First Bank Monthly Salary Structure and Net Worth – First Bank of Nigeria (FBN) is a multinational bank founded in 1894 and is regarded as Nigeria’s oldest bank with its headquarters in Lagos.
Its network is over 750 businesses across the world. It has the biggest total deposits, highest gross earning and the largest retail banking client base among other banks in Nigeria.
FBN has a customer base of over 10 million persons and more than 7,000 staff. It has assets worth N3.9 trillion ($12.2billion) with 1.3 million shareholders.
Just as the name implies, First Bank of Nigeria is one of the big banks in Nigeria. This bank was established even before Nigeria got her independence from the British colony and has since then stood the test of time, showing results for its many years of existence.
First Bank of Nigeria has a vision of being the clear leader and the first choice in the banking sector. This bank is persistent in providing the best financial services ever in history.
First Bank Job Roles
The available jobs roles includes:
- Account Officer,
- Accountant,
- Administrative Assistant,
- Administrative Officer,
- Cashier Assistant,
- Assistant Banking Officer etc.
The gender distribution at First Bank of Nigeria based on salary submitted is male(60%), female(32%), unspecified(8%)
First Bank Monthly Salary Structure:
How Much Is First Bank Staff Salary? The First Bank Monthly Salary Structure For its entry level staff salary amount is from N100,000 to N120,000 monthly according to department and unit.
Graduate trainees at First Bank earn about N58,000 monthly, while contract staffs earn a salary of N84,000 at FBN.
Those workers who earn the highest at the Bank are those occupying managerial positions. They esrn within the range of N500,000 to N1, million.
Your pay may also rise as time passes as long as you are still in the system. Apart from the basic salary you receive, there are other allowances and benefits that the bank pays and you are also entitled to a leave break.
How Much Is First Bank Graduate Trainee Salary?
First bank of Nigeria pays a compulsory monthly salary of N58,000 to their graduate trainee for a period of 4 months as they train them to know the nitty gritty and the norms of the bank.
This training is compulsory for any new employee regardless of whether the person has been working in the banking sector before.
This exposes the graduate trainees to both practical and real-life experiences which would get them prepared for the task ahead and adjust with the internal workings of the bank.
The N58,000 caters for their transport and feeding during the training session. By the end of the 4 months, the graduate trainees will be sent on a two weeks compulsory attachment with various First Bank of Nigeria branches within the city and by the time the training is completed, successful trainees would be selected.
First Bank Credit Analysts Salary
Credit analysts are paid handsomely which sometimes is equal to that of the manager. This position comes with a lot of responsibilities. They are paid from N600, 00–N720,000 naira worth of money.
First Bank Contract Staff Monthly Salary
Contract staff at First Bank of Nigeria Limited are paid monthly basic salaries in the range between ₦82,000 – ₦120,000, amounting to a total yearly salary between ₦984,000 – ₦1.4 million.
These monthly earnings are hugely dependent on the outsourcing company which a particular First Bank contract staff is under.
First Bank Loan Officers Salary:
These persons are in charge of the loan disbursement and retrieving. You’ll have to work in the bank for quite a number of years to gain enough experience to occupy that position and are paid up to 420,000 Naira monthly plus other allowances that suit the position.
First Bank Entry Staff Monthly Salary
Entry level staff members at First Bank of Nigeria Limited are fresh graduates recently recruited into the company. The starting salary for entry level workers per month is about ₦176,000, which totals a yearly basic income of ₦2.1 million. Other monetary benefits when added to their monthly income, improves their salary package significantly.
Banking Assistants Salary Scale at First Bank
Banking Assistants at First Bank are experienced members of staff at the bank who are paid monthly salaries of about ₦203,000, which is just over ₦2.4 million a year, excluding other benefits.
Assistant Banking Officers Salary Scale At First Bank
Assistant banking officers at First Bank of Nigeria Limited are paid ₦300,000 or more per month. Their salary per year totals ₦3.6 million or more.
Banking Officers Salary Structure In First Bank Of Nigeria
Banking officers at First Bank are paid monthly salaries of about ₦400,000 or more, and this totals about ₦4.8 million every year, excluding allowances and bonuses. This position comes with a lot of responsibilities.
First Bank Senior Banking Officers Salary
The monthly salary that senior banking officers receive at First Bank of Nigeria Limited is about ₦500,000 or more depending on their job responsibilities, and in a year, these earnings total about ₦6 million or more.
To get to the position of senior banking officer, one must be very highly cerebral and because the position is really very competitive, one must endeavour to work really smart at all times.
First Bank Assistant Managers Monthly Salary
Assistant managers at First Bank are paid monthly salaries in the range between ₦700,000 – ₦800,000, which when summed up in a year, amounts to incomes in the region between ₦8.4 million – ₦9.6 million. These groups of First Bank staff are saddled with a lot of responsibility.
