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FinTech 5.0: Evaluating How FirsBank Strengthens Collaboration *to drive financial inclusion

Published

5 years ago

October 3, 2021

It was Sir Isaac Newton, in his letter to Robert Hooke in 1675, who wrote the now-famous quote: “If I have seen further (than others), it is by standing on the shoulders of giants.

The shoulders of giants Sir Newton referred to has to do with leverage provided by the discoveries and experiences of people who have gone before or walked that same path earlier, that pave the way for and enable other people and a new generation to take things to a totally new dimension.

The truth is, giants whose shoulders provide such leverage to the next generation can be found in various fields and various nations. In Nigeria, for example, such giants exist in various fields and they are known and recognised.

Take the fintech (financial technology) space in Nigeria, where one bank is known to have stood as a giant with very broad shoulders, having capacities that have been built up and accumulated over 127 continuous years. Every year since 2016 (apart from 2017 when it was implementing ideas from 2016, including a Digital Innovation Lab), this well-recognised bank has provided a platform for the most robust engagement of the fintech industry in Nigeria. Tagged Fintech Summit, the annual engagement has continued to help in catalysing the fintech sector to ever-higher levels from year to year.

Held in Lagos the commercial capital of Nigeria and arguably the fintech capital of Africa, given Nigeria’s status as the leading nation in the fintech space in Africa, the annual FirstBank Fintech Summit has attracted an average of a thousand participants, who are mostly fintech owners, workers and enthusiasts, yearly. Last year’s Summit, Fintech Summit 4.0 with the theme,
“How Blockchain and Artificial Intelligence will Disrupt Fintech in Nigeria”, however, drew an unprecedented number of participants – over 6,000 from across 52 different countries. It was the first virtual Summit due to the restrictions imposed because of the COVID-19 pandemic and it featured as keynote speaker Silicon Valley-based innovator of international repute, Chinedu Echeruo, who founded HopStop that was later sold to Apple for US$1 billion. Imagine the inspiration, dreams and aspirations young people soak up while listening to speakers with such a profile.

Far from being one-directional – with all the talk flowing from only the speaker to the audience – the yearly Summit is actually a platform for multidimensional engagement involving various stakeholders in the fintech industry – operators, regulators, investors, enthusiasts, fintech journalists and writers, bankers, et cetera.

It offers an unequalled opportunity for networking among fintech and other stakeholders, leading to opportunities for collaboration within the community. For small businesses and start-ups powered by FirstBank’s support, the annual Summit has been a veritable platform for showcasing them. The platform has also served for the announcement of policy initiatives coupled with pronouncements that provide clarifications to policy. This is due to invitations extended to regulators and the important role they are assigned in conversations facilitated during the Summit.

The Summit that preceded last year’s, i.e., the third edition of Fintech Summit 3.0 held in 2019, featured another heavyweight in Nigeria’s fintech industry, Victor Asemota, founder of Swifta Systems & Services, as keynote speaker. The theme “Banking + Tech = Solving Real Problems”, included panel sessions featuring experts with over two hundred combined years of experience in both the financial and technological industries.

They applied their knowledge, expertise and experience to address challenges in the technologically-driven business world, structured in terms of Solving Business Problems; Solving Regulatory, Security and Legal Problems; and Solving Lifestyle Problems. At the end of the Summit, participants must have felt that the Summit delivered on the confidence the Chief Executive Officer of FirstBank, Adesola Adeduntan, had expressed when he remarked in his welcome address, “I am optimistic that every organisation represented here will be empowered to provide services with greater speed and solve real societal problems to the advantage of the Nigerian populace through the insights that will be gained from this event.“

Fintech Summit 3.0 had built on the success of the second edition, Fintech Summit 2.0 held in 2018, which had “The Future of Banking – The Role of Artificial Intelligence (AI) and Big Data” as a theme. Adia Sowho, the Managing Director of Mines in Nigeria, had, as the first keynote speaker, stressed the importance of collaboration between legacy banks and fintechs in the overall good of their shared financial services space. The Deputy Managing Director of FirstBank, Gbenga Shobo, had, in his welcome address, said that FirstBank was committed to finding the right balance in its approach in supporting the budding fintech industry. It is gratifying that the bank has since found that right balance and pushed ahead enthusiastically with the continual annual engagement that is its yearly Fintech Summit.

