Dr. Umeoji, I understand that Zenith Bank has been able to accelerate its digital-transformation agenda under your leadership. What are some of the key digitalisation milestones that the bank has achieved since you were appointed CEO in June 2024?
In response to changing market dynamics and increased competition, Zenith Bank revamped its business strategy to focus on sustainable growth, operational capability and financial stability. The bank has continued to innovate and invest in digital banking, with a significant investment of over $100 million in digitalisation. This digital transformation has led to the adoption of a more robust core-banking application, Oracle FLEXCUBE, which has improved service delivery, optimised loan management and streamlined transaction processing. As a result, customers now enjoy faster access to credit, improved service efficiency and a more seamless banking experience.
The bank has also expanded its e-banking ecosystem with the introduction of a digital wallet, eaZybyZenith, which allows customers to easily set up their profiles and complete transactions from their mobile phones. This has led to a significant reduction in operational costs, as the bank’s reliance on physical branches has decreased.
Overall, Zenith Bank’s digital transformation has resulted in increased customer retention, higher transaction volumes and improved customer satisfaction, positioning the bank for long-term success in a rapidly evolving market. With a strong focus on retail banking and financial inclusion, we have deployed over 10,000 agency banking POS (point of sale) systems nationwide to enhance accessibility, particularly in underserved communities.
You mentioned the importance of financial inclusion, which I suppose has grown in significance since the Central Bank of Nigeria’s (CBN’s) recent introduction of key reforms aimed at promoting financial stability and inclusion. What are some of the key ways in which you are ensuring that Zenith Bank remains in compliance with these regulations? Are you satisfied with Zenith’s efforts to improve financial inclusion?
Zenith Bank recognises the critical role that financial inclusion plays in driving economic growth, reducing poverty and improving living standards. To this end, we have implemented various initiatives aimed at expanding access to financial services, particularly for the underserved and marginalised segments of the population.
Our agency business, ZMONEY, is our innovative solution to bridge the gap between the unbanked/under-banked population and the bank. This is in line with the Central Bank of Nigeria’s efforts to drive financial literacy and financial inclusion to reduce the poverty level in the country. The bank partners with third parties across 774 local government areas to provide minimal banking services, including account opening, card issuance, cash deposit, withdrawals, transfers, bill payments and airtime vending. These third parties usually comprise MSMEs (micro, small and medium-sized enterprises), chain stores, general retailers, convenience stores, school ventures and petrol stations.
In 2023, the bank relaunched ZMONEY as ZMONEY 2.0 to offer additional features and benefits compared to the previous version. ZMONEY 2.0 was the much-needed answer to stay ahead of the competition following the headwinds observed from Fintechs (financial-technology firms). The new features include 99.9 percent network uptime, no customer chargebacks, instant settlement of transactions, automatic reversals where applicable and pay by transfer, all capped with very competitive pricing.
Additionally, ZMONEY 2.0 conveniently tends to both the needs of agents and small businesses alike. Our ZMONEY initiative has proven successful in our retail drive, as it is cost-effective and allows for increased outreach to areas where the bank cannot operate independently.
It certainly seems that “increased outreach” is now of high priority for Zenith, especially beyond Nigeria’s borders. For instance, you opened a branch in Paris, France, at the end of November 2024. What are the main business areas that this branch is supporting? And are you happy with the progress of this branch in the five months since it has been in operation?
The opening of our Paris branch is part of the bank’s broad strategy to extend its footprint across major global financial centres and our efforts to follow our customers’ businesses. It underpins the need to serve our customers and bolster trade and finance relationships between our customers in France and other countries. The branch, which operates as a third-country branch (TCB) of the Zenith Bank (UK) subsidiary, offers a range of banking products and services, including trade services, corporate banking services and treasury services.
The Paris branch aims to bolster trade and finance relationships between customers in France and other countries, particularly in the European and Francophone African regions. Since its inception, the branch has made promising progress, establishing valuable relationships with key stakeholders and witnessing a steady increase in client acquisition. The branch has also seen a healthy uptake in trade-finance activities, reflecting the strong demand for facilitating business between Africa and Europe.
Zenith Bank is working to build a strong foundation for long-term success, ensuring that the Paris branch aligns with its vision of delivering exceptional financial solutions and contributing to the economic development of its clients and the regions it serves.
Speaking of Francophone Africa, I understand that the bank also intends to establish branches in Côte d’Ivoire and Cameroon in 2025. For what strategic reason is this geographical expansion being undertaken, and what specifically makes these two countries and markets so appealing to the bank?
