Average Bank Compliance Specialist Salary in Rwanda for 2024

In this article, we will look at the average Bank Compliance Specialist salary for 2024 in Rwanda and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Rwandan franc. To keep things simple, we are using the RWF currency code instead of the currency symbol Fr.

How Much Does a Bank Compliance Specialist Make in Rwanda?

A Bank Compliance Specialist working in Rwanda will typically earn around 7,189,800 RWF per year, and this can range from the lowest average salary of about 3,299,800 RWF to the highest average salary of 11,425,300 RWF.

Average Annual Salary
7,189,800 RWF
Average Monthly Salary
599,150 RWF

Lowest Annual Salary
3,299,800 RWF
Lowest Monthly Salary
274,983 RWF

Highest Annual Salary
11,425,300 RWF
Highest Monthly Salary
952,108 RWF

These are average salaries for a Bank Compliance Specialist in Rwanda and include benefits such as housing and transport. It's also possible for a Bank Compliance Specialist to earn more or less than the average salaries shown above.

Bank Compliance Specialist salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Bank Compliance Specialist Salaries in Rwanda

So we've looked at the average salaries a Bank Compliance Specialist will earn in Rwanda. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Bank Compliance Specialist can earn between 3,299,800 RWF and 11,425,300 RWF on average in Rwanda. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Bank Compliance Specialist in Rwanda is 7,750,400 RWF. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 7,750,400 RWF, and 50% of the population earn more than 7,750,400 RWF.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Bank Compliance Specialist salary in Rwanda, 25% of the population are earning less than 4,981,700 RWF while 75% of the population earn more than 4,981,700 RWF.

75% of the population earn less than 10,357,200 RWF, and 25% of the population earn more than 10,357,200 RWF.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Bank Compliance Specialist Salary by Experience Level in Rwanda

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average bank compliance specialist salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Bank Compliance Specialist in Rwanda that has less than two years of experience can expect to earn somewhere in the region of 3,755,300 RWF.
  • 2 - 5 Years Experience. With two to five years of experience the average Bank Compliance Specialist salary would increase to 5,003,800 RWF.
  • 5 - 10 Years Experience. From five to ten years of experience as a Bank Compliance Specialist, the average salary would be 7,404,700 RWF.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 9,025,900 RWF.
  • 15 - 20 Years Experience. A Bank Compliance Specialist with 15 to 20 years of experience can earn an average of 9,841,900 RWF.
  • 20+ Years Experience. For a Bank Compliance Specialist with more than 20 years, the expected average salary increases to 10,643,500 RWF.

Average Salary by Experience Chart

0-2 Years
3,755,300 RWF
2-5 Years +34%
5,003,800 RWF
5-10 Years +48%
7,404,700 RWF
10-15 Years +22%
9,025,900 RWF
15-20 Years +9%
9,841,900 RWF
20+ Years +8%
10,643,500 RWF

Bank Compliance Specialist Salary by Education Level in Rwanda

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Bank Compliance Specialist in Rwanda based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Bank Compliance Specialist in Rwanda with a bachelor's degree education can earn an average salary of 4,355,800 RWF.

  • Master's Degree. A Bank Compliance Specialist in Rwanda with a master's degree education can earn an average salary of 8,411,800 RWF.

Average Salary by Education Chart

Bachelor's Degree
4,355,800 RWF
Master's Degree +93%
8,411,800 RWF

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Rwanda is around 3,460,000 to 10,400,000 RWF and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Bank Compliance Specialist Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Rwanda, a male bank compliance specialist will earn an average of 7,572,700 RWF, while a female bank compliance specialist will earn around 6,791,800 RWF.

This means that a male bank compliance specialist earns approximately 11% more than a female bank compliance specialist for performing the same job.

Average Salary by Gender Chart in Rwanda

Male
7,572,700 RWF
Female -11%
6,791,800 RWF

Bank Compliance Specialist Average Pay Raise in Rwanda

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Bank Compliance Specialist in Rwanda is around 8% every 27 months.

