Fidelity Bank Plc has increased salaries for its employees and promoted 433 staff members under its 2026 Promotion and Notch Award Exercise, as Nigerian banks raise pay and strengthen welfare packages to retain skilled professionals amid growing competition from fintech companies.
The 433 employees promoted represent about 13 percent of Fidelity Bank’s workforce, an increase from the 376 employees promoted in 2025, representing about 12 percent of staff, and 337 promoted in 2024, when approximately 11 percent of the workforce benefited from the annual exercise.
The bank said the latest promotion exercise is designed to reward strong performance, recognise individual contributions and strengthen its internal leadership structure.
Since Nneka Ikpe became managing director and chief executive officer of Fidelity Bank, the lender has continued to combine its annual promotion exercise with broader measures aimed at improving employee welfare.
The bank implemented salary increases across various employee grades in 2022, 2024 and 2025, while also introducing staff buses to ease commuting challenges.
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It also expanded medical coverage and increased access to learning and professional development programmes.
Fidelity Bank further extended its mortgage loan and home ownership scheme to employees from the assistant banking executive to deputy manager cadres, with higher mortgage limits available to eligible workers.
The bank said the measures form part of its broader strategy to improve employee productivity, workplace satisfaction and staff retention.
The efforts to improve staff welfare come as Nigerian banks face increasing competition from fintech companies and other financial technology businesses for experienced professionals.
An analysis of the 2025 audited financial statements of Access Holdings, United Bank for Africa, Zenith Bank and Wema Bank showed that the four institutions increased their combined workforce by 12.75 per cent to 33,675 employees during the year.
Their combined wages and salaries also rose by 27.49 percent to N1.05 trillion in 2025. The increase came amid rising living costs and stronger demand for experienced professionals across Nigeria’s financial services sector.
