Bank Accountant Salary in Nigeria (2025 Full Details)

Bank Accountant Salary in Nigeria: Full Complete Breakdown Details (2025)

Bank accountants in Nigeria play a critical role in managing financial records, ensuring regulatory compliance, and supporting banking operations. Their salaries vary based on experience, bank type (Tier 1 or Tier 2), location, qualifications, and additional responsibilities. This response provides a comprehensive breakdown of bank accountant salaries in Nigeria as of June 23, 2025, drawing from available web sources, industry trends, and related data from previous responses (e.g., bank manager and public health salaries). The breakdown includes salary components, estimates for major banks, and factors influencing earnings, with assumptions for less-documented banks where necessary.

1. Overview of Bank Accountant Salaries in Nigeria

Bank accountants handle tasks such as financial reporting, ledger maintenance, tax compliance, and audits within Nigeria’s 24 commercial banks. Salaries are competitive but lower than managerial roles like bank managers due to less direct revenue generation. Salaries have been adjusted in 2024–2025 to counter inflation (33.4% in 2024) and align with the national minimum wage (₦70,000, effective July 2024).

  • Average Monthly Salary:
    • Entry-Level: ₦100,000–₦300,000.
    • Mid-Level: ₦250,000–₦600,000.
    • Senior-Level: ₦500,000–₦1,200,000.
  • Average Gross Salary: ~₦350,000/month (including allowances), ranging from ₦100,000 (smaller banks) to ₦1,000,000 (top-tier banks).
  • Median Monthly Salary: ~₦300,000, meaning half of bank accountants earn less and half earn more.
  • Net Salary: After deductions (e.g., taxes, pension), net salaries range from ₦90,000–₦900,000/month.
  • Annual Salary Range: ₦1,200,000–₦14,400,000, with top earners in Tier 1 banks like GTCO or Zenith.

2. Salary Breakdown by Components

Bank accountant salaries consist of basic salary, allowances, bonuses, and deductions. Below is a detailed breakdown based on industry standards and available data.

2.1 Basic Salary

  • Definition: Fixed monthly pay, excluding allowances or bonuses, used to calculate other components.
  • Range:
    • Entry-Level: ₦80,000–₦200,000/month.
    • Mid-Level: ₦200,000–₦400,000/month.
    • Senior-Level: ₦400,000–₦800,000/month.
  • Example: An entry-level bank accountant at Access Bank may have a basic salary of ₦150,000/month.

2.2 Allowances

  • Housing Allowance: 20–40% of basic salary, ~₦20,000–₦200,000/month.
  • Transport Allowance: ₦20,000–₦80,000/month or shuttle services in some banks.
  • Medical Allowance: ₦10,000–₦50,000/month or comprehensive health insurance.
  • Performance Allowance: ₦20,000–₦100,000/month, tied to branch or department performance.
  • Professional Allowance: ₦10,000–₦50,000/month for ICAN/ACCA-certified accountants.
  • Other Allowances: Training or wardrobe allowances (~₦5,000–₦20,000/month).
  • Example: A mid-level accountant with a ₦300,000 basic salary may receive ₦100,000 housing, ₦40,000 transport, ₦30,000 medical, ₦50,000 performance, and ₦20,000 professional allowances, totaling ₦240,000.

2.3 Bonuses

  • Performance Bonuses: ₦100,000–₦1,000,000/year, based on individual or bank profitability.
  • 13th-Month Salary: Equivalent to one month’s basic or gross salary, paid year-end by most banks.
  • Profit-Sharing: ₦50,000–₦500,000/year, common in Tier 1 banks like Zenith or GTCO.
  • Example: A mid-level accountant at GTCO may earn a ₦500,000 annual bonus (~₦41,667/month equivalent).

2.4 Deductions

  • Pay-As-You-Earn (PAYE) Tax: 7–24% of taxable income after reliefs (e.g., ₦200,000 + 20% of gross income).
    • Example: For ₦500,000 gross salary, PAYE may be ₦30,000–₦60,000/month.
  • Pension Contribution: 8% of basic salary (employee) + 10% (employer).
    • Example: ₦24,000 employee contribution for ₦300,000 basic salary.
  • National Housing Fund (NHF): 2.5% of basic salary (~₦7,500 for ₦300,000).
  • Other Deductions: Staff welfare or cooperative contributions (~₦2,000–₦10,000).
  • Total Deductions: 10–20% of gross salary.
  • Example: Gross salary of ₦500,000 with ₦70,000 deductions yields ₦430,000 net salary.

