 
Author: Dr. Adaora Umeoji, Group Managing Director/CEO, Zenith Bank
There is good reason why Nigeria is known as ‘the giant of Africa.’ Boasting vast land, rich resources and a vibrant economy, the West African nation has established itself as a rising global power. Despite its size and resilience, however, Nigeria is certainly not immune from economic shocks. 2024 was a challenging year on many fronts. The global economy was rocked by trade tensions and geopolitical uncertainty, while tight monetary conditions constrained developed markets. Internally, Nigeria also had to contend with persistent inflationary pressures, currency volatility, high interest rates and the socio-economic consequences of bold governmental reforms. Yet, amid these challenges, resilience has emerged as a defining theme for the Nigerian economy.
In fact, Nigeria’s economy grew by 3.4 percent in 2024, marking the country’s fastest rate of economic growth in a decade, excluding the 2021–22 Covid-19 rebound. While inflation remains stubbornly high, this recent acceleration in economic activities may give some hope that the nation may now be on a path towards sustainable growth.
At Zenith Bank, we understand that challenges often create the impetus for innovation and positive change. Just as the nation’s economy has demonstrated adaptability and strength in the face of significant macroeconomic headwinds, Zenith Bank is proud to see opportunity where others see challenge. In this fast-paced economic environment, we do not merely react to the shifting landscape – we anticipate, adapt and act with agility. This proactive approach helps Zenith Bank to stay at the forefront of emerging trends, and to best serve our customers as their needs and requirements change. In a year when many financial institutions have been grappling with rising costs and constrained liquidity, Zenith Bank has shown unmatched financial discipline, robust asset quality and investor confidence, and has met and exceeded the ₦500bn ($315m) recapitalisation target set by the Central Bank of Nigeria (CBN). By accelerating our digital transformation, sharpening our strategic priorities and enhancing the customer experience, we are proud to be driving positive change in Nigeria’s ever-evolving financial landscape.
Digital evolution
One of the most profound changes of the last few years has been the rapid development and uptake of Artificial Intelligence (AI) technologies. Indeed, 2024 was a landmark year for AI, marked by new breakthroughs and widespread adoption across industries. AI is already reshaping the financial services sector, with banks using the technology to enhance customer services, prevent fraud and better manage risk. According to the McKinsey Global Institute, generative AI could add between $200bn and $340bn to the global banking sector each year, largely through increased productivity. Given the efficiency gains that AI can enable, it is no surprise that financial institutions are racing to implement this new technology – but this is an important transformation that banks need to take care to get right.
Resilience has emerged as a defining theme for the Nigerian economy
At Zenith Bank, we are committed to delivering innovative, customer-centric solutions that meet the evolving needs of our customers in the digital age. With this in mind, we have successfully integrated AI into our Customer Relationship Management (CRM) system to enhance response times and improve customer service delivery. We have also embedded AI capabilities into our anti-fraud system, which is strengthening the protection of our customers’ funds and enhancing fraud detection.
To deepen customer engagement, Zenith Bank is also deploying advanced tools that track customer journeys across different digital touchpoints, helping to refine the design and delivery of hyper-personalised solutions. The bank also has its own AI-powered chatbot, named ZIVA (Zenith Bank Intelligent Virtual Assistant), which can offer banking services on WhatsApp and other social media platforms. This allows customers to access services in a way that best suits their needs, making bill payments, fund transfers and account management simpler and more accessible than ever before.
One of Zenith Bank’s most significant milestones in 2024 was the successful completion of its digital transformation journey. This transformation was not merely about technology upgrades – it represented a holistic revamp of the bank’s customer engagement channels, internal processes and operational backbone. By leveraging AI, data analytics and cloud-based platforms, we enhanced the speed, reliability and personalisation of our services.
These new and improved capabilities help us to provide seamless, hyper-personalised banking experiences for all of our customers, and place us at the very forefront of digital banking in Nigeria and across our African markets.
