Software developers in fintech are outearning their counterparts in other industries.
This is one of the findings in the 2025 Software Developer Salary Benchmarking Report from Cape Town-based online technology talent marketplace OfferZen.
OfferZen surveyed 3 400 developers between 25 September and 8 November 2024 to gather its data, and the amounts published in the report reflect gross monthly salary before deductions.
“Consulting, cloud tech and fintech offer some of the highest average salaries in the country. These sectors typically include enterprise companies like banks and large multinational firms, which typically pay higher salaries than smaller companies,” said the report.
There a number of factors contributing to the overall earnings potential of developers in South Africa, with seniority – measured in years of experience – most closely correlating with higher levels of income.
But other factors such as a developer’s city of employment, their framework of specialisation, their programming language(s) used and the industry they work in can influence earnings in different ways at different stages of their career.
When looked at on a per-industry basis, however, developers working in fintech are outperforming their counterparts in other industries such as telecommunications and e-commerce.
Shielded
According to the report, developers across the board are experiencing slower salary growth, fewer job opportunities and increased competition for available positions. Companies, on the other hand, are facing more financial strain, with growing pressure to maintain or even increase output while keeping costs low. This has led to a decline in demand for software skills in recent years, said OfferZen.
But developers in the fintech sector are somewhat shielded from these developments as their specialist skills remain in high demand, said OfferZen.
OfferZen report - average developer salary by industry
| Experience | 0-2 years (R) | 2-4 years (R) | 4-6 years (R) | 6-10 years (R) | 10+ years (R) | Lifetime average (R) |
|---|---|---|---|---|---|---|
| Cloud tech | 31 423 | 42 437 | 43 938 | 73 930 | 101 280 | 101 280 |
| Consulting | 23 955 | 37 196 | 46 853 | 69 457 | 100 874 | 100 874 |
| Data and analytics | 19 407 | 44 002 | 52 500 | 66 047 | 80 607 | 80 607 |
| Fintech | 38 068 | 41 111 | 59 597 | 73 691 | 100 597 | 100 597 |
| E-commerce | 28 177 | 34 957 | 48 128 | 69 058 | 97 536 | 97 536 |
| Telecoms | 22 782 | 29 566 | 46 508 | 67 164 | 87 725 | 87 725 |
| Web development | 15 593 | 22 568 | 34 748 | 58 879 | 71 590 | 71 590 |
The salary gap between fintech developers and those in other industries is widest at the most junior level of experience, where candidates have between zero and two years of experience. At R38 068/month, the average for junior fintech developers is R6 645 higher than second placed cloud-tech developers, who are closely followed by e-commerce developers who earn an average of R28 177/month at the junior experience level.
The picture changes dramatically at the two- to four-year experience level. In this category, data and analytics firms rise to the fore as the top payers, with these developers earning an average of R44 002/month. Cloud developers come in second at R42 437/month, with fintech a close third at R41 111/month.
OfferZen report - developer salaries in the first two years
| Sector | R |
|---|---|
| Fintech | 38 068 |
| Cloud tech | 31 423 |
| E-commerce | 28 177 |
| Consulting | 23 955 |
| Telecoms | 22 782 |
| Data and analytics | 19 407 |
| Web development | 15 593 |
Fintech again takes the lead as the experience level rises to the four- to six-year range. At 58 579/month, fintech developers at this stage of their careers outearn those in the next highest-paying sector, data and analytics, by R6 079.
Although cloud-tech developers average around R15 000/month less than their fintech counterparts at this stage of their career, they tend to catch up as they rise in seniority. At 10 or more years of experience, cloud developers are the highest earning, raking in an average of R101 280/month. They are closely followed by those in consulting firms at R100 874/month, with fintech developers earning only marginally less than that at R100 597/month.
Read: The best-paid software and IT skills in South Africa
Overall, however, fintech developers appear to be the best earners over the lifetime of their careers. The average lifetime earnings in the fintech industry amount to R62 612/month, with the average for cloud developers, who came in second, just over R4 000 lower at R58 601/month.
OfferZen report - developer salaries lifetime average
| Sector | R |
|---|---|
| Fintech | 62 613 |
| Cloud tech | 58 602 |
| Consulting | 55 667 |
| E-commerce | 55 571 |
| Data and analytics | 52 513 |
| Telecoms | 50 749 |
| Web development | 40 676 |
The marginal differences in earnings between the fintech, cloud and consulting industries at the most senior levels of experience may make it appear as though choosing either career path is not financially significant in the end. However, the massive gap between fintech developers and their counterparts at the very start of their career represents an opportunity to invest in assets, some of which may grow to generate significant revenues, as well as make more sizeable contributions to their retirement earlier on. – © 2025 NewsCentral Media
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