Average Loan Business Development Officer Salary in Gambia for 2024

In this article, we will look at the average Loan Business Development Officer salary for 2024 in Gambia 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 dalasi. To keep things simple, we are using the GMD currency code instead of the currency symbol D.

How Much Does a Loan Business Development Officer Make in Gambia?

A Loan Business Development Officer working in Gambia will typically earn around 125,100 GMD per year, and this can range from the lowest average salary of about 60,340 GMD to the highest average salary of 191,600 GMD.

Average Annual Salary
125,100 GMD
Average Monthly Salary
10,425 GMD

Lowest Annual Salary
60,340 GMD
Lowest Monthly Salary
5,028 GMD

Highest Annual Salary
191,600 GMD
Highest Monthly Salary
15,966 GMD

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

Loan 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 Loan Business Development Officer Salaries in Gambia

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

Salary ranges

We already know that a Loan Business Development Officer can earn between 60,340 GMD and 191,600 GMD on average in Gambia. 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 Loan Business Development Officer in Gambia is 125,700 GMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 125,700 GMD, and 50% of the population earn more than 125,700 GMD.

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 Loan Business Development Officer salary in Gambia, 25% of the population are earning less than 83,060 GMD while 75% of the population earn more than 83,060 GMD.

75% of the population earn less than 161,600 GMD, and 25% of the population earn more than 161,600 GMD.

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.

Loan Business Development Officer Salary by Experience Level in Gambia

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 loan 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 Loan Business Development Officer in Gambia that has less than two years of experience can expect to earn somewhere in the region of 72,420 GMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Loan Business Development Officer salary would increase to 91,960 GMD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loan Business Development Officer, the average salary would be 129,000 GMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 159,100 GMD.
  • 15 - 20 Years Experience. A Loan Business Development Officer with 15 to 20 years of experience can earn an average of 169,000 GMD.
  • 20+ Years Experience. For a Loan Business Development Officer with more than 20 years, the expected average salary increases to 181,600 GMD.

Average Salary by Experience Chart

0-2 Years
72,420 GMD
2-5 Years +29%
91,960 GMD
5-10 Years +38%
129,000 GMD
10-15 Years +24%
159,100 GMD
15-20 Years +7%
169,000 GMD
20+ Years +7%
181,600 GMD

Loan Business Development Officer Salary by Education Level in Gambia

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 Loan Business Development Officer in Gambia 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 Loan Business Development Officer in Gambia with a certificate or diploma education can earn an average salary of 91,960 GMD.

  • Bachelor's Degree. A Loan Business Development Officer in Gambia with a bachelor's degree education can earn an average salary of 124,400 GMD.

  • Master's Degree. A Loan Business Development Officer in Gambia with a master's degree education can earn an average salary of 192,000 GMD.

Average Salary by Education Chart

Certificate or Diploma
91,960 GMD
Bachelor's Degree +34%
124,400 GMD
Master's Degree +53%
192,000 GMD

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 Gambia is around 79,500 to 239,000 GMD 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.

Loan 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 Gambia, a male loan business development officer will earn an average of 128,500 GMD, while a female loan business development officer will earn around 115,640 GMD.

This means that a male loan business development officer earns approximately 11% more than a female loan business development officer for performing the same job.

Average Salary by Gender Chart in Gambia

Male
128,500 GMD
Female -11%
115,640 GMD

Loan Business Development Officer Average Pay Raise in Gambia

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 Loan Business Development Officer in Gambia is around 7% every 28 months.

The national average pay raise across all professions and industries in Gambia 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 Loan Business Development Officer in Gambia can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Gambia for 2024

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

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

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Loan Business Development Officer Bonus and Incentive Rates in Gambia

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 Loan Business Development Officer is a moderate bonus based job, with 62% of employees reporting at least one bonus in the last 12 months.

38% 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 5% to 9%.

Received Bonus
62%
No Bonus
38%

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 Gambia earn approximately 11% more than private sector employees in the same role.