Small business boom
Nigeria boasts a thriving entrepreneurial culture, with small-to-medium businesses contributing 48 percent of the national GDP. SMEs are the growth engine behind Nigeria’s developing economy, employing over 80 percent of the country’s total workforce and keeping day-to-day business activity moving. However, despite the size of the SME sector, small-business owners continue to face a myriad of challenges, including regulatory hurdles, high operating costs and limited access to finance.
The financial services sector has a significant role to play in improving inclusivity
At Zenith Bank, we understand the challenges faced by SMEs, and are passionate about empowering small businesses to thrive, especially in testing times. In 2021, the bank launched a trailblazing new product, called SME Grow My Business (SME-GMB). Specifically designed for small businesses, SME-GMB is an innovative platform that offers a range of benefits, including access to free digital tools and services that can help business owners and entrepreneurs to take the next step in their business journey. Outside of the SME-GMB platform, Zenith Bank offers a range of digital products – such as online payment gateway GlobalPay and e-commerce solution ZiVA Stores – which can help SMEs to carry out transactions quickly, efficiently and on the go.
Beyond access to finance, one of the most significant issues facing small businesses is the need to increase visibility in what is becoming an increasingly competitive and demand-driven market. To help our business customers combat this issue, Zenith Bank has partnered with Google to offer Google Business Profile (GBP), which creates a free business profile for users, allowing them to easily connect with potential new customers across Google Search and Maps.
The platform allows businesses to effortlessly share information, receive reviews, provide location directions and contact details, enhancing their visibility and accessibility for new and existing customers. It also provides subscribers with a range of enhanced data and analytics, giving SME owners useful insights into how their businesses are performing.
What’s more, GBP subscribers can also enjoy access to regular training sessions on adopting and optimising digital marketing strategies. By equipping SMEs with both the knowledge and tools that they need to thrive, Zenith Bank is playing its part in helping to create a healthy business ecosystem in Nigeria.
Driving financial inclusion
Along with its efforts to support the nation’s flourishing network of SMEs, Zenith Bank is equally committed to driving financial inclusion in Nigeria. Despite significant progress over the past decade, access to financial services remains a pressing challenge, particularly for women and those living in rural communities. According to Women’s World Banking, only 47 percent of Nigerian women accessed formal financial services in 2023, compared to 58 percent of men, highlighting a clear gender gap when it comes to financial inclusion.
Zenith Bank recognises the critical role that financial inclusion plays in driving economic growth, reducing poverty and improving living standards. With this in mind, we have launched a range of products and services specifically designed to cater to the unbanked and underbanked population, with a view to driving further financial inclusion across Nigeria.
Our agency banking programme, ZMONEY, was launched to cater to the financially excluded population, and supports wider government efforts to reduce levels of poverty in Nigeria through financial education and inclusion. The programme brings banking services closer to customers in harder-to-reach communities, through a network of agents who can deliver basic financial services such as account opening, cash deposits, withdrawals, bill payments and more. Since launching five years ago, the agency programme is now in operation across 774 local government areas, with over 120,000 individual agents bringing vital banking services to Nigerians living in traditionally underserved and excluded areas. Through partnering with third parties, our agents are able to operate out of a range of accessible locations, including convenience stores and petrol stations. Over five million accounts have been opened through our agents since the launch of the programme, and they have enabled over 165 million transactions. For those without access to a physical bank branch, our agency business offers a practical way to access a range of vital financial services.
New technologies are another useful tool in breaking down barriers to financial inclusion. Zenith Bank has recently introduced its digital wallet, eaZybyZenith, which caters to those who have traditionally been excluded from accessing financial services. Designed with accessibility in mind, the wallet offers a seamless onboarding process, and a range of convenient remote banking services. With eaZybyZenith, customers can use their mobile phones to make deposits and withdrawals, transfer funds and pay bills, and even request physical or virtual payment cards. The app is designed to be simple and easy to use, ideal for day-to-day transactions. By reducing barriers to entry for new customers and previously unbanked individuals, eaZybyZenith is helping to unlock financial freedom and drive financial inclusion in more isolated communities.