First Bank Managers Salary Structure
Managers at First Bank earn really high figures as salaries per month. On the average, First Bank pays its bank managers a lump sum of 920,000 naira monthly – almost a million naira per month; which amounts to over 11 million naira every year: and this amount does not include an official car and several other benefits that are available to the branch manager.
First Bank Advance Salary Programme:
First Bank Advance Salara programme is a digital lending solution designed to offer a convenient and easy access to cash for payroll customers awaiting payment of their salaries.
The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more.
Maximum amount accessible is N500,000.00 subject to 50% of net average 6months salary, whichever is lower. The eligible amount is calculated after deducting all other loan obligations to the Bank.
This product can be accessed via our digital channels: FirstMobile & USSD, FirstOnline, and ATM.
Benefits Of First Bank Advance Salary Programme
- Salary account must be domiciled with FirstBank
- Loan amount of up to 50% of net monthly income.
- Tenor is 30days or next pay day [whichever comes first]
- Maximum single obligor limit of N500,000.00
- Interest rate @ 2.5%flat collected upfront
- Management fee @ 1.0% flat
- Credit Life Insurance @ 0.50%
- FirstAdvance is an enhanced and improved version of Digital SODA.
- The loan can be accessed up to 3 times a day subject to maximum eligible amount
- The Risk Acceptance Criteria for FirstAdvance is automated.
- Repayment is taken immediately salary is received, while a lien is placed on unfunded account.
- All fees, including Interest rate are collected upfront upon disbursement of the loan.
How To Apply For First Bank Advance Salary Programme
You can apply for the First Advance,
- Through FirstMobile App Or
- USSD CODE-*894*11# or *894#
To apply for First Advance on FirstMobile App
- Download the recent FirstMobile App from Google Play Store or Apple Store on your smart phone
- Log on to the FirstMobile App
- Open menu options on the top left-hand side
- Select ‘Loans’
- Next, select ‘FirstAdvance’
- Next Menu Option shows your eligible amount and the applicable pricing and fees.
- Next, Accept the Terms & Conditions
- Next, input desired loan amount not more the eligible amount.
- Followed by your transaction pin.
- Successful, Loan is disbursed to your salary account within minutes.
- Your account is debited for Management fee & VAT, Interest rate and Insurance as upfront fees and Charges.
- Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment.
To Apply using USSD Code how do I apply on it?
- Dial *894# to connect to FirstBank’s USSD Banking, select 3, [Get Loans]
- or *894*11#
- The next menu shows your eligible loan amount
- Input desired amount and send
- Interest rate, Management fees & Insurance is displayed
- Input 5digit transaction PIN to accept Terms and conditions
- Loan is disbursed into your salary account within minutes.
- Your account is debited for Management fee, Interest rate, Insurance and VAT as upfront fees and Charges.
- Upon receipt of salary or 30days (whichever comes first) your account is debited for Principal repayment
First Bank of Nigeria Net Worth
First Bank is the third richest bank in Nigeria with the total net worth of: N7.02 Trillion
First Bank of Nigeria may be the oldest bank in the country but its still very much competing with the new generation banks in terms of delivering quality financial services to the Nigerian people.
The bank, founded in 1894, has till today maintained its status as one of the largest banks in Nigeria.
The bank has active branches in UK, United Arab Emirates, South Africa, China and several other places outside Nigeria.
Additionally, First Bank of Nigeria has one of the largest customer base in the nation (over 10 million), not forgetting that it also has over 1 million shareholders.
Due to her prowess and excellent service in the Nigerian banking sector, First Bank has received myriads of awards in times past, and this include The Banker magazine’s Best Bank In Nigeria Award, which the bank won 5 consecutive years (2011, 2012, 2013, 2014, and 2015).
The bank was also awarded the “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014.
More importantly, it might interest you to know that FirstBank was the foremost Nigerian bank to reach total assets amounting to N5 trillion, and this was achieved in 2017 together with Zenith Bank Plc before Access Bank and UBA later joined them in 2019.
Another thing about First Bank is that the institution has commendable salary structure for its staffs, ranging from junior to senior banking officers (SBOs).
To start with, graduate trainees are paid a sum of #50,000 to #60,000 for the period of 4 months while Entry-level staffs receive #100,000 above salary, and also there are some top officials of the bank earning more than #500,000 on a monthly basis.
Among the bank’s innovative products and services are ussd banking, online banking and so many others.
In Q1 2019, the total assets of First Bank of Nigeria rose to N5.7 trillion. However in December 2019 it recorded a total assest of N6.20 trillion. Presently it’s total asset is 7.02 trillion Naira.
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