The national average pay raise across all professions and industries in Rwanda is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 27 ) × 12  = 4%

What this means is that a Bank Compliance Specialist in Rwanda can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Rwanda for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Rwanda.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Bank Compliance Specialist Bonus and Incentive Rates in Rwanda

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Bank Compliance Specialist is a low bonus based job, with 41% of employees reporting at least one bonus in the last 12 months.

59% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
41%
No Bonus
59%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Rwanda earn approximately 25% more than private sector employees in the same role.

Public Sector
9,215,300 RWF
Private Sector -25%
7,393,200 RWF

Salaries for Jobs Similar to a Bank Compliance Specialist

In the table below, we have salary information for jobs that are similar to a Bank Compliance Specialist in Rwanda.

Job Title Category Salary
AML Analyst Banking 12,721,300 RWF
Assistant Bank Branch Manager Banking 10,450,100 RWF
Assistant Bank Manager Banking 14,038,300 RWF
ATM Manager Banking 11,638,300 RWF
ATM Service Technician Banking 3,144,700 RWF
Bank Accounts Analyst Banking 4,633,100 RWF
Bank Accounts Collector Banking 2,734,500 RWF
Bank Accounts Controller Banking 5,818,100 RWF
Bank Accounts Executive Banking 8,460,900 RWF
Bank Accounts Manager Banking 10,630,600 RWF
Bank Auditing Manager Banking 9,925,000 RWF
Bank Branch Manager Banking 14,519,400 RWF
Bank Branch Operations Coordinator Banking 6,048,900 RWF
Bank Clerk Banking 2,676,200 RWF
Bank Client Service Associate Banking 3,781,400 RWF
Bank Collector Banking 2,854,700 RWF
Bank Manager Banking 16,320,700 RWF
Bank Operational Risk Manager Banking 17,159,700 RWF
Bank Operations Head Banking 17,278,100 RWF
Bank Operations Officer Banking 6,648,800 RWF
Bank Operations Specialist Banking 9,971,500 RWF
Bank Process Manager Banking 9,010,800 RWF
Bank Product Manager Banking 10,813,300 RWF
Bank Programme Manager Banking 11,399,200 RWF
Bank Project Manager Banking 12,841,200 RWF
Bank Propositions Manager Banking 11,998,600 RWF
Bank Quantitative Analyst Banking 8,242,900 RWF
Bank Regional Manager Banking 17,039,100 RWF
Bank Regional Risk Officer Banking 9,142,700 RWF
Bank Relationship Manager Banking 12,239,700 RWF
Bank Relationship Officer Banking 5,818,100 RWF
Bank Teller Banking 3,035,200 RWF
Banker Banking 5,698,400 RWF
Banking Business Analyst Banking 8,926,700 RWF
Banking Business Development Officer Banking 5,686,100 RWF
Banking Business Planning Executive Banking 11,974,500 RWF
Banking Product Manager Banking 11,245,700 RWF
Banking Reference Data Manager Banking 9,504,500 RWF
Banking Risk Analyst Banking 8,785,800 RWF
Banking Technical Analyst Banking 4,726,900 RWF
Bankruptcy Coordinator Banking 6,433,500 RWF
Bill and Account Collector Banking 2,964,800 RWF
Budget Analyst Banking 8,434,700 RWF
Capital Risk Manager Banking 15,838,200 RWF
Cards Marketing Manager Banking 10,932,200 RWF
Cash Management Manager Banking 15,599,800 RWF
Check Processing Manager Banking 11,290,900 RWF
Commercial Vault Associate Banking 8,856,100 RWF
Corporate Banker Banking 6,420,700 RWF
Corporate Dealer Banking 9,025,900 RWF
Credit Analyst Banking 7,045,600 RWF
Credit and Collections Manager Banking 11,998,600 RWF