At Zenith Bank, we are also acutely aware of the financial inclusion gender gap in Nigeria, and are committed to improving access to banking services for women. We understand that female entrepreneurs still face significant barriers, and the financial services sector has a significant role to play in improving inclusivity and supporting women-led businesses. Zenith Bank is committed to female empowerment, and seeks to provide women with better opportunities to manage their finances, build assets and secure their economic future. In 2019, the bank launched Z-Woman, a unique loan product exclusively for women-led businesses. Available only to businesses where a woman is the major shareholder, Z-Woman offers competitive interest rates for businesses across all sectors. We are proud to offer this product, which demonstrates our ongoing commitment to female empowerment and supporting women entrepreneurs.
Making a difference
In today’s world, customers are increasingly looking to make financial choices that align with their own values and principles. According to research commissioned by CRIF, over half of US and European consumers want their banks and insurers to offer greener products and services, and a significant portion would switch providers if they discovered that their existing provider was not aligned with their values. This growing consumer interest in ethical, value-led businesses cannot be ignored by the financial services sector – an industry which has a significant role to play in supporting the transition to a more inclusive, sustainable world.
We continually invest in talent development, diversity and employee wellbeing
At Zenith Bank, we recognise that ethical conduct and responsible banking are fundamental to building trust and long-term relationships with our customers, stakeholders, and the communities we serve. In line with this, we have strategically embedded sustainability and social values at the heart of our business philosophy, and are committed to boosting prosperity across Nigeria.
This community-centred approach is reflected in the bank’s investments in social projects across the country, including investments in educational initiatives, health outreach programmes and vocational training, reaching thousands of beneficiaries every year. The bank has also renovated and upgraded the Iga Idunganran Primary Healthcare Centre on Lagos Island, which provides crucial care to the community. The upgrade introduced modern amenities and state-of-the-art medical equipment, as well as expanding capacity at the centre in order to cater to the growing healthcare needs of Lagos Island citizens. With the addition of new, specialised dental, eye and ENT clinics and tuberculosis screening centres, the centre is now better equipped to meet the needs of the community.
Along with our investments in communities, at Zenith Bank we are also conscious of our environmental impact. Our financing strategy has increasingly focused on green and environmentally responsible investments, as we have made sustainability a core tenet of our company. We support clean energy, sustainable agriculture, waste recycling and climate-smart infrastructure, and are always looking for ways to implement these principles. Our restoration of the Iga Idunganran Primary Healthcare Centre included the installation of a 34 Kilowatt-capacity solar energy supply, to assist the hospital in reducing its diesel usage. By promoting the use of sustainable energy in our external investments, Zenith Bank is leading by example when it comes to CSR practices.
Core values
For businesses of all sizes, principles need to come from within. Internally, our values are at the heart of what we do, and environmental and social principles guide our day-to-day operations at Zenith Bank. We understand that long-term success must go beyond profitability to include positive outcomes for the communities we serve and the environment around us. In line with these values, we have committed ourselves to the United Nations Sustainable Development Goals (SDGs), and fully comply with internationally established standards and guidelines such as those set by the World Bank, United Nations Global Compact and IFC Performance Standards.
Operationally, we have taken concrete steps to reduce our carbon footprint. We are expanding the deployment of solar-powered branches and ATMs, optimising energy use, and incorporating resource-efficient technologies across our facilities. These efforts have not only reduced our carbon emissions, but have also positioned Zenith Bank as a key player in Nigeria’s low-carbon transition.
