Fidelity Bank Plc has promoted 433 employees under its 2026 Promotion and Notch Award Exercise, covering approximately 13% of its total workforce. This marks an increase from 376 promotions in 2025 (about 12% of staff) and 337 in 2024 (around 11%), according to a report by Legit.ng.
The promotion exercise is part of a broader strategy by Nigerian banks to retain experienced professionals as competition for skilled workers intensifies, particularly from fintech companies.
Fidelity Bank's Staff Welfare Investments
Since Nneka Onyeali-Ikpe became managing director and chief executive officer, Fidelity Bank has conducted annual promotion exercises alongside a package of staff welfare improvements. The bank implemented salary increases across employee grades in 2022, 2024, and 2025, and introduced staff buses to ease commuting.
The bank also widened medical coverage, expanded learning and professional development programmes, and extended its mortgage loan and home ownership scheme to employees from Assistant Banking Executive to Deputy Manager cadres, with higher mortgage limits for qualified staff.
The bank stated that these measures are part of a wider plan to improve staff productivity, workplace satisfaction, and employee retention.
Banks Raise Pay as Competition for Talent Grows
The push to retain staff comes as Nigerian lenders compete with fintech companies and other financial technology businesses for skilled workers. A review of the 2025 audited financial statements of Access Holdings, United Bank for Africa, Zenith Bank, and Wema Bank revealed that the four institutions grew their combined workforce by 12.75% to 33,675 employees during the year.
Their combined wages and salaries climbed by 27.49% to N1.05 trillion over the same period, driven by higher living costs and stronger demand for experienced talent across the financial services sector. The four banks collectively recorded N2.36 trillion in profit for the 2025 financial year, as reported by Punch.
Monthly Earnings and Cost of Living Context
The financial statements also showed that 13,790 employees across the four banks earned at least N718,125 per month, equivalent to N8.62 million annually. These figures exclude benefits such as medical expenses, pension contributions, and productivity incentives.
Earlier, Legit.ng reported that a single Nigerian worker living in an urban centre needs at least N372,300 every month to meet basic living expenses, according to an analysis by The Guardian. This figure is more than five times the current national minimum wage of N70,000. The breakdown covers housing, food, transport, healthcare, utilities, personal care, clothing, and monthly savings, with housing taking the largest share at N125,000 per month, based on an annual rent of N1.5 million for a one-room apartment.
The promotion exercise and salary increases reflect the ongoing adjustments Nigerian banks are making to address cost-of-living pressures and retain talent in a competitive financial services market.
