Union Bank of Nigeria, which was acquired by Titan Trust Bank in 2022, has raised staff salaries by 40% to help its over 2,000 employees cope with the rising cost of living, according to two people familiar with the matter. The salary increase took effect on November 1, 2024. Employees will receive the arrears for November along with their December 2024 salary, according to an internal memo seen by TechCabal.

The salary increase applies to all employees, ranging from executive trainees to general managers, and outsourced associates, the internal memo said. 

Executive trainees, who were earning ₦260,000 ($153) per month, will now take home ₦364,000 ($215) per month, according to sources with direct knowledge of the bank’s salary structure. A senior banking officer (SBO) will now be bumped to ₦20 million ($11,792) in annual gross salary, a second person shared.

This is the third salary increase Union Bank has implemented since 2022.

Union Bank declined to comment on this story.

Union Bank’s salary increase comes as part of a broader trend among Nigerian commercial banks responding to the country’s macroeconomic situation. In September 2024, GTBank, a tier-1 commercial bank known for cost efficiency, raised staff salaries by 40% and Sterling Bank, a tier-2 bank, began paying employees a cost of living adjustment stipend in August 2024. 

These measures are expected to keep salaries competitive as a naira devaluation and soaring inflation have triggered a cost of living crisis and put consumer spending under pressure. 

“The recent adjustments to our compensation and benefits package strongly reflect Union Bank’s commitment to investing in our employees and aligning with industry standards,” Union Bank said in the memo.

Union Bank spent ₦34 billion on personnel expenses in 2023, a 27% jump from the previous year, according to its financial statements. That 40% increase means the bank would spend ₦47.6 billion in the coming year.

*Exchange rate used: $1 = ₦1,696

Editor’s note: This article has been updated to include that Union Bank declined to comment.