Average Banking Business Development Officer Salary in Eritrea for 2024

In this article, we will look at the average Banking Business Development Officer salary for 2024 in Eritrea 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 Eritrean nakfa. To keep things simple, we are using the ERN currency code instead of the currency symbol Nfk.

How Much Does a Banking Business Development Officer Make in Eritrea?

A Banking Business Development Officer working in Eritrea will typically earn around 54,560 ERN per year, and this can range from the lowest average salary of about 27,560 ERN to the highest average salary of 86,520 ERN.

Average Annual Salary
54,560 ERN
Average Monthly Salary
4,546 ERN

Lowest Annual Salary
27,560 ERN
Lowest Monthly Salary
2,296 ERN

Highest Annual Salary
86,520 ERN
Highest Monthly Salary
7,210 ERN

These are average salaries for a Banking Business Development Officer in Eritrea and include benefits such as housing and transport. It's also possible for a Banking Business Development Officer to earn more or less than the average salaries shown above.

Banking Business Development Officer 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 Banking Business Development Officer Salaries in Eritrea

So we've looked at the average salaries a Banking Business Development Officer will earn in Eritrea. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Banking Business Development Officer can earn between 27,560 ERN and 86,520 ERN on average in Eritrea. 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 Banking Business Development Officer in Eritrea is 54,180 ERN. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 54,180 ERN, and 50% of the population earn more than 54,180 ERN.

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 Banking Business Development Officer salary in Eritrea, 25% of the population are earning less than 37,740 ERN while 75% of the population earn more than 37,740 ERN.

75% of the population earn less than 66,680 ERN, and 25% of the population earn more than 66,680 ERN.

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.

Banking Business Development Officer Salary by Experience Level in Eritrea

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 banking business development officer 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 Banking Business Development Officer in Eritrea that has less than two years of experience can expect to earn somewhere in the region of 31,520 ERN.
  • 2 - 5 Years Experience. With two to five years of experience the average Banking Business Development Officer salary would increase to 44,720 ERN.
  • 5 - 10 Years Experience. From five to ten years of experience as a Banking Business Development Officer, the average salary would be 59,240 ERN.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 69,180 ERN.
  • 15 - 20 Years Experience. A Banking Business Development Officer with 15 to 20 years of experience can earn an average of 78,160 ERN.
  • 20+ Years Experience. For a Banking Business Development Officer with more than 20 years, the expected average salary increases to 80,020 ERN.

Average Salary by Experience Chart

0-2 Years
31,520 ERN
2-5 Years +34%
44,720 ERN
5-10 Years +30%
59,240 ERN
10-15 Years +21%
69,180 ERN
15-20 Years +9%
78,160 ERN
20+ Years +5%
80,020 ERN

Banking Business Development Officer Salary by Education Level in Eritrea

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 Banking Business Development Officer in Eritrea based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Banking Business Development Officer in Eritrea with a certificate or diploma education can earn an average salary of 40,560 ERN.

  • Bachelor's Degree. A Banking Business Development Officer in Eritrea with a bachelor's degree education can earn an average salary of 61,180 ERN.

  • Master's Degree. A Banking Business Development Officer in Eritrea with a master's degree education can earn an average salary of 85,020 ERN.

Average Salary by Education Chart

Certificate or Diploma
40,560 ERN
Bachelor's Degree +52%
61,180 ERN
Master's Degree +42%
85,020 ERN

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 Eritrea is around 34,200 to 103,000 ERN 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.

Banking Business Development Officer 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 Eritrea, a male banking business development officer will earn an average of 61,460 ERN, while a female banking business development officer will earn around 54,460 ERN.

This means that a male banking business development officer earns approximately 13% more than a female banking business development officer for performing the same job.

Average Salary by Gender Chart in Eritrea

Male
61,460 ERN
Female -13%
54,460 ERN

Banking Business Development Officer Average Pay Raise in Eritrea

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 Banking Business Development Officer in Eritrea is around 7% every 28 months.

The national average pay raise across all professions and industries in Eritrea is around 4% every 29 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 = ( 7 ÷ 28 ) × 12  = 3%

What this means is that a Banking Business Development Officer in Eritrea can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Eritrea for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Banking Business Development Officer Bonus and Incentive Rates in Eritrea

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 Banking Business Development Officer 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 Eritrea earn approximately 24% more than private sector employees in the same role.

Public Sector
90,540 ERN
Private Sector -24%
72,740 ERN

Salaries for Jobs Similar to a Banking Business Development Officer

In the table below, we have salary information for jobs that are similar to a Banking Business Development Officer in Eritrea.

