The National Bureau of Statistics (NBS) has revealed in its latest data, that Nigerian banks now have a total of 46, 235 contract staff members as at Q1 2019. This compares to 45,238 in Q4 2018 and 32,013 in the first quarter of 2018.
There has been an upsurge in the bank staff strength in the last five years and it is rising by double digits.
- Contract staff has risen by 44% year on year as more Nigerian banks increasingly rely on outsourcing for core banking operations.
- Contract staff now make up about 44% of total banking employees
- Total bank employees rose to 105, 017 a 0.33% rise compared to the immediate last quarter.
- This compares to 17% year on year employee hire for the banking sector. There was a 6.36% uptick in senior staff hires.
- Essentially, Nigerian banks are hiring more contract staff compared to full staff
Banks are increasingly relying on contract staff to perform daily operations. From a mere 20,237 in 2017 contract staff has more than doubled both as a percentage of total staff and in absolute terms.