For those who like to bring up the argument that deposit money banks (DMBs) and fintech are rivals competing in the same space for the same customers and wonder why FirstBank, a leading deposit money bank, would itself be involved in efforts to catalyse the fintech industry, they need to wake up and smell the coffee.
FirstBank is continuously evolving and staying on the cutting edge of technology in order to better serve its customers, who are themselves evolving and adapting to newer and more efficient and convenient technologies as they become available.

And FirstBank is on a journey to a future where it is happy, in the spirit of the African tradition of Ubuntu, to take all fintech along with it. In the words of another famous quote, “The sky is too big for two [or many] big birds flying in it to collide.” FirstBank believes there is ample room for all players – deposit money banks, fintech, et cetera – to fulfil their unique roles.

Therefore, collaboration, not competition, is FirstBank’s watchword. And FirstBank considers fintech partners in progress in its avowed commitment to driving financial inclusion.
FirstBank’s own evolution and the transition is causing some people to question its continuous classification by the Central Bank as a deposit money bank (with a preponderance of bricks-and-mortar banking operations) rather than a digital bank. And the reasons for their argument cannot be easily waved aside. In 2020, for example, over 85 per cent of the banking transactions that were required by customers of FirstBank were performed on the bank’s self-service channels.
That means customers of the bank only needed the attention of the bank’s staff or branches for just 15 per cent of all the banking transactions they required in 2020. There are now as many as over 16 million customers between FirstBank’s digital channels of online banking (called FirstOnline), mobile banking (christened FirstMobile) and USSD banking (called *894# quick banking).
Between FirstOnline and FirstMobile, a growth of 21 per cent in the user base was experienced in 2020. Customers on both platforms conducted approximately 256 million transactions worth N15.7 trillion in the same year. FirstOnline, as of June 2021, had an impressive 597,466 customers on the service, a 17 per cent growth on the previous year and 578,292 transactions per month, averaging a value of N388 billion per month.
For FirstMobile, besides the impressive gain in numbers, it gained recognition as “Best Mobile Banking App” at the Global Finance Best Digital Bank Awards, for providing excellent self-service through its user-friendly app. FirstMobile had, as of June 2021, 4,596,203 users on the platform, which is a nine per cent growth on the previous year and an average of 27,730,830 transactions every month. While these numbers point to the giant statue of the bank, none of it excites FirstBank as much as Firstmonie, because of its invaluable role in driving financial inclusion at the grassroots level, one of FirstBank’s overriding commitments.
Firstmonie, the agent banking network of FirstBank, currently has over 130,000 agents across the country, making it the largest bank-led agent network anywhere in Africa. As the foremost financial inclusion service in the country, it has achieved over 750 million transactions worth N15 trillion (about US$30 billion) processed from inception to date.
Over 295 million of those transactions with a total value of N6.65 trillion were processed in 2020 alone – the same year COVID-19 caused widespread disruptions across the globe. Firstmonie agency banking scheme has empowered agents across all Local Government Areas in the country, providing employment to thousands of people.
FirstBank through the Firstmonie platform further supports the fintech industry via partnership collaborations with local and international fintechs. All these are geared towards expanding financial inclusion and providing a variety of services to customers of the bank with giant shoulders that customers and fintechs can stand on to see further.
As for Sir Isaac Newton, the giant of a scientist whose famous quote began this piece, if he could read us from the grave, he would feel very proud today to see that celebrated line from his 1675 letter being aptly used to represent the relationship that exists between the broad, energetic and dynamic shoulders of Nigeria’s banking behemoth, FirstBank, and the rapidly emerging beautiful bride of Nigeria’s economic sectors, the fintech industry. This relationship climaxes every year in the annual Fintech Summit and the forthcoming Fintech Summit 5.0 promises to take the relationship to a whole new dimension.

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ZENITH BANK TO BRING GLOBAL TRADE LEADