- Nigerian banking sector is one of the highest employers of labours in the country with over 90,000 Nigerians
- But this could change in the coming years as banks are investing heavily on their digital banking services
- Within a 12 months period over 9,991 staff where ask to go home and this could increase further when 2021 result is released
On Tuesday 11 January 2022 news broke out that the Standard Chartered bank is closing 50 percent of its branches.
According to a report by Bloomberg News, the Nigerian subsidiary started closing down some offices in December and may drop it from 25 to 13 branches.
Citing an industry document, the platform also reported that the bank concluded the plans due to the pressure from mobile money providers and many suggested this could mean many of the staff member in those branches will be asked to go home.
Although the management of Standard Chartered bank have come out to deny the report that the closed branches staff will be relieved of their duties.
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However, data shows since the boom in technology driven banking services, Nigerian banks have been reducing their staff strength while investing heavily on digital banking.
Banks reduce staff strength
Data obtained from the National Bureau of Statistics showed that from the first quarter of 2019(January- March) to fourth quarter(October to December) no fewer than 9,991 bank workers have been asked to go home.
NBS in its selected banking sector report published on its website said the total staff strength dropped from 104,669 in Q1 2019 to 95,026 as at Q4 2020.
It is expected that when 2021 report is released the number will dropped further.
GT, Zenith head the List of Nigerian Banks with best-paid executives
Meanwhile, Legit.ng reported on how much Nigerian banks executive earned in a sector with the highest employers of labours in the country.
Chief Executive/Managing Directors are saddled with the responsibilities not to only ensure salaries are paid but also profits are made.
These enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.