2.5 Gross vs. Net Salary

  • Gross Salary: Basic salary + allowances + bonuses.
    • Example: Basic ₦300,000 + ₦240,000 allowances + ₦41,667 bonus = ₦581,667/month.
  • Net Salary: Gross salary – deductions.
    • Example: ₦581,667 – ₦70,000 = ₦511,667/month.

3. Salary Breakdown by Bank

Nigeria’s 24 commercial banks are categorized as Tier 1 (e.g., Zenith, GTCO, Access) and Tier 2 (e.g., Sterling, Wema). Below is a salary breakdown for bank accountants across major banks, based on available data and estimates for others. Figures are for mid-level accountants (2–5 years of experience) unless stated otherwise.

3.1 Tier 1 Banks

Tier 1 banks offer higher salaries due to larger revenues and market presence.

  • Zenith Bank:
    • Basic Salary: ₦250,000–₦350,000/month.
    • Allowances: Housing (₦100,000), Transport (₦40,000), Medical (₦30,000), Performance (₦50,000), Professional (₦20,000).
    • Bonus: ₦500,000/year (~₦41,667/month).
    • Gross Salary: ₦490,667–₦590,667/month.
    • Deductions: PAYE (₦30,000–₦50,000), Pension (₦20,000–₦28,000), NHF (₦6,250–₦8,750) = ₦56,250–₦86,750.
    • Net Salary: ₦434,417–₦503,917/month.
    • Notes: Salaries raised by 20–30% in January 2025.
  • Guaranty Trust Bank (GTCO):
    • Basic Salary: ₦300,000–₦400,000/month.
    • Allowances: Housing (₦120,000), Transport (₦50,000), Medical (₦40,000), Performance (₦60,000), Professional (₦20,000).
    • Bonus: ₦600,000/year (~₦50,000/month).
    • Gross Salary: ₦590,000–₦690,000/month.
    • Deductions: PAYE (₦40,000–₦60,000), Pension (₦24,000–₦32,000), NHF (₦7,500–₦10,000) = ₦71,500–₦102,000.
    • Net Salary: ₦518,500–₦588,000/month.
    • Notes: 40% salary increase in September 2025.
  • Access Bank:
    • Basic Salary: ₦250,000–₦350,000/month.
    • Allowances: Housing (₦100,000), Transport (₦40,000), Medical (₦30,000), Performance (₦50,000), Professional (₦20,000).
    • Bonus: ₦500,000/year (~₦41,667/month).
    • Gross Salary: ₦490,667–₦590,667/month.
    • Deductions: PAYE (₦30,000–₦50,000), Pension (₦20,000–₦28,000), NHF (₦6,250–₦8,750) = ₦56,250–₦86,750.
    • Net Salary: ₦434,417–₦503,917/month.
    • Notes: Competitive training programs enhance skills.
  • First Bank:
    • Basic Salary: ₦250,000–₦350,000/month.
    • Allowances: Housing (₦100,000), Transport (₦40,000), Medical (₦30,000), Performance (₦50,000), Professional (₦20,000).
    • Bonus: ₦500,000/year (~₦41,667/month).
    • Gross Salary: ₦490,667–₦590,667/month.
    • Deductions: PAYE (₦30,000–₦50,000), Pension (₦20,000–₦28,000), NHF (₦6,250–₦8,750) = ₦56,250–₦86,750.
    • Net Salary: ₦434,417–₦503,917/month.
    • Notes: Extensive branch network offers opportunities.
  • United Bank for Africa (UBA):
    • Basic Salary: ₦200,000–₦300,000/month.
    • Allowances: Housing (₦80,000), Transport (₦30,000), Medical (₦20,000), Performance (₦40,000), Professional (₦20,000).
    • Bonus: ₦400,000/year (~₦33,333/month).
    • Gross Salary: ₦390,333–₦490,333/month.
    • Deductions: PAYE (₦25,000–₦40,000), Pension (₦16,000–₦24,000), NHF (₦5,000–₦7,500) = ₦46,000–₦71,500.
    • Net Salary: ₦344,333–₦418,833/month.
    • Notes: Focus on regional expansion.

