees at the bank. Their salaries per month can be as high as ₦400,000 and above and this depends on the position which any of these senior banking officers have attained during their stay with the bank.
Apart from these monthly salaries, there are of course, allowances and bonuses that are paid to Polaris Bank workers and it is determined by the bank as it may not be fixed as their monthly take home pay. As aforementioned, salaries are subject to change with time.