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Tech Career Insights: FinTech Developer Salary Trends in South Africa

FinTech Developer Salary Trends in South Africa

By Josh Nel

Since 2019, FinTech has consistently been one of the best-paying industries for software developers in South Africa. Developers also rate it as one of the most promising sectors for 2022. Here, we’ll look at what FinTech developers earn at each stage of their careers.

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Salaries for entry-level FinTech developers start at an average of R22 060 per month. This is roughly 6.2% less than they were earning in 2021. However, entry-level FinTech developers are not alone in experiencing a salary decrease.

Our 2022 State of the Software Developer Nation data shows that average salaries for developers with fewer than two years of experience have decreased since 2021.

The shift to remote work can explain this decrease: As more companies embrace remote, they’re hiring and onboarding fewer junior and entry-level developers than before the pandemic because it feels harder to train junior developers when they’re siloed at home.

Despite the challenges facing entry-level FinTech developers, junior FinTech developers see their most significant salary increase after they’ve acquired some experience: :

FinTech developers with at least two years of experience see their salaries increase by 60.1% to an average of R35 307, making it the best-paying industry for junior developers in the country.

Despite the significant increase, they’re still earning 1.9% less than they were in 2021.

After coding for at least four years, FinTech developers can look forward to a 36.2% increase giving them an average monthly salary of R48 070, 6.4% more than they were earning last year.

Average FinTech Developer Salaries by Experience

Years of Experience 25th Percentile Average 75th Percentile
0-2 R12,500 R22,060 R27,500
2-4 R27,500 R35,307 R42,500
4-6 R37,500 R48,070 R57,500
6-10 R47,500 R65,763 R77,500
10+ R67,500 R84,897 R105,000

FinTech developers’ salary growth remains stable once they reach the senior level.

The average senior FinTech developer’s salary increases by 36.8% to R65 763 once they’ve been in the profession for at least six years. This is 13.3% higher than their average salary in 2021.

This slows to 29.1% once they pass the ten years of experience mark. This gives them an average monthly salary of R84 897, or 5.8% higher than their average in 2021.

Why slow down? At higher levels of experience, companies also have to consider salary increases as a developer’s salary level becomes “more expensive”.

That means that salary increases won’t be as significant as those for junior developers whose salary range still isn’t that high.

Average FinTech Developer Salaries in 2022 vs 2021

Years of Experience 2022 2021
0-2 R22,060 R23,518
2-4 R35,307 R35,980
4-6 R48,070 R45,183
6-10 R65,763 R58,019
10+ R84,897 R80,226

Keep in mind

The data in this article is taken from OfferZen’s 2022 State of the Software Developer Nation Report. In this article, ‘salary’ refers to the gross monthly salary (before tax) provided by more than 3 200 survey respondents.

Average salaries are single data points and only one part of a bigger story. It’s expected that many respondents may earn significantly more or significantly less than these averages. However, we hope to map underlying trends by mapping the average salaries for different experience levels.

These averages should not be used to estimate what your actual salary will or should be.

Salaries depend on the industry, individual, perks and nature of work. These factors all influence the salary a company will offer to a prospective hire. In addition, most developers are “fluent” in several languages, which will affect the final figures.

It’s also important to remember that every individual’s context is different. Ultimately, salary is a personal conversation that should take place between employee and employer.

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