This article seeks to reveal the top 10 highest paying banks in Kenya.
Choosing a career is a critical decision to make due to the numerous career options available. Building a career in the banking industry is the desire of many, due to numerous reasons.While many see banking jobs to be very stressful, others are willing to pay and give anything to get into the industry.
Some of the various reasons why people opt for banking jobs are:
It is open to all, bankers are well-respected and seen as prestigious individuals, bank employees are provided with lots of exposure due to the nature of the job,they undergo regular training for self development and above all other reasons,the banking industry is one of the industries that pays highest.
Besides the attractive salary, there are other benefits too. On that note,we will be looking at the top 10 highest paying banks in Kenya but before that,it is important to know that Kenya has a total of 46 banks that are licensed by Central Bank of Kenya and ironically the best-paying banks are not necessarily the biggest.
Banks in Kenya are supervised by Banki Kuu ya Kenya or the Central Bank of Kenya (CBK). CBK was formed in 1966, following the dissolution of the East African Currency Board. The central bank is in charge of establishing monetary policies that aim at maintaining the stability of prices. Other responsibilities include forming and implementing foreign exchange policies, promoting financial stability, and issuing currency.
Be it as it may, for individuals contemplating a banking career in Kenya, below are top 10 highest-paying banks in Kenya.
TOP 10 HIGHEST PAYING BANKS IN KENYA
1. CFC Stanbic Bank LTD
CFC Stanbic Bank ranks among the highest paying banks in Kenya,founded in the year 2007. Most of the employees are graduates of finance with Chartered Financial Analyst (CFA) qualification.
Graduates can find vacancies in positions such as graduate clerks, financial analysts and loan officers. The starting salary is said to range between Ksh 70,000 to Ksh 90,000 and the salary rises steadily as experience is gained.
Those in managerial positions earn between Ksh 150,000 -Ksh400,000 while those above the managerial positions are said to be the highest-paid in Kenya with a monthly salary of about Ksh1.5- Ksh2 million monthly. Sales executive are the lowest-paid employees at CFC Stanbic Bank, with a salary range of Ksh25,000 to Ksh 60,000 per month.
2. Commercial Bank Of Africa Ltd.
Commercial Bank of Africa (CBA) is owned by President Kenyatta’s family. CBA partners with Safaricom on M-shwari, a mobile money platform which allows Safaricom customers to save and borrow loans through M-Pesa.
The bank is said to pay fresh graduates Ksh65,000 to Ksh 75,000 while branch Managers take home from Ksh 150,000 with the CEO taking home over Ksh3 million. The lowest-paid sales executives are paid over Ksh25,000. The bank was founded in 1962.
3. Kenya Commercial Bank Ltd
Unlike some Kenyan banks,KCB is best for retaining employees, there is no bank you will get as old employees as those in KCB. While other banks retrench employees who have attained age 40, KCB can retain an employee up to retirement age of 60.
For fresh graduates, KCB pays about Ksh 50,000. The lowest-paid employees are sales executives whose salary range is from Ksh20,000-Ksh 40,000 per month. KCB was founded in 1896.
4. Ecobank Limited
Ecobank may be an average bank but when it comes to salaries, its one to go consider. The starting salary for fresh graduates is Ksh55,000-Ksh 75,000 while branch managers are paid up to Ksh1.5 million. The bank was founded 2005.
5. NIC Bank Ltd
NIC Bank , though founded in 1959 has been bought by CBA. This however has made the salaries at NIC to be almost similar to those in CBA. Fresh graduates make between Ksh 55,000 to Ksh 80,000, while managers are paid not less than Ksh 150,000.
6. Barclays Bank Of Kenya
Absa Bank Kenya Plc, formerly Barclays Bank Kenya Limited, is a commercial bank in Kenya and a subsidiary of South Africa-based Absa Group Limited. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. The bank was founded in 1916.
BBK pays an average salary of Ksh 108,000 per month, with bank officers receiving about Ksh 162,000, Ksh 58,000 for accountants and Ksh 88,000 for customer service advisers.
7. I & M
I&M is said to pay entry-level university graduates Sh 56,000-65,000. The bank offers rewarding careers to its employees as well as competitive compensation. A human Resource Officer with over 2 years working experience is paid a monthly salary of Ksh91,000 to Ksh98,000. It was founded in the year 1974.
8. Co-operative Bank Of Kenya Ltd
The nice thing about Cooperative bank is that it pays fresh graduates handsomely but easily retires employees above the age of 40 years,.The best age to work in a Kenyan bank is between 21 and 40, anything beyond that, job security is not guaranteed .
Starting salary for a fresh graduate at Cooperative bank is Ksh 68,000 – Ksh 75,000. Salaries increase over time and within 4 years, the pay goes Ksh 100,000. It was founded in the year 1872.
9. Citibank N.A.
This might just be one of the best banks to consider working within Kenya . This bank ranks the best bank in Kenya.Citibank has an excellent culture of promoting their workers. When you work for this bank over a long period, you are promoted until you become the highest-paid employee in the bank.
Another good thing about Citibank is that the workload is not as hectic as that in deposit-taking banks like Cooperative, KCB and Equity
Starting salary for fresh graduates at Citibank is Ksh 80,000. Once an individual works for at least 2 years, the salary rises to above Ksh120,000. It was founded in 1974.
10. National Bank Of Kenya (NBK)
NBK is a large financial services provider in Kenya, serving individuals, small-to-medium companies and businesses (SMEs) and large corporations. Headquartered in Nairobi, the bank owns one subsidiary company: NatBank Trustee and Investment Services Limited.
The bank owns the following subsidiary companies in which it has 100% shares
- Natbank Trustee and Investment Services Limited: Nairobi,
- Kenya National Capital Corporation Limited,Nairobi,
- NBK Insurance Agency Limited.
NBK pays an average monthly salary of Ksh 59,000. While bank managers are paid Ksh 75,000, accountants earn about Ksh 34,000.
The bank was established in 1968.