As well as being conscious of our environmental impact, at Zenith Bank, the wellbeing of our employees is another core priority. We continually invest in talent development, diversity and employee wellbeing, recognising that a motivated, inclusive workforce is essential to our success. Staff from all departments are trained on environmental, social and governance (ESG) principles and sustainable finance, while our inclusive policies ensure gender balance and equitable opportunity across our business. Our robust whistleblower framework fosters accountability, while regular ethics training reinforces an expectation of integrity within the organisation. From fair and open recruitment practices, to structured leadership development programmes, we are proud to cultivate a culture that mirrors our commitment to responsible, people-centric banking. This comprehensive approach ensures that Zenith Bank is not only a financial services provider, but a values-driven organisation that leads by example when it comes to ethical banking and sustainability. Across every level of our organisation, we are proud to have an empowered workforce that is capable of championing sustainability in everything that they do.
Navigating uncertainty
Zenith Bank’s core principles and clear strategic focus have set solid foundations for success. But these are turbulent times for the global economy, and many financial institutions are feeling exposed to a vast array of risks. Across the globe, banks are having to contend with a challenging set of macroeconomic conditions, with geopolitical tensions creating a highly unpredictable business environment. Nigeria also faces a myriad of challenges on the home front, with high inflation, currency volatility and supply chain disruption all putting pressure on the nation’s economy. In this volatile and unpredictable climate, banks will need to adopt prudent risk management strategies to identify and mitigate emerging risks, both at home and abroad.
The bank is emerging as a leading financial institution across West Africa
In the face of this heightened economic uncertainty, Zenith Bank has introduced a proactive and localised risk management approach, tailored to its unique business model and strategy. To navigate the challenges posed by high volatility, inflation, oil price dependency and regulatory shifts, the bank has implemented a combination of carefully considered strategies. These include a high-yield asset focus, effective liability cost management, active asset and liability management, and data-driven decision-making. Our risk management strategies are fully compliant with regulatory requirements, and incorporate the ESG principles that are at the heart of our business. By optimising assets and income while controlling liability costs, the bank has been able to maintain substantial net interest margins and profitability, demonstrating Zenith Bank’s resilience in the face of economic challenges.
To stay ahead of the curve, the bank continuously monitors geopolitical and economic developments, and proactively adapts its strategies depending on emerging data and trends. Zenith Bank has incorporated a number of digital innovations into its risk management approach, allowing it to improve efficiency and ensure value for money, ultimately giving the bank a competitive advantage when it comes to mitigating emerging risks. By employing these proactive risk management strategies, the bank is well-equipped to navigate Nigeria’s economic and regulatory landscape, ensuring strong oversight of its core risk areas and compliance with global standards.
Looking ahead
Despite the challenges posed by the current macroeconomic environment, the future looks bright for Zenith Bank. The firm has established itself as one of Nigeria’s most profitable banks, and has made banking more accessible and convenient for customers across its home market. Beyond these borders, the bank is emerging as a leading financial institution across West Africa, with a growing presence in Ghana, Sierra Leone and the Gambia. Further expansion is already underway, and is not only limited to the African market. The bank already boasts a presence in the UK, France and the UAE, and has a representation office in China. These foreign subsidiaries contribute an impressive 18 percent of the bank’s total gross revenue, and scaling these subsidiaries is a key area of focus over the medium term. In fact, with ₦140.4bn ($88.5m) specifically earmarked for global market expansion, Zenith Bank is set to pursue a bold plan for international growth over the coming years.
The bank’s current expansion strategy focuses primarily on Francophone Africa, with a two-pronged approach targeting the West African Economic Monetary Union (WAEMU) and Central African Economic and Monetary Community (CEMAC) regions. In the WAEMU region, Zenith Bank plans to start with Cote d’Ivoire, leveraging its significant economy, before expanding to Senegal and other high-growth markets. Similarly, in the CEMAC region, the bank will use Cameroon as a gateway, utilising the unique single licence approach to enter other countries in the region.
With the opening of Zenith Bank Paris in November 2024, the bank has already taken a significant step towards realising its global expansion plans. Over the next few years, Zenith Bank aims to establish a significant presence across major cities on the continent and beyond, solidifying its position as a leading financial institution in West Africa and a major player in the global banking industry.