Transaction officer job description and salary in Nigeria — People earn money, and although they can keep it wherever they want, they still want to ensure that their hard-earned money is stored in a safe place, which is where banks come into play. But banks also need the assistance of people to deliver their service diligently to their customers. For this reason, they hire people who have a good understanding of accounts, receiving and sending funds to help them complete financial transactions. Some of the important people they recruit for this service are transaction officers.
In this article, we will look at an overview of the transaction officer job description and salary in Nigeria. We will discuss who a transaction officer is, their duties and responsibilities, the average salary of a transaction officer in Nigeria, and every piece of information related to this job. Read on
Who Is A Transaction Officer?
A transaction officer is a person that works at financial institutions like banks. They are familiar with the transaction system and will be responsible for helping customers process transactions like sending and receiving money and also educating them about the bank policy, products, and services and how they can go about their dealings with the bank.
Duties of A Transaction officer In Nigeria
Transaction officers play a vital role in financial institutions; some of their responsibilities include;
1. Keeping records
Transaction officers are responsible for keeping track of daily transactions and ensuring no error is made while making transactions. They are also in charge of updating the bank’s internal system with financial data. This will help track what’s happening in the bank, including knowing the amount of money coming in and going out.
2. Review Policies
Transaction officers are also responsible for reviewing policies. Even though they might not be the ones that will create the guidelines, they play an important role in reviewing the policies and making sure that the policy is favorable to the bank and its customers. They also ensure the implementation of the policies.
3. Draft bank statements
Bank statements are the records of transactions that a customer makes within a specific period. The transaction officers are charged with drafting bank statements and sometimes delivering them to a customer’s mail.
4. Cash flow
One of the main roles of a transaction officer is cash flow. They work for their banks to help people manage the inflow and outflow of their money and also provide the necessary solutions to their problems, such as when they are making inquiries or other problems the customers may encounter while making a deposit or withdrawal. Although this might be the responsibility of the customer care representative, there are many times that some banks shuffle their workers. For instance, you may find a transaction officer in the customer care service area. After all, the people that work at the bank are mostly those that are familiar with the financial system regardless of the department they are working in the bank.
5. International transaction
Transaction officers are involved in conducting international transactions. People that make international transactions regularly seek the help of a transaction officer in the bank to assist them in executing their transactions safely.
6. They offer secure service
The reason most people take their money to the bank is for security purposes. A transaction officer, alongside the technical department and other important figures in the bank, ensures their customers enjoy a safe transaction. They make ensure there aren’t any problems, and their customers can rest assured with their money in their banks.
7. Attend business meetings
There are times a transaction officer might need to attend a business meeting with a potential client. For example, the client wants to invest in the bank, so a transaction officer might be part of the crew that will provide the bank’s policy regarding investments to the customer.
8. Attend bank meetings
Aside from attending meetings with customers, transaction officers need to participate in the meetings with the senior officials of the bank to discuss their products and services, areas that need improvement, and whether their technology is working perfectly. If there are machines that need to be changed or repaired and other ways to improve the overall bank service to their customers.
9. Process balance sheet and invoices
A balance sheet is seen as a financial statement that contains a draft of an organization’s assets, liabilities, shareholders, and equity within a period. At the same time, an invoice is a document a buyer receives from a seller to receive payment. These two records are essential, and it’s a transaction officer that handles the process of the balance sheet and the invoice.
10. Packaging cash
Another responsibility of a transaction officer is packing cash and storing them in the appropriate place in the bank.
Average Salary For Transaction Officer In Nigeria
Depending on the financial institution you work with, the average salary of a transaction officer in Nigeria is around 1.2 million Naira annually. This means you will earn 100,000 monthly and 25,000 Naira weekly.
That’s it! Above is a comprehensive overview of the Transaction officer job description and salary in Nigeria. Below are the skills necessary for a transaction officer job in Nigeria.
Skills And Requirements Necessary For Transaction Officer Job In Nigeria
Having looked at the transaction Officer Job Description And Salary In Nigeria, let’s proceed to the Skills And Requirements Necessary For a Transaction Officer Job In Nigeria
- Degree in any field: One significant aspect of being a transaction officer is that you mustn’t have a degree in accounting, financial management, business administration, marketing, or related fields to apply for a job. The most important thing they need is skills, especially accuracy skills. While it’s an added advantage, and you might be considered fast if you have a degree in the mentioned fields, your job experience might be the driving force to land you the transaction officer job.
- You must be familiar with computer technology, especially Ms. Word and excel, since you may probably be dealing with digital equipment most time.
- You must have cash-handling experience and job training.
- You must possess exceptional time management skills, mainly because you will deal with many customers.
- It would help if you had a high level of accountancy, accuracy, and efficiency.
- You must also possess strong communication skills, problem-solving skills, analytical skills, and other essential skills related to your work.
- Exceptional time management and customer service skills.
Factors Affecting Transaction Officer Salary In Nigeria
Some of the factors that can affect a transaction officer’s salary include;
You are likely to earn high if you have advanced education or have a professional certificate. For example, a master’s degree holder is expected to make more than someone with a graduate degree. And even though experience is more important in financial jobs, credentials are also sought after.
2. Experience and skills
The longer you stay in an industry, the higher your experience and the more your productivity. Most employers are looking for workers with a high level of expertise and skills. Due to this, experienced workers receive a salary that is higher than that of beginners. If you have skills in demand like accountancy, efficiency, and accuracy, you will also earn more than those without any skills.
3. Your roles
Transaction officer jobs might have similar descriptions, but the tasks they handle might vary depending on your workplace. If your work involves complex tasks, then this can also affect your salary.
Location is one of the critical factors that affect salary in Nigeria. Generally, some states pay a higher wage than others, even if you are working in the same industry. Some things that can affect salaries in a location are the cost of living, local demand for work, and other related items. For example, if you are working in a main branch of your institution, then you may receive more customers, which means your work will be more demanding and you may receive a high salary, but if you are working in a small local branch, then your payment might be low.
5. Success and performance
Lazy workers receive less salary while active workers receive high salaries. Productive and active workers tend to be rewarded with higher paychecks and several other benefits. This is to encourage them to keep up the hard work and put in more effort.
The transaction officer job is one of the most exciting jobs you can do. The most fantastic aspect of this job is that it doesn’t require a degree in business management, administration, finance, marketing, or accounting; you can apply with any degree certificate; all you need is a high level of accuracy, accountancy, and efficiency. So, if you are seeking for a Transaction Officer job description and salary In Nigeria, the above guide will provide you with everything you need to know.
Frequently Asked Questions
What are the career progression and opportunities for a transaction officer in Nigeria?
There are possibilities of a good transaction officer advancing into other related roles such as financial analyst or banking manager.
Is a Transaction officer role suitable for me?
A transaction officer role might be suitable for people with good communication skills, knowledge of banking policies, the ability to work in a fast-paced environment, etc.
What is the typical work schedule of a transaction officer in Nigeria?
The typical work schedule for a Transaction officer includes working Monday to Friday, from 9AM to 5 PM.
Is a financial officer same as accountant?
No, a financial officer is not the same as an accountant. Financial officers handle an organization’s financial transactions, while accountants focus mainly on recording and documenting those transactions.
Are transaction officers in high demand?
Yes, they are. Transaction officers are hired in various industries to help them keep track of their finances, process transactions, and many more.
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