Public Sector
205,700 GMD
Private Sector -11%
185,100 GMD

Salaries for Jobs Similar to a Loan Business Development Officer

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

Job Title Category Salary
AML Analyst Banking 294,700 GMD
Assistant Bank Branch Manager Banking 239,300 GMD
Assistant Bank Manager Banking 325,900 GMD
ATM Manager Banking 271,300 GMD
ATM Service Technician Banking 73,820 GMD
Bank Accounts Analyst Banking 101,960 GMD
Bank Accounts Collector Banking 66,120 GMD
Bank Accounts Controller Banking 136,200 GMD
Bank Accounts Executive Banking 195,200 GMD
Bank Accounts Manager Banking 246,500 GMD
Bank Auditing Manager Banking 228,000 GMD
Bank Branch Manager Banking 335,800 GMD
Bank Branch Operations Coordinator Banking 138,800 GMD
Bank Clerk Banking 60,920 GMD
Bank Client Service Associate Banking 88,020 GMD
Bank Collector Banking 65,800 GMD
Bank Compliance Specialist Banking 181,600 GMD
Bank Manager Banking 385,300 GMD
Bank Operational Risk Manager Banking 371,100 GMD
Bank Operations Head Banking 412,000 GMD
Bank Operations Officer Banking 157,600 GMD
Bank Operations Specialist Banking 237,400 GMD
Bank Process Manager Banking 216,800 GMD
Bank Product Manager Banking 258,400 GMD
Bank Programme Manager Banking 263,100 GMD
Bank Project Manager Banking 317,700 GMD
Bank Propositions Manager Banking 265,000 GMD
Bank Quantitative Analyst Banking 191,600 GMD
Bank Regional Manager Banking 420,100 GMD
Bank Regional Risk Officer Banking 208,600 GMD
Bank Relationship Manager Banking 301,600 GMD
Bank Relationship Officer Banking 130,400 GMD
Bank Teller Banking 67,800 GMD
Banker Banking 136,200 GMD
Banking Business Analyst Banking 204,000 GMD
Banking Business Development Officer Banking 128,900 GMD
Banking Business Planning Executive Banking 301,300 GMD
Banking Product Manager Banking 243,000 GMD
Banking Reference Data Manager Banking 221,500 GMD
Banking Risk Analyst Banking 192,000 GMD
Banking Technical Analyst Banking 103,260 GMD
Bankruptcy Coordinator Banking 139,100 GMD
Bill and Account Collector Banking 71,400 GMD
Budget Analyst Banking 194,600 GMD
Capital Risk Manager Banking 394,800 GMD
Cards Marketing Manager Banking 245,300 GMD
Cash Management Manager Banking 357,700 GMD
Check Processing Manager Banking 259,100 GMD
Commercial Vault Associate Banking 197,600 GMD
Corporate Banker Banking 148,300 GMD
Corporate Dealer Banking 204,000 GMD
Credit Analyst Banking 159,500 GMD
Credit and Collections Manager Banking 275,200 GMD
Credit Card Fraud Investigator Banking 204,000 GMD
Credit Portfolio Manager Banking 381,800 GMD
Credit Risk Analyst Banking 237,400 GMD
Credit Risk Associate Banking 209,700 GMD
Direct Bank Sales Representative Banking 139,100 GMD
Exchange Control Consultant Banking 209,500 GMD
Executive Account Analyst Banking 190,500 GMD
Financial Bank Planning Consultant Banking 265,000 GMD
Financial Banking Analysis Manager Banking 301,700 GMD
Financial Banking Assistant Banking 97,060 GMD
Financial Banking Systems Manager Banking 271,300 GMD
Foreign Exchange Manager Banking 283,400 GMD
Fraud Analyst Banking 210,500 GMD
Fraud Detection Associate Banking 152,100 GMD
Fraud Detection Manager Banking 325,900 GMD
Fraud Detection Supervisor Banking 180,300 GMD
Internal Bank Audit Manager Banking 357,700 GMD
Internal Bank Auditor Banking 187,500 GMD
Internal Private Banker Banking 143,200 GMD
International Banking Manager Banking 425,100 GMD
Investment Banking Analyst Banking 281,500 GMD
Loan Analyst Banking 207,800 GMD
Loan Area Manager Banking 233,600 GMD
Loan Audit Team Leader Banking 221,500 GMD
Loan Branch Manager Banking 233,900 GMD
Loan Clerk Banking 69,240 GMD
Loan Collection and Recovery Manager Banking 254,700 GMD
Loan Collection Manager Banking 233,900 GMD
Loan Collector Banking 69,240 GMD
Loan Examiner Banking 88,600 GMD
Loan Officer Banking 77,620 GMD
Loan Processing Manager Banking 214,000 GMD
Loan Processor Banking 86,640 GMD
Loan Quality Assurance Auditor Banking 212,500 GMD
Loan Quality Assurance Manager Banking 232,400 GMD
Loan Quality Assurance Representative Banking 152,000 GMD
Loan Review Manager Banking 225,700 GMD
Loan Team Leader Banking 195,200 GMD
Loans Manager Banking 261,300 GMD
Mortgage Advisor Banking 148,300 GMD
Mortgage Collection Manager Banking 239,300 GMD
Mortgage Collector Banking 65,800 GMD
Mortgage Credit Analyst Banking 105,800 GMD
Mortgage Credit Manager Banking 215,100 GMD
Mortgage Development Manager Banking 267,100 GMD
Mortgage Document Reviewer Banking 88,300 GMD
Mortgage Funding Manager Banking 261,300 GMD
Mortgage Operations Manager Banking 344,600 GMD
Mortgage Payment Processing Clerk Banking 73,020 GMD
Mortgage Processing Manager Banking 225,700 GMD
Mortgage Processor Banking 96,720 GMD
Mortgage Quality Assurance Auditor Banking 208,600 GMD
Mortgage Quality Assurance Manager Banking 233,600 GMD
Mortgage Servicing Clerk Banking 73,260 GMD
Mortgage Servicing Manager Banking 225,300 GMD
Mortgage Underwriter Banking 84,880 GMD
Online Banking Manager Banking 354,000 GMD
Payment Processing Clerk Banking 69,720 GMD
Personal Banker Banking 143,200 GMD
Personal Banking Advisor Banking 143,200 GMD
Phone Banker Banking 96,340 GMD
Private Banker Banking 142,300 GMD
Reconciliation and Investigation Specialist Banking 164,200 GMD
Tax Officer Banking 116,380 GMD
Teller Banking 70,940 GMD
Trade Officer Banking 78,120 GMD
Trade Product Manager Banking 247,800 GMD
Trader Banking 102,240 GMD
Treasury Operations Officer Banking 185,100 GMD

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