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. By leveraging cutting-edge technology, the bank provided financial products and banking services that could anticipate and meet its customers’ expectations.
The results were, and still are, dramatic. The bank has its headquarters in Lagos, Nigeria’s financial hub, and now has 397 branches and business offices in prime commercial centres across the 36 states of the Federal Republic of Nigeria and the Federal Capital Territory, Abuja.
Zenith Bank operates as a comprehensive commercial banking institution and its business is guided by a commitment to exceptional performance and rigorous adherence to internationally recognised standards of practice. Its customer base is primarily made up of corporate entities, including large home-grown companies and the subsidiaries of multinational corporations. It provides corporate, investment and retail banking, trade services and foreign exchange, as well as treasury and cash management services.
As a result of the bank’s focus on best practice and transparency in its lending strategy, its ratio of nonperforming loans to total loans has been less than the industry average since it was founded, even during the 2008/2009 global financial crisis. Such successes have led to a flurry of awards over the past decade, encompassing Best Bank in Nigeria, 2024, by Global Finance, and Bank of the Year, 2023, by Nigeria’s Independent. In 2023, it won numerous accolades for Nigerian banks, including International Banker’s Most Sustainable Bank, and Euromoney’s Best Bank for Digital Solutions.
Within a highly competitive industry, Zenith Bank stands out for its product offering, culture of excellence and the high premium the bank places on its people, from employees to stakeholders and customers. Its African operations are supported by almost 7,800 employees, and while the majority are in Nigeria, it has a significant workforce in Ghana, Sierra Leone and The Gambia.
Zenith Bank is a global institution, listed on the London Stock Exchange. It has been licensed as a bank, Zenith Bank UK, in the United Kingdom since 2007. Zenith Bank UK offers direct financial support to Nigerian borrowers for both day-to-day operations and long-term investments. It also gathers funds from various entities, including government-affiliated organisations, businesses and institutional partners, to meet its own funding requirements.
Zenith Bank is also established in the United Arab Emirates and China. Ovia plans to take the Zenith brand to other African countries and expand its presence in European and Asian markets. It is also considering the Francophone market, with current interest in France and Cameroon. 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 and business opportunities, as well as access to a broad range of markets within the association’s family of more than 2.5 billion people, almost a third of the population spanning the globe. The significance of the Commonwealth for Zenith is multifaceted, with a broad array of benefits; the shared values and legal systems of countries simplify business operations and reduce regulatory complexities. “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, which was in a very poor state but is now in excellent condition. This renovation has supported the growth of economic activities in the area. 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 to Nigeria’s large yet young population.
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 of the foundation’s scholarships are now professionals in sectors such as accountancy, business administration, the law, engineering and medicine. For this and his other philanthropic activities, Ovia was awarded the title of Commander of the Order of the Federal Republic (CFR) and the National Productivity Order of Merit (NPOM) by the Federal Republic of Nigeria.
Future goals for the company include constant enhancement of its ability to meet customers’evolving financial needs and to maintain strong growth. 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. The bank is a fully diversified commercial bank driven by a culture of excellence and strict adherence to global best practices.”
