Zenith Bank
Visit WebsiteA trailblazer in finance
By operating regionally and on a global scale, Zenith Bank is a financial powerhouse of the African continent
When Nigeria’s Zenith Bank was founded more than three decades ago, banking operations in this West African country used to be extremely cumbersome, with transfers and transactions taking days to complete. “Ledgers were manually completed, and customers literally slept in the banks,” says Jim Ovia, the bank’s founder and Chairman.
The arrival of Zenith Bank in 1990 brought a wholly new form of banking that was different to what business and personal customers were used to. It immediately started to ameliorate the problems, with a mission to incorporate technology in banking operations akin to what was obtainable outside Nigeria. The bank achieved this by digitalising its transactions and operations with the use of computers and connectivity in a way that was novel to what the banking sector was doing at the time.
“The use of computers and the digitalisation of mundane banking operations really set Zenith Bank apart,” says Ovia. Zenith Bank “blazed the trail” in West Africa, becoming the first to set up information and communication technology infrastructure to create innovative products and services to meet the needs of customers eager for change.
The bank now operates 397 branches and business offices across Nigeria and employs almost 7,800 people across Africa, including Ghana, Sierra Leone, and The Gambia. It provides corporate, investment and retail banking, guided by a commitment to exceptional performance. As a result of its focus on best practice, its ratio of nonperforming loans has been less than the industry average since it was founded.
Such successes have led to a flurry of awards, encompassing Best Bank in Nigeria (2024) by Global Finance, and Bank of the Year (2023) by Nigeria’s Independent. Zenith Bank is also a global institution, listed on the London Stock Exchange and established in the UK, UAE, and China.
Ovia plans to expand further into European, Asian, and Francophone markets. However, some of Zenith Bank’s strongest ties are with the Commonwealth countries. As a business based in the Commonwealth itself, Zenith is well positioned to harness the economic opportunities within the association’s family of more than 2.5 billion people. “The Commonwealth means a lot to us at Zenith Bank,” says Ovia.
The bank’s commitment to developing the region in which it is based is reflected in its commitment to corporate social responsibility. One of the many projects Zenith Bank has supported is the 2006 reconstruction of Ajose Adeogun Road on Victoria Island in Lagos. Zenith Bank also built and equipped an ultra-modern ICT centre at the University of Nigeria, Nsukka, as part of its support for initiatives that deliver high-quality education.
Ovia also supports education through the Jim Ovia Foundation, which offers scholarships to students through the Mankind United to Support Total Education (MUSTE) initiative. Most of the beneficiaries are now professionals in sectors such as accountancy, law, engineering and medicine. For his philanthropic activities, Ovia was awarded the title of Commander of the Order of the Federal Republic (CFR).
Future goals for the company include constant enhancement of its ability to meet customers’ evolving financial needs. As emphasised by Ovia, “at its core, Zenith Bank is committed to remaining customer-focused, with a clear understanding of its market and operating environment.”