Credit Card Fraud Investigator Banking 9,010,800 RWF
Credit Portfolio Manager Banking 15,960,700 RWF
Credit Risk Analyst Banking 9,744,400 RWF
Credit Risk Associate Banking 9,684,600 RWF
Direct Bank Sales Representative Banking 6,048,900 RWF
Exchange Control Consultant Banking 9,396,300 RWF
Executive Account Analyst Banking 8,554,100 RWF
Financial Bank Planning Consultant Banking 11,617,300 RWF
Financial Banking Analysis Manager Banking 13,319,300 RWF
Financial Banking Assistant Banking 4,249,700 RWF
Financial Banking Systems Manager Banking 11,878,500 RWF
Foreign Exchange Manager Banking 12,481,200 RWF
Fraud Analyst Banking 8,891,600 RWF
Fraud Detection Associate Banking 6,048,900 RWF
Fraud Detection Manager Banking 13,798,900 RWF
Fraud Detection Supervisor Banking 7,907,600 RWF
Internal Bank Audit Manager Banking 15,838,200 RWF
Internal Bank Auditor Banking 8,267,800 RWF
Internal Private Banker Banking 6,420,700 RWF
International Banking Manager Banking 17,159,700 RWF
Investment Banking Analyst Banking 12,361,500 RWF
Loan Analyst Banking 8,614,300 RWF
Loan Area Manager Banking 10,788,900 RWF
Loan Audit Team Leader Banking 10,102,100 RWF
Loan Branch Manager Banking 9,804,400 RWF
Loan Business Development Officer Banking 5,183,700 RWF
Loan Clerk Banking 2,964,800 RWF
Loan Collection and Recovery Manager Banking 10,669,400 RWF
Loan Collection Manager Banking 10,870,100 RWF
Loan Collector Banking 2,854,700 RWF
Loan Examiner Banking 3,718,600 RWF
Loan Officer Banking 3,395,900 RWF
Loan Processing Manager Banking 9,010,800 RWF
Loan Processor Banking 4,079,300 RWF
Loan Quality Assurance Auditor Banking 8,988,700 RWF
Loan Quality Assurance Manager Banking 9,804,400 RWF
Loan Quality Assurance Representative Banking 6,407,600 RWF
Loan Review Manager Banking 9,466,400 RWF
Loan Team Leader Banking 9,166,100 RWF
Loans Manager Banking 11,638,300 RWF
Mortgage Advisor Banking 6,179,700 RWF
Mortgage Collection Manager Banking 10,212,200 RWF
Mortgage Collector Banking 2,794,600 RWF
Mortgage Credit Analyst Banking 4,450,400 RWF
Mortgage Credit Manager Banking 10,141,000 RWF
Mortgage Development Manager Banking 11,389,900 RWF
Mortgage Document Reviewer Banking 3,805,100 RWF
Mortgage Funding Manager Banking 11,065,000 RWF
Mortgage Operations Manager Banking 14,760,200 RWF
Mortgage Payment Processing Clerk Banking 3,192,300 RWF
Mortgage Processing Manager Banking 9,576,900 RWF
Mortgage Processor Banking 4,079,300 RWF
Mortgage Quality Assurance Auditor Banking 8,962,200 RWF
Mortgage Quality Assurance Manager Banking 10,057,900 RWF
Mortgage Servicing Clerk Banking 3,094,100 RWF
Mortgage Servicing Manager Banking 9,623,400 RWF
Mortgage Underwriter Banking 3,685,200 RWF
Online Banking Manager Banking 15,719,900 RWF
Payment Processing Clerk Banking 3,156,400 RWF
Personal Banker Banking 6,420,700 RWF
Personal Banking Advisor Banking 6,289,900 RWF
Phone Banker Banking 4,176,700 RWF
Private Banker Banking 6,300,400 RWF
Reconciliation and Investigation Specialist Banking 7,129,200 RWF
Tax Officer Banking 5,232,400 RWF
Teller Banking 3,094,100 RWF
Trade Officer Banking 3,421,600 RWF
Trade Product Manager Banking 10,630,600 RWF
Trader Banking 4,369,800 RWF
Treasury Operations Officer Banking 8,038,700 RWF

Salary Comparison by City

If you want to compare salaries with different cities in Rwanda, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Kigali 8,604,800 RWF

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