By Anthony Otaru, Abuja
Contract staff across Nigeria’s banking sector are demanding salary upgrades and permanent employment status as inflation and rising living costs put severe pressure on their finances.
An investigation by ThisNigeria shows that while banks rely heavily on these workers for core operations, most earn between ₦50,000 and ₦120,000 per month, far below the pay of permanent staff.
As of 2025, about 60–65 per cent of operational staff in Nigerian banks were on contract or casual terms, yet many struggled to meet basic needs.
“Since the removal of the fuel subsidy and the naira float, my salary barely covers my expenses,” said Mr James Olaleye, a 24-year-old contract worker in Abuja.
“With transport and general costs rising, we are asking management to upgrade our salaries and recognise those of us who have served over 10 years.”
Mrs Juliet Davidson, a casual worker of 12 years, lamented the disparity: “New full-time staff enjoy higher salaries and allowances, yet I remain casual.
“Many see me as a bank worker, but they don’t know I’m just a casual worker. We have families to feed and bills to pay.”
Hajia Maimuna Ojo, a 13-year veteran of a major bank, said, “They treat us like strangers in our own country. We took these jobs to survive the tough economy. It’s time authorities help upgrade qualified and dedicated workers to permanent positions.”
Labour unions, particularly the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), have condemned prolonged casualisation as “modern-day slavery.”
ASSBIFI President, Okusoji Oluwole, said, “Contract workers earn less than half of permanent staff salaries, often without pensions, healthcare, or housing allowances. This must stop.”
Economist, Prof Akpan Ekpo added, “I don’t blame banks entirely; the government is failing to create jobs for graduates. Banks profit massively while keeping skilled young workers in a state of perpetual casualisation. Those who have served over 10 years deserve permanent positions.”
Another Economist, Prof Sheriffdeen Tella, also urged legislative action.
“Employing skilled Nigerians as casual workers is degrading. Banks should not place casuals in middle or senior roles. Permanent employment for qualified staff must be prioritised,” he said.
With inflation, high rents, and living costs escalating, dissatisfaction among contract staff signals a growing crisis for Nigeria’s banking sector unless reforms are implemented.
