You can now earn R10k/€1337 for helping companies grow their tech teams with OfferZen! Refer someone now (logged in OZ users) or find out more!
FinTech is South African developer’s third-most desirable industry in 2023, behind AI and Cybersecurity. Since 2019, it’s also consistently been one of the best paying industries for software developers in South Africa. It’s also one of the most desirable. Here, we’ll look at FinTech developers earn at each stage of their careers.
Junior FinTech developer salary trends
Salaries for entry-level FinTech developers start at an average of R26 062 per month. This is roughly 18.1% more than they were earning in 2022. At this stage of their careers, they earn 24% less than their cloud counterparts, but 15.4% and 15.9% more than entry-level SaaS and Consulting developers.
FinTech developers with at least two years of experience see their salaries increase by 42% to an average of R37 010, 4.8% more than 2022’s average. Despite this increase, they now trail their Consulting counterparts by 3.4%.
FinTech developers can expect the most significant increase of their careers once they pass the four-year mark: FinTech developers with at least four years of experience can still look forward to a 46.2% increase giving them an average salary monthly salary of R54 109.
FinTech developers with this amount of experience are now earning 12.6% more than they were earning last year. As a result of this increase, they now earn 11.7% more than developers workin in Consulting and 18.1% more than SaaS developers.
Average FinTech Developer Salaries by Experience
Average Salary by Years Experience with 25th and 75th percentiles
| Years of Experience | 25th Percentile | Average | 75th Percentile |
|---|---|---|---|
| 0-2 | R12,500 | R26,062 | R32,500 |
| 2-4 | R27,500 | R37,010 | R45,500 |
| 4-6 | R37,500 | R54,109 | R62,500 |
| 6-10 | R47,500 | R70,060 | R80,250 |
| 10+ | R67,500 | R89,653 | R105,000 |
Senior FinTech developer salary trends
Salary growth for FinTech developers starts to slow once they reach the senior level:
The average senior FinTech developer salary increases by 29.5% to R70 060 once they’ve been in the profession for at least six years. This is 6.5% higher than their average salary in 2022.
This slows to 27.9% once they pass the ten years of experience mark. At this point of their careers, they earn an average monthly salary of R89 653, or 5.6% higher than their average in 2022. This gives them an 3% edge over their SaaS counterparts, but they now trail Consulting developers by 8.7%.
Why the slow down? At higher levels of experience, companies also have to start thinking about salary increases as a developer’s salary level becomes “more expensive”. That means that salary increases won’t be as large as those for junior developers whose average salary range still isn’t that high.
Average FinTech Developer Salaries in 2022 vs 2023
| Years of Experience | 2022 | 2023 |
|---|---|---|
| 0-2 | R22,060 | R26,062 |
| 2-4 | R35,307 | R37,010 |
| 4-6 | R48,070 | R54,109 |
| 6-10 | R65,763 | R70,060 |
| 10+ | R84,897 | R89,653 |
Keep in mind
The data in this article is taken from OfferZen's 2023 State of the Software Developer Nation Report. In this article, 'salary' refers to the gross monthly salary (before tax) provided by more than 4500 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 less than these averages. However, we hope to provide a picture of underlying trends by mapping the average salaries for different experience levels.
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.
On OfferZen, you can hire software developers and find software engineer jobs.
Related resources:
- State of South Africa’s Software Developer Nation
- How to Negotiate a Job Offer That's More Than Just the Money
- How to Negotiate when Hiring Developers
- Developer Salaries 2022: Cape Town, Johannesburg and Pretoria
- Developer Salary Hub
- How to Benchmark Your Salary Expectations as a Developer in 2023
- Backend Developer Salary Trends in South Africa
- Java Developer Salary Trends in South Africa
- Front End Developer Salary Trends in South Africa
- Python Developer Salary Trends in South Africa
- PHP Developer Salary Trends in South Africa
- Full Stack Developer Salary Trends in South Africa
- Node.js Developer Salary Trends in South Africa
- JavaScript Developer Salary Trends in South Africa
- React Developer Salary Trends in South Africa
- Azure Developer Salary Trends in South Africa
- TypeScript Developer Salary Trends in South Africa
- C# Developer Salary Trends in South Africa
- Go Developer Salary Trends in South Africa
- Ruby Developer Salary Trends in South Africa
- Kotlin Developer Salary Trends in South Africa
- Angular Developer Salary Trends in South Africa
- ASP.NET Developer Salary Trends in South Africa
- AWS Developer Salary Trends in South Africa
- Cloud Developer Salary Trends in South Africa
- SaaS Developer Salary Trends in South Africa
- Data Analytics Developer Salary Trends in South Africa