BANKING SECTOR

BACKGROUND

The Banking sector of the economy is devoted to the holding of financial assets for others, investing those financial assets as leverage to create more wealth, and the regulation of those activities by government agencies. Banking can be defined as a financial service dealing with business activities of accepting and safeguarding money owned by other individuals and entities. According to HSW paper; Banks lend out money in order to earn profit from interest charged and other services like issuance of debit & credit cards while also paying interest on deposit from the individuals & entities. Banks sell money in the form of loans, certificates of deposit (CDs) and other financial products.

ACADEMIC/SKILL REQUIREMENTS:

A good university degree in any subject area is needed (though in the past, preference was given to social sciences and business related studies) and interest in the banking sector.

  • Academic Qualification- A degree in Social Sciences, Business Administration, Engineering and Sciences.
  • Professional Qualification- Qualification from the following professional bodies can also qualify you to work in the banking sector- CIBN (Chartered Institute of Bankers), ICAN (Institute of Chartered Accountants of Nigeria), ACCA (Association of Chartered & Certified Accountants), CIPM (Chartered Institute of Personnel Management) etc.
  • Relevant Skills- A career in banking will definitely require skills acquisition in both technical and managerial areas. Examples are: operation management, credit analysis, investment, leadership and people management, communication skills, collaboration skills, business management skills, finance skills, project management skills.

In addition, the following personality traits are important- positive attitude, good listening, self-confidence, self-discipline, etc.

MAJOR PLAYERS IN THE BANKING SECTOR

The banking sector is regulated by the Central Bank Of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) while the following sub-sector exist.

SUBSECTOR MAJOR PLAYERS
Commercial Banks GTB, UBA, ACCESS, STANBIC IBTC, STANDARD CHARTERED, DIAMOND, etc
Mortgage Banks FIRST BANK MORTGAGE (FBN), FEDERAL MORTGAGE (FMB), UNION HOMES, etc
Microfinance Banks ACE MB (AMB), ACORN MB (AMC), GARDEN CITY MB (GCMB), etc
Merchant Banks FIDELITY UNION, FIRST BANK MB, etc

 CAREER OPTION

 IS THIS THE RIGHT CAREER FOR ME?

Career in banking could be a wise choice in today’s job market. The banking sector is a consistent and reliable source of well-paid jobs and exposes employees to people from other sectors of the economy.

 Roles Available in Banking Sector

 

JOB GROUPS JOB OPPORTUNITIES
Operations Teller- Cash Management, Retail, Customer Service, Commercial, IT support, etc
Marketing Media, Advert/Branding, Marketing and Sales, etc
Corporate Human Resources/ Personnel/Admin, etc

JOB LIFESTYLE & RISKS

Attractive Corporate Dressing, Conducive Work Environment- possible Library, Crèche for married employees, Gym and Lunchroom, etc.

Some of the possible risks are-Long Working Hours, Workplace Violence (external attack by robbers, etc).

 COMPENSATION

Career      Level Average Annual Pay (₦/M)                                                       Other Benefits
Entry

 

 1.5 - 3.3

 

Medicals

 

Leave Allowance

 

Annual performance Bonus

 

-

 

-

 

-
AM

 

  5.0 - 8.0

 

Medicals

 

Leave Allowance

 

Annual performance Bonus

 

 

-

 

Phone credit

 

Loan/official House
Manager

 

  8.0- 10.0

 

Medicals

 

Leave Allowance

 

Annual performance Bonus

 

Official car or in lieu

 

Phone credit

 

Loan/ official House
Senior Manager

 

12.0 - 20.0

 

Medicals

 

Leave Allowance

 

Annual performance Bonus

 

Official car

 

Phone credit

 

Loan/ official House
General Manager

 

30.0 - 35.0

 

Medicals

 

Leave Allowance

 

Annual performance Bonus

 

Official car

 

Phone credit

 

Loan/ official House
Director

 

40.0 - 45.0

 

Medicals

 

Leave Allowance

 

Annual performance Bonus

 

Official car

 

Phone credit

 

Loan/ official House
COO/CEO

 

Compensation includes stock options