Zenith Bank’s expansion into Côte d’Ivoire and Cameroon in 2025 is a strategic move to establish a strong presence in Francophone Africa, leveraging our newly launched Paris operations. These two countries serve as key economic hubs within West Africa and Central Africa, offering significant opportunities in corporate banking and trade finance. With deep trade and financial ties to France, Côte d’Ivoire and Cameroon provide a natural extension for our cross-border operations, facilitating seamless transactions between Africa and Europe. This expansion aligns with our long-term goal of becoming a leading pan-African financial institution, integrating Francophone Africa into our global banking network.
I presume that such an ambitious expansion will have to consider sustainability issues. Are you satisfied with the bank’s level of involvement with issues related to sustainability and ESG (environmental, social and governance)? What are some of the key products and services that the bank has recently introduced, or plans to introduce shortly, that boost your sustainability credentials?
Sustainability to us is a journey and not a destination; as such, Zenith Bank is deeply committed to championing sustainability and ESG principles, recognising that sustainability is a journey. The bank’s operations and product offerings are designed to align with responsible banking practices, focusing on financial inclusion, business support and digital innovation.
The bank’s efforts are aligned with several United Nations Sustainable Development Goals (SDGs), including SDG 8 (Decent Work and Economic Growth), SDG 5 (Gender Equality) and SDG 9 (Industry, Innovation, and Infrastructure).
To promote financial inclusion, Zenith Bank has introduced innovative products such as eaZybyZenith, a secure digital payment solution that provides easy access to banking services for underserved and unbanked populations. Additionally, the bank offers the SME Grow My Business (SME-GMB) programme, which supports micro, small and medium-sized enterprises with financial and non-financial benefits, including a low-cost current account, business-development support and financial-literacy programmes. This programme promotes economic development through entrepreneurship and job creation, aligning with SDG 8.
Through these initiatives, Zenith Bank demonstrates a strong commitment to financial inclusion, responsible banking and long-term economic sustainability. The bank continues to innovate and expand its ESG-focused products to ensure substantial contributions to economic growth and social impact.
Yes, I can see that the bank is making robust efforts to reduce its carbon footprint—for example, by adopting renewable-energy sources, such as solar power, for its ATMs (automated teller machines) and branches. How successful has this strategy been to date? And do you envision other areas of the bank’s operations being powered by cleaner energy sources?
Zenith Bank has made significant strides in reducing its carbon footprint through the adoption of cleaner energy sources, particularly solar power, to operate all our ATMs. Since implementing these initiatives, the bank has successfully reduced its direct greenhouse gas (GHG) emissions—classified as Scope 1 emissions—to 8,898.1 mtCO₂e (metric tons of CO₂ equivalent) in 2024 from 14,365.8 mtCO₂e in 2019. This represents a substantial reduction of 5,467.7 mtCO₂e, or 38.06 percent, primarily by cutting emissions from diesel consumption, refrigerant gases and fuel combustion in fleet vehicles in our head office in Lagos, which accommodates about 1,300 employees.
Looking ahead, the bank remains committed to further integrating cleaner energy into its operations. A key initiative in this direction is the development of an energy centre dedicated to environmental sustainability and operational efficiency.
Looking elsewhere at Zenith’s ESG-related commitments, the bank’s Youth Banking initiative sounds like a worthwhile endeavour for empowering young Nigerians with the knowledge, skills and resources they need to manage their finances effectively and achieve their long-term goals. Have you observed any positive results or statistics from this programme that you can share with us?
Zenith Bank’s Youth Banking initiative aims to empower young people with financial discipline through various programmes. The initiative combines two youth products: Zenith Children’s Account (ZECA) for children aged 0-15 and Aspire for young adults aged 16-25. ZECA is a unique savings account that allows parents to save for their children’s future and teach them about savings from a young age.
Under this initiative, the bank introduced the quarterly Zenith Financial Literacy Week, which trains secondary-school students on financial management, budgeting, investment and savings. In 2024, over 250,000 students were trained in 296 schools across six geopolitical zones, with 296 students awarded a total of N14.8 million in scholarship funds.
Additionally, under its umbrella is the ZECA on Radio Show, which is a 15-minute, twice-a-week radio programme that educates children on financial literacy, mathematics and other subjects. Successful participants receive Zenith gift packs and N5,000 paid into their ZECA accounts. This programme has contributed to raising brand affinity and product awareness for Zenith and ZECA, with 542 winners receiving N2.7 million in rewards.
These efforts have led to significant growth in ZECA customers, with a 292.8-percent increase from 28,875 in the previous year to 113,443 in 2024. The bank’s Youth Banking initiative has been successful in promoting financial education and empowerment among young people in Nigeria.
Thank you very much for your time today, Dr. Umeoji.