3.2 Tier 2 Banks

Tier 2 banks pay less due to smaller scale but offer growth potential.

  • Sterling Bank:
    • Basic Salary: ₦150,000–₦250,000/month.
    • Allowances: Housing (₦60,000), Transport (₦30,000), Medical (₦20,000), Performance (₦30,000), Professional (₦10,000).
    • Bonus: ₦300,000/year (~₦25,000/month).
    • Gross Salary: ₦300,000–₦400,000/month.
    • Deductions: PAYE (₦20,000–₦30,000), Pension (₦12,000–₦20,000), NHF (₦3,750–₦6,250) = ₦35,750–₦56,250.
    • Net Salary: ₦264,250–₦343,750/month.
    • Notes: ₦75,000 cost-of-living adjustment (COLA) added in August 2024.
  • Wema Bank:
    • Basic Salary: ₦150,000–₦250,000/month.
    • Allowances: Housing (₦60,000), Transport (₦30,000), Medical (₦20,000), Performance (₦30,000), Professional (₦10,000).
    • Bonus: ₦300,000/year (~₦25,000/month).
    • Gross Salary: ₦300,000–₦400,000/month.
    • Deductions: PAYE (₦20,000–₦30,000), Pension (₦12,000–₦20,000), NHF (₦3,750–₦6,250) = ₦35,750–₦56,250.
    • Net Salary: ₦264,250–₦343,750/month.
    • Notes: Digital banking focus (ALAT) drives demand.
  • FCMB:
    • Basic Salary: ₦150,000–₦250,000/month.
    • Allowances: Housing (₦60,000), Transport (₦30,000), Medical (₦20,000), Performance (₦30,000), Professional (₦10,000).
    • Bonus: ₦300,000/year (~₦25,000/month).
    • Gross Salary: ₦300,000–₦400,000/month.
    • Deductions: PAYE (₦20,000–₦30,000), Pension (₦12,000–₦20,000), NHF (₦3,750–₦6,250) = ₦35,750–₦56,250.
    • Net Salary: ₦264,250–₦343,750/month.
    • Notes: Competitive for mid-level roles.
  • Ecobank:
    • Basic Salary: ₦200,000–₦300,000/month.
    • Allowances: Housing (₦80,000), Transport (₦30,000), Medical (₦20,000), Performance (₦40,000), Professional (₦20,000).
    • Bonus: ₦400,000/year (~₦33,333/month).
    • Gross Salary: ₦390,333–₦490,333/month.
    • Deductions: PAYE (₦25,000–₦40,000), Pension (₦16,000–₦24,000), NHF (₦5,000–₦7,500) = ₦46,000–₦71,500.
    • Net Salary: ₦344,333–₦418,833/month.
    • Notes: Pan-African presence boosts pay.
  • Stanbic IBTC:
    • Basic Salary: ₦200,000–₦300,000/month.
    • Allowances: Housing (₦80,000), Transport (₦30,000), Medical (₦20,000), Performance (₦40,000), Professional (₦20,000).
    • Bonus: ₦400,000/year (~₦33,333/month).
    • Gross Salary: ₦390,333–₦490,333/month.
    • Deductions: PAYE (₦25,000–₦40,000), Pension (₦16,000–₦24,000), NHF (₦5,000–₦7,500) = ₦46,000–₦71,500.
    • Net Salary: ₦344,333–₦418,833/month.
    • Notes: Strong investment banking focus.

3.3 Other Commercial Banks (Estimated)

For banks with limited data (e.g., Fidelity, Union Bank), salaries are estimated based on Tier 2 trends.

  • Fidelity Bank:
    • Gross Salary: ₦350,000–₦450,000/month.
    • Net Salary: ₦300,000–₦390,000/month.
    • Notes: Competitive training programs.
  • Union Bank:
    • Gross Salary: ₦350,000–₦450,000/month.
    • Net Salary: ₦300,000–₦390,000/month.
    • Notes: Recent salary adjustments.
  • Keystone Bank:
    • Gross Salary: ₦300,000–₦400,000/month.
    • Net Salary: ₦260,000–₦340,000/month.
    • Notes: Smaller scale limits pay.
  • Standard Chartered Bank:
    • Gross Salary: ₦400,000–₦600,000/month.
    • Net Salary: ₦350,000–₦520,000/month.
    • Notes: Higher pay due to international status.
  • Citibank:
    • Gross Salary: ₦400,000–₦600,000/month.
    • Net Salary: ₦350,000–₦520,000/month.
    • Notes: Focus on corporate banking.
  • Other Banks (e.g., Polaris, Heritage, Providus):
    • Gross Salary: ₦250,000–₦400,000/month.
    • Net Salary: ₦220,000–₦340,000/month.
    • Notes: Growth opportunities in smaller banks.

