Barclays Bank of Kenya is one of the biggest banks in Kenya but the salaries the bank pays its sales executives will shock you. Sales representatives/executives are mostly employed fresh from university, where they are recruited on contractual basic. As indicated below, you will notice that the pay is not what most graduates expect-here is the salary structure.
Ksh 20,000 per month for the first two months
Ksh10,000 per month from the third month
Ksh15,000 per month after 2 years
On top of the basic pay,the bank pays retainer for their sales executives. The retainer is based on the amount of loan you sale to the clients.If you manage to sell loans worth over Ksh 4.2 million-which is almost impossible-you will earn a commission of 252 % of your basic pay. If you manage to sell loans amounting to Ksh 3 million to Ksh4 million,you will go home with a retainer equivalent to 185 %-252 % of your basic pay.
The lowest sales executives are those who don’t meet their targets. The lowest monthly target is Ksh 1.8 million..If you don’t meet your target,you will walk home with average of Ksh 15,000 per month.
Now,that is Barclays bank.Here is what other Kenyan banks pays sales executives
| BANK | MONTHLY SALARY (KSH) |
| KCB | 15,000-20,000 |
| CO OPERATIVE BANK | 20,000-30,000 |
| CBA | 25,000-40,000 |
| CFC STANBIC | 20,000-30,000 |
| STANCHART | 25,000-35,000 |
| EQUITY BANK | 10,000-25,000 |
| NIC BANK | 25,000-35,000 |
Interest rates caps impacted negatively on profitability of most Kenyan banks. Most banks had to revise their salary scales downwards so as to maintain their profit margins. The most affected part of the salary was the retainer. Sales executive are now required to sale huge volumes of loans so as to earn a retainer, but due to competition from SACCOS, sales executives in the banking sector normally miss targets. This means that sales executives in the banking sector have to give up on retainers and commissions and survive on basic pay, since they can’t meet the unrealistic targets.
Working in the banking sector as a sales executive/cashier is the most stressful job in Kenya.
