Average Bank Operations Specialist Salary in Zambia for 2024

In this article, we will look at the average Bank Operations Specialist salary for 2024 in Zambia 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 Zambian kwacha. To keep things simple, we are using the ZMW currency code instead of the currency symbol ZK.

How Much Does a Bank Operations Specialist Make in Zambia?

A Bank Operations Specialist working in Zambia will typically earn around 94,800 ZMW per year, and this can range from the lowest average salary of about 48,760 ZMW to the highest average salary of 143,200 ZMW.

Average Annual Salary
94,800 ZMW
Average Monthly Salary
7,900 ZMW

Lowest Annual Salary
48,760 ZMW
Lowest Monthly Salary
4,063 ZMW

Highest Annual Salary
143,200 ZMW
Highest Monthly Salary
11,933 ZMW

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

Bank Operations 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 Operations Specialist Salaries in Zambia

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

Salary ranges

We already know that a Bank Operations Specialist can earn between 48,760 ZMW and 143,200 ZMW on average in Zambia. 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 Operations Specialist in Zambia is 87,060 ZMW. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 87,060 ZMW, and 50% of the population earn more than 87,060 ZMW.

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 Operations Specialist salary in Zambia, 25% of the population are earning less than 62,420 ZMW while 75% of the population earn more than 62,420 ZMW.

75% of the population earn less than 108,320 ZMW, and 25% of the population earn more than 108,320 ZMW.

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 Operations Specialist Salary by Experience Level in Zambia

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 operations 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 Operations Specialist in Zambia that has less than two years of experience can expect to earn somewhere in the region of 57,900 ZMW.
  • 2 - 5 Years Experience. With two to five years of experience the average Bank Operations Specialist salary would increase to 69,060 ZMW.
  • 5 - 10 Years Experience. From five to ten years of experience as a Bank Operations Specialist, the average salary would be 101,020 ZMW.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 114,000 ZMW.
  • 15 - 20 Years Experience. A Bank Operations Specialist with 15 to 20 years of experience can earn an average of 125,700 ZMW.
  • 20+ Years Experience. For a Bank Operations Specialist with more than 20 years, the expected average salary increases to 136,100 ZMW.

Average Salary by Experience Chart

0-2 Years
57,900 ZMW
2-5 Years +23%
69,060 ZMW
5-10 Years +42%
101,020 ZMW
10-15 Years +17%
114,000 ZMW
15-20 Years +10%
125,700 ZMW
20+ Years +6%
136,100 ZMW

Bank Operations Specialist Salary by Education Level in Zambia

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 Operations Specialist in Zambia 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 Operations Specialist in Zambia with a bachelor's degree education can earn an average salary of 63,040 ZMW.

  • Master's Degree. A Bank Operations Specialist in Zambia with a master's degree education can earn an average salary of 124,400 ZMW.

Average Salary by Education Chart

Bachelor's Degree
63,040 ZMW
Master's Degree +93%
124,400 ZMW

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 Zambia is around 30,000 to 90,000 ZMW 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 Operations 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 Zambia, a male bank operations specialist will earn an average of 98,000 ZMW, while a female bank operations specialist will earn around 88,580 ZMW.

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

Average Salary by Gender Chart in Zambia

Male
98,000 ZMW
Female -11%
88,580 ZMW

Bank Operations Specialist Average Pay Raise in Zambia

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 Operations Specialist in Zambia is around 9% every 27 months.

The national average pay raise across all professions and industries in Zambia 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 = ( 9 ÷ 27 ) × 12  = 4%

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

Annual Pay Raise by Industry in Zambia for 2024

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

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

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Bank Operations Specialist Bonus and Incentive Rates in Zambia

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 Operations Specialist is a low bonus based job, with 35% of employees reporting at least one bonus in the last 12 months.

65% 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 3% to 5%.

Received Bonus
35%
No Bonus
65%

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 Zambia earn approximately 21% more than private sector employees in the same role.