4. Salary by Experience

  • 0–2 Years (Entry-Level): ₦100,000–₦300,000/month (~₦1,200,000–₦3,600,000/year).
  • 2–5 Years (Mid-Level): ₦250,000–₦600,000/month (~₦3,000,000–₦7,200,000/year), ~32% increase after 2–5 years.
  • 5–10 Years (Senior-Level): ₦500,000–₦1,200,000/month (~₦6,000,000–₦14,400,000/year), ~36% increase after 5 years.
  • 10+ Years: Salaries may plateau unless promoted to managerial roles (e.g., chief accountant).

5. Salary by Location

  • Lagos: ₦150,000–₦1,000,000/month; hub for head offices and Tier 1 banks.
  • Abuja: ₦120,000–₦800,000/month; strong corporate presence.
  • Port Harcourt: ₦120,000–₦700,000/month; oil-driven economy.
  • Enugu/Anambra: ₦100,000–₦500,000/month; smaller branches.
  • Rural Areas: ₦100,000–₦300,000/month; lower cost of living but fewer opportunities.

6. Factors Influencing Bank Accountant Salaries

  • Bank Type:
    • Tier 1 Banks: Higher revenues lead to 20–50% higher salaries (e.g., GTCO pays ~₦600,000 vs. Sterling’s ~₦350,000).
    • Tier 2 Banks: Lower pay but faster promotions due to smaller teams.
  • Experience: Most significant factor; 5–10 years doubles salary.
  • Education/Certifications:
    • Minimum: B.Sc. in Accounting, Finance, or related fields.
    • Certifications (ICAN, ACCA, CPA) boost pay by 10–30%.
    • M.Sc./MBA increases salaries by 20–40% for senior roles.
  • Performance: Accountants contributing to cost savings or audit success earn higher bonuses.
  • Location: Urban centers (Lagos, Abuja) pay 20–30% more due to higher living costs.
  • Economic Conditions: Inflation (33.4% in 2024) erodes real income; banks adjust salaries by 20–40%.
  • Gender: Female accountants earn ~7% less than males, though some banks maintain parity.
  • Bank Policies: Salary secrecy limits negotiation power.

7. Roles and Responsibilities

  • Financial Reporting: Prepare balance sheets, income statements, and cash flow reports.
  • Ledger Maintenance: Manage general ledger and reconcile accounts.
  • Tax Compliance: Ensure timely tax filings and compliance with FIRS regulations.
  • Audits: Support internal and external audits, addressing discrepancies.
  • Budgeting: Assist in budget preparation and financial forecasting.
  • Payroll: Administer staff salaries and deductions.
  • Key Skills: Financial analysis, attention to detail, IT proficiency (e.g., Excel, ERP software), communication, and regulatory knowledge.

8. Qualifications and Certifications

  • Minimum Education: B.Sc. in Accounting, Finance, or Economics; SSCE credits in English, Mathematics, and three other subjects (including Accounting or Economics).
  • Certifications:
    • Institute of Chartered Accountants of Nigeria (ICAN).
    • Association of Chartered Certified Accountants (ACCA).
    • Certified Public Accountant (CPA).
    • Certified Management Accountant (CMA).
  • Experience: 2–5 years for mid-level roles; internships during NYSC enhance entry-level prospects.
  • NYSC: Mandatory one-year service, often in banks or financial institutions.

9. Benefits and Perks

  • Monetary: Performance bonuses, 13th-month salary, professional allowances, housing/transport allowances.
  • Non-Monetary: Health insurance, pension plans, training programs, paid leave.
  • Top-Tier Banks: Additional perks like international certifications or stock options.
  • Career Growth: Path to roles like chief accountant or finance manager.