Job Title Category Salary
AML Analyst Banking 128,500 ERN
Assistant Bank Branch Manager Banking 107,380 ERN
Assistant Bank Manager Banking 142,300 ERN
ATM Manager Banking 116,420 ERN
ATM Service Technician Banking 35,560 ERN
Bank Accounts Analyst Banking 47,400 ERN
Bank Accounts Collector Banking 29,320 ERN
Bank Accounts Controller Banking 60,340 ERN
Bank Accounts Executive Banking 88,240 ERN
Bank Accounts Manager Banking 109,000 ERN
Bank Auditing Manager Banking 106,160 ERN
Bank Branch Manager Banking 152,100 ERN
Bank Branch Operations Coordinator Banking 61,780 ERN
Bank Clerk Banking 26,280 ERN
Bank Client Service Associate Banking 38,780 ERN
Bank Collector Banking 26,400 ERN
Bank Compliance Specialist Banking 73,020 ERN
Bank Manager Banking 161,600 ERN
Bank Operational Risk Manager Banking 172,400 ERN
Bank Operations Head Banking 180,300 ERN
Bank Operations Officer Banking 66,940 ERN
Bank Operations Specialist Banking 108,300 ERN
Bank Process Manager Banking 99,560 ERN
Bank Product Manager Banking 107,900 ERN
Bank Programme Manager Banking 115,600 ERN
Bank Project Manager Banking 138,200 ERN
Bank Propositions Manager Banking 119,900 ERN
Bank Quantitative Analyst Banking 89,280 ERN
Bank Regional Manager Banking 167,100 ERN
Bank Regional Risk Officer Banking 85,880 ERN
Bank Relationship Manager Banking 130,400 ERN
Bank Relationship Officer Banking 57,900 ERN
Bank Teller Banking 29,320 ERN
Banker Banking 59,660 ERN
Banking Business Analyst Banking 88,480 ERN
Banking Business Planning Executive Banking 129,000 ERN
Banking Product Manager Banking 114,380 ERN
Banking Reference Data Manager Banking 94,900 ERN
Banking Risk Analyst Banking 83,060 ERN
Banking Technical Analyst Banking 46,720 ERN
Bankruptcy Coordinator Banking 61,580 ERN
Bill and Account Collector Banking 30,700 ERN
Budget Analyst Banking 86,760 ERN
Capital Risk Manager Banking 172,200 ERN
Cards Marketing Manager Banking 114,380 ERN
Cash Management Manager Banking 152,100 ERN
Check Processing Manager Banking 107,960 ERN
Commercial Vault Associate Banking 82,920 ERN
Corporate Banker Banking 64,040 ERN
Corporate Dealer Banking 92,720 ERN
Credit Analyst Banking 65,760 ERN
Credit and Collections Manager Banking 119,900 ERN
Credit Card Fraud Investigator Banking 91,560 ERN
Credit Portfolio Manager Banking 172,200 ERN
Credit Risk Analyst Banking 96,540 ERN
Credit Risk Associate Banking 94,900 ERN
Direct Bank Sales Representative Banking 57,820 ERN
Exchange Control Consultant Banking 96,980 ERN
Executive Account Analyst Banking 83,140 ERN
Financial Bank Planning Consultant Banking 109,000 ERN
Financial Banking Analysis Manager Banking 129,000 ERN
Financial Banking Assistant Banking 41,980 ERN
Financial Banking Systems Manager Banking 123,400 ERN
Foreign Exchange Manager Banking 125,700 ERN
Fraud Analyst Banking 92,680 ERN
Fraud Detection Associate Banking 60,020 ERN
Fraud Detection Manager Banking 134,600 ERN
Fraud Detection Supervisor Banking 80,180 ERN
Internal Bank Audit Manager Banking 152,300 ERN
Internal Bank Auditor Banking 86,420 ERN
Internal Private Banker Banking 64,200 ERN
International Banking Manager Banking 180,300 ERN
Investment Banking Analyst Banking 119,900 ERN
Loan Analyst Banking 89,120 ERN
Loan Area Manager Banking 103,840 ERN
Loan Audit Team Leader Banking 98,140 ERN
Loan Branch Manager Banking 103,900 ERN
Loan Business Development Officer Banking 52,820 ERN
Loan Clerk Banking 29,640 ERN
Loan Collection and Recovery Manager Banking 107,680 ERN
Loan Collection Manager Banking 111,460 ERN
Loan Collector Banking 28,660 ERN
Loan Examiner Banking 38,340 ERN
Loan Officer Banking 35,340 ERN
Loan Processing Manager Banking 96,980 ERN
Loan Processor Banking 36,720 ERN
Loan Quality Assurance Auditor Banking 91,520 ERN
Loan Quality Assurance Manager Banking 97,900 ERN
Loan Quality Assurance Representative Banking 66,000 ERN
Loan Review Manager Banking 101,960 ERN
Loan Team Leader Banking 87,940 ERN
Loans Manager Banking 119,900 ERN
Mortgage Advisor Banking 59,940 ERN
Mortgage Collection Manager Banking 109,000 ERN
Mortgage Collector Banking 30,840 ERN
Mortgage Credit Analyst Banking 43,800 ERN
Mortgage Credit Manager Banking 104,080 ERN
Mortgage Development Manager Banking 115,560 ERN
Mortgage Document Reviewer Banking 37,740 ERN
Mortgage Funding Manager Banking 119,020 ERN
Mortgage Operations Manager Banking 150,000 ERN
Mortgage Payment Processing Clerk Banking 34,360 ERN
Mortgage Processing Manager Banking 102,460 ERN
Mortgage Processor Banking 40,140 ERN
Mortgage Quality Assurance Auditor Banking 88,580 ERN
Mortgage Quality Assurance Manager Banking 96,560 ERN
Mortgage Servicing Clerk Banking 33,120 ERN
Mortgage Servicing Manager Banking 99,080 ERN
Mortgage Underwriter Banking 39,080 ERN
Online Banking Manager Banking 148,300 ERN
Payment Processing Clerk Banking 33,120 ERN
Personal Banker Banking 64,040 ERN
Personal Banking Advisor Banking 60,600 ERN
Phone Banker Banking 42,040 ERN
Private Banker Banking 63,500 ERN
Reconciliation and Investigation Specialist Banking 77,060 ERN
Tax Officer Banking 55,220 ERN
Teller Banking 28,860 ERN
Trade Officer Banking 37,380 ERN
Trade Product Manager Banking 104,900 ERN
Trader Banking 42,040 ERN
Treasury Operations Officer Banking 80,920 ERN

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