Public Sector
80,180 ZMW
Private Sector -21%
66,260 ZMW

Salaries for Jobs Similar to a Bank Operations Specialist

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

Job Title Category Salary
AML Analyst Banking 108,320 ZMW
Assistant Bank Branch Manager Banking 92,900 ZMW
Assistant Bank Manager Banking 125,700 ZMW
ATM Manager Banking 102,460 ZMW
ATM Service Technician Banking 27,560 ZMW
Bank Accounts Analyst Banking 44,800 ZMW
Bank Accounts Collector Banking 24,720 ZMW
Bank Accounts Controller Banking 51,900 ZMW
Bank Accounts Executive Banking 81,960 ZMW
Bank Accounts Manager Banking 90,540 ZMW
Bank Auditing Manager Banking 95,980 ZMW
Bank Branch Manager Banking 134,600 ZMW
Bank Branch Operations Coordinator Banking 58,520 ZMW
Bank Clerk Banking 27,020 ZMW
Bank Client Service Associate Banking 35,560 ZMW
Bank Collector Banking 26,020 ZMW
Bank Compliance Specialist Banking 66,580 ZMW
Bank Manager Banking 159,100 ZMW
Bank Operational Risk Manager Banking 152,000 ZMW
Bank Operations Head Banking 150,000 ZMW
Bank Operations Officer Banking 61,840 ZMW
Bank Process Manager Banking 82,160 ZMW
Bank Product Manager Banking 97,880 ZMW
Bank Programme Manager Banking 99,100 ZMW
Bank Project Manager Banking 123,400 ZMW
Bank Propositions Manager Banking 113,420 ZMW
Bank Quantitative Analyst Banking 72,540 ZMW
Bank Regional Manager Banking 152,100 ZMW
Bank Regional Risk Officer Banking 80,340 ZMW
Bank Relationship Manager Banking 116,960 ZMW
Bank Relationship Officer Banking 50,020 ZMW
Bank Teller Banking 28,660 ZMW
Banker Banking 51,120 ZMW
Banking Business Analyst Banking 80,800 ZMW
Banking Business Development Officer Banking 49,820 ZMW
Banking Business Planning Executive Banking 108,340 ZMW
Banking Product Manager Banking 99,280 ZMW
Banking Reference Data Manager Banking 81,960 ZMW
Banking Risk Analyst Banking 80,520 ZMW
Banking Technical Analyst Banking 43,220 ZMW
Bankruptcy Coordinator Banking 57,360 ZMW
Bill and Account Collector Banking 28,720 ZMW
Budget Analyst Banking 79,260 ZMW
Capital Risk Manager Banking 151,800 ZMW
Cards Marketing Manager Banking 103,600 ZMW
Cash Management Manager Banking 142,300 ZMW
Check Processing Manager Banking 100,580 ZMW
Commercial Vault Associate Banking 78,120 ZMW
Corporate Banker Banking 57,860 ZMW
Corporate Dealer Banking 80,520 ZMW
Credit Analyst Banking 63,380 ZMW
Credit and Collections Manager Banking 110,500 ZMW
Credit Card Fraud Investigator Banking 80,060 ZMW
Credit Portfolio Manager Banking 152,300 ZMW
Credit Risk Analyst Banking 86,760 ZMW
Credit Risk Associate Banking 85,020 ZMW
Direct Bank Sales Representative Banking 57,320 ZMW
Exchange Control Consultant Banking 81,880 ZMW
Executive Account Analyst Banking 80,020 ZMW
Financial Bank Planning Consultant Banking 102,460 ZMW
Financial Banking Analysis Manager Banking 118,380 ZMW
Financial Banking Assistant Banking 37,620 ZMW
Financial Banking Systems Manager Banking 107,320 ZMW
Foreign Exchange Manager Banking 119,700 ZMW
Fraud Analyst Banking 81,960 ZMW
Fraud Detection Associate Banking 55,840 ZMW
Fraud Detection Manager Banking 120,880 ZMW
Fraud Detection Supervisor Banking 72,180 ZMW
Internal Bank Audit Manager Banking 146,200 ZMW
Internal Bank Auditor Banking 80,800 ZMW
Internal Private Banker Banking 59,380 ZMW
International Banking Manager Banking 159,500 ZMW
Investment Banking Analyst Banking 119,320 ZMW
Loan Analyst Banking 78,960 ZMW
Loan Area Manager Banking 101,920 ZMW
Loan Audit Team Leader Banking 95,760 ZMW
Loan Branch Manager Banking 86,640 ZMW
Loan Business Development Officer Banking 48,940 ZMW
Loan Clerk Banking 29,040 ZMW
Loan Collection and Recovery Manager Banking 91,520 ZMW
Loan Collection Manager Banking 97,640 ZMW
Loan Collector Banking 24,200 ZMW
Loan Examiner Banking 34,380 ZMW
Loan Officer Banking 30,800 ZMW
Loan Processing Manager Banking 84,040 ZMW
Loan Processor Banking 38,180 ZMW
Loan Quality Assurance Auditor Banking 78,960 ZMW
Loan Quality Assurance Manager Banking 87,940 ZMW
Loan Quality Assurance Representative Banking 61,780 ZMW
Loan Review Manager Banking 88,600 ZMW
Loan Team Leader Banking 81,180 ZMW
Loans Manager Banking 108,800 ZMW
Mortgage Advisor Banking 54,140 ZMW
Mortgage Collection Manager Banking 93,220 ZMW
Mortgage Collector Banking 25,940 ZMW
Mortgage Credit Analyst Banking 42,320 ZMW
Mortgage Credit Manager Banking 92,880 ZMW
Mortgage Development Manager Banking 99,340 ZMW
Mortgage Document Reviewer Banking 37,200 ZMW
Mortgage Funding Manager Banking 97,460 ZMW
Mortgage Operations Manager Banking 136,100 ZMW
Mortgage Payment Processing Clerk Banking 31,940 ZMW
Mortgage Processing Manager Banking 89,980 ZMW
Mortgage Processor Banking 35,560 ZMW
Mortgage Quality Assurance Auditor Banking 77,060 ZMW
Mortgage Quality Assurance Manager Banking 90,900 ZMW
Mortgage Servicing Clerk Banking 26,660 ZMW
Mortgage Servicing Manager Banking 92,300 ZMW
Mortgage Underwriter Banking 36,940 ZMW
Online Banking Manager Banking 142,300 ZMW
Payment Processing Clerk Banking 26,660 ZMW
Personal Banker Banking 57,080 ZMW
Personal Banking Advisor Banking 61,400 ZMW
Phone Banker Banking 38,680 ZMW
Private Banker Banking 59,000 ZMW
Reconciliation and Investigation Specialist Banking 67,300 ZMW
Tax Officer Banking 48,920 ZMW
Teller Banking 26,280 ZMW
Trade Officer Banking 32,900 ZMW
Trade Product Manager Banking 88,300 ZMW
Trader Banking 39,800 ZMW
Treasury Operations Officer Banking 67,800 ZMW

Salary Comparison by City

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

City Average Salary
Lusaka 107,680 ZMW

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