10. Challenges

  • Work Pressure: Tight deadlines during audits or tax season require overtime.
  • Salary Secrecy: Banks prohibit salary discussions, limiting negotiation power.
  • Inflation: Real income eroded by 33.4% inflation; adjustments lag in some banks.
  • Job Security: Performance-based roles risk termination for errors.
  • Skill Demand: Increasing reliance on automation requires IT proficiency.
  • Gender Gap: Female accountants face a ~7% pay disparity.

11. Job Opportunities and Demand

  • Industries: Commercial banking, investment banking, fintech, public sector.
  • Employers: Zenith, GTCO, Access, First Bank, UBA, Sterling, Wema, FCMB, Ecobank, Stanbic IBTC, CBN, KPMG, PwC.
  • Vacancies: Hundreds of accounting roles listed in 2025 (e.g., Jobberman, MyJobMag), driven by bank recapitalization and expansion.
  • Demand: High due to CBN’s 2026 recapitalization (₦1.32 trillion raised by July 2024) and need for financial compliance.
  • Competitive Edge: ICAN/ACCA certification, B.Sc. with 2:1, and 2+ years of experience.

12. Career Progression and Salary Growth

  • Entry to Mid-Level: 2–5 years, 30–50% salary increase with certifications or promotions (e.g., junior accountant to accountant).
  • Mid to Senior-Level: 5–10 years, doubling possible with M.Sc. or managerial roles (e.g., chief accountant).
  • Upskilling: ICAN, ACCA, or IT skills (e.g., SAP, QuickBooks) boost pay by 20–40%.
  • Sector Switching: Moving to fintech or oil companies increases earnings (e.g., Shell pays ₦500,000–₦600,000/month).

13. Comparison with Related Professions

  • Bank Accountant vs. Bank Manager: ₦600,000–₦2,500,000/month (managers) vs. ₦100,000–₦1,000,000/month (accountants); managers earn more due to revenue roles. [Previous Response: Bank Manager]
  • Bank Accountant vs. General Accountant: ₦121,000–₦366,000/month (general) vs. ₦100,000–₦1,000,000/month (bank); bank accountants earn more due to sector demand.
  • Bank Accountant vs. Chartered Accountant: ₦147,000–₦494,000/month (chartered) vs. ₦100,000–₦1,000,000/month (bank); chartered accountants in banks earn higher with certifications.
  • Bank Accountant vs. B.Sc. Public Health: ₦70,000–₦700,000/month (public health) vs. ₦100,000–₦1,000,000/month (bank accountants). [Previous Response: B.Sc. Public Health]

14. Economic Context

  • Inflation: 33.4% in 2024 erodes real income; banks like GTCO, Zenith, and Sterling adjusted salaries by 20–40%.
  • Minimum Wage: ₦70,000 (2024) ensures baseline for entry-level roles. [Previous Response: B.Sc. Public Health]
  • CBN Regulations: Policies promote transparency in pay structures.
  • Recapitalization: By March 2026, banks raising funds drive demand for accountants.

15. How to Maximize Earnings

  • Education: Obtain M.Sc., ICAN, or ACCA certifications.
  • Experience: Gain 2–5 years in Tier 2 banks, then switch to Tier 1 banks.
  • Skills: Learn ERP software (e.g., SAP) or data analysis tools (e.g., Excel, Power BI).
  • Location: Target Lagos or Abuja for higher pay.
  • Networking: Use LinkedIn, Jobberman, or MyJobMag for opportunities.
  • Sector Switch: Explore oil companies, fintech, or multinationals for better pay (e.g., Oando pays ₦4.5M–₦5M/year).

16. Conclusion

Bank accountants in Nigeria earn ₦100,000–₦1,000,000+/month, with Tier 1 banks (GTCO, Zenith, Access) paying up to ₦690,000/month and Tier 2 banks (Sterling, Wema) starting at ~₦300,000/month. Salaries include base pay, allowances, and bonuses, but vary by experience, certifications, and location. Challenges include inflation, salary secrecy, and work pressure, but demand remains high due to bank recapitalization and financial compliance needs. To maximize earnings, pursue ICAN/ACCA, target Tier 1 banks, and upskill in IT. For current job listings, check Jobberman, MyJobMag, or MySalaryScale.

Note: Salary figures are estimates based on 2024–2025 data, industry trends, and sources. Exact figures vary by bank and individual circumstances. Verify with employers or platforms like MySalaryScale for accuracy.

bornbyai

0 responses to “Bank Accountant Salary in Nigeria (2025 Full Details)”