Zenith’s Unstoppable Rise Under Dr. Adaora Umeoji

With a strong growth trajectory across key performance indicators in 2024, Nigeria’s Zenith Bank is perhaps enjoying the most exciting period of development in its 35-year history. Financial results for 2024 confirmed that Zenith boasted a phenomenal 86-percent rise in gross earnings last year to N3.97 trillion (US$2.47 billion), as well as a staggering 67-percent growth in profit before tax to N1.3 trillion, underscoring Zenith’s phenomenal core-banking performance last year. The bank is cementing its place as one of the African banking industry’s brightest shining lights and as a centre of consistently pioneering banking innovation, customer service and sustainability that unfailingly meets the needs of a rapidly evolving continent.

Such a stellar performance can be at least partly credited to Dame Dr. Adaora Umeoji, who has been Zenith Bank’s Group Managing Director and Chief Executive Officer (GMD/CEO) since June 2024. Under Dr. Umeoji’s exceptional leadership, the bank has witnessed a major uptick in the success of its digital-transformation strategy. In October, for example, Zenith initiated a major upgrade of its legacy Phoenix core-banking system and underlying infrastructure to facilitate enhanced scalability, resilience and agility for its retail business and products.

The project has already implemented some of the most cutting-edge solutions for this upgrade, including Oracle FLEXCUBE for core banking, Kastle Universal Lending System for lending, Calypso for treasury management and Oracle Banking Trade Finance for trade solutions, in addition to reinforcing its technology ecosystem by deploying an enterprise service bus (ESB) for improved system resilience, scalability and seamless interaction across multiple applications and interfaces. “The implementation of these solutions is expected to deliver transformative benefits, including exceptional customer experiences, innovative banking solutions, personalised experiences, and lightning-fast market launches,” Dr. Umeoji acknowledged, noting that the bank’s staff are also being empowered with intuitive tools to offer world-class customer-service delivery.

The upgrades are expected to drive massive operational and IT (information technology) productivity improvements, ensuring peak efficiency, minimised downtime and future-ready agility. “The bank’s technology infrastructure will be scalable, supporting rapid innovation and self-sufficiency while maximising ROI,” the chief executive further observed. “The upgrade will also establish a next-generation open banking foundation, enabling API-driven innovation, effortless expansion and robust risk management and compliance. Ultimately, the bank’s cutting-edge infrastructure will ensure unstoppable performance, cost-effective operations and rapid deployment.”

That unstoppable performance might well be most visible across corporate and investment banking, where an ongoing IT transformation is greatly strengthening Zenith’s digital-banking infrastructure, enabling the bank to provide cutting-edge financial solutions to corporate and institutional investors. For instance, the bank has already invested more than $100 million in developing a robust digital-payments architecture in this business area, integrating online banking, mobile banking and API (application programming interface)-driven solutions for real-time transactions.

The digital transformation is also taking aim at enhancing Zenith’s treasury operations, facilitating global trade and enabling seamless international banking transactions. By combining industry expertise, global expansion, best-in-class financial solutions and consistent digital-banking breakthroughs, the bank is seeking to greatly fortify its corporate and investment franchises and ultimately solidify its position as a global leader in this ecosystem.

A major goal of Zenith’s corporate-banking business unit is to provide the best and most comprehensive services to multinationals, large conglomerates and corporate clients, achieving this objective by building strong relationships through innovative solutions and excellent customer service. Indeed, Zenith’s renowned standards of customer service are rooted in a culture of excellence and innovation and a commitment to understanding and anticipating customers’ evolving needs. Instead of narrowly focusing merely on the transactional aspects, the bank prioritises building long-lasting relationships and invests substantial amounts in cutting-edge technology to deliver seamless, personalised experiences across all touchpoints.

The bank’s focus on consistency and proactive engagement is key to maximising customer satisfaction, Dr. Umeoji explained. “By delivering reliable, transparent and ethical services, Zenith Bank earns trust and strives to exceed customer expectations,” according to Zenith’s CEO. “Through active listening and anticipating future needs, the bank refines its offerings and maintains its position as a leader in customer service excellence. This approach builds a partnership with customers, rather than just a transaction, and demonstrates the bank’s dedication to putting customers first.”

This dedication is particularly visible throughout Zenith’s SME (small and medium-sized enterprise) banking segment, whereby SMEs are highly cherished by the bank for their crucial contributions to the Nigerian economy. To support their growth, therefore, the bank has developed SME Grow My Business (SME-GMB), a unique product that offers various value propositions to businesses, including exposure to the digital world through free Google listings, quarterly capacity-building training sessions to improve management capabilities and digital knowledge to enhance growth and reduce costs.

Zenith Bank has also partnered with Google to offer Google Business Profile (GBP), a platform that helps businesses increase their visibility, create demand and track customer engagement. GBP provides businesses with analytics, training and support to optimise the benefits of the platform and build digital assets. And perhaps most famously, Zenith’s support for women-owned SMEs—especially via the market-leading Z-Woman, which offers highly competitive loans—underscores the bank’s unwavering commitment to not only Nigeria’s thriving SME community but also women’s empowerment in business.

Indeed, the bank’s appointment of Dr. Umeoji has exemplified this desire to achieve gender equality all the way up to the highest echelons of a once male-dominated banking industry. The initiatives undertaken by Zenith Bank Ghana, such as the “Woman ‘2’ Woman” webinar, further demonstrate the bank’s keenness to foster dialogue and awareness about gender equality.

According to Dr. Umeoji, moreover, a multifaceted approach is needed to truly ensure gender equality across the banking industry. “Firstly, we must cultivate a culture of inclusivity, dismantling unconscious biases that often impede women’s career progression. This involves implementing transparent promotion processes and mentorship programmes that actively support women’s leadership development,” the bank’s chief clarified. “Additionally, institutional policies must be reviewed and strengthened to address systemic barriers, such as flexible work arrangements and robust maternity-leave policies, which enable women to balance professional and personal responsibilities.”

What’s more, Dr. Umeoji advocates for continuous education and sensitisation programmes as tools for challenging societal norms and promoting gender equality at all levels, along with data collection and reporting on gender representation in leadership roles to track progress and hold institutions accountable. By embracing these strategies, she added, we can create a banking industry “where gender equality is not just an aspiration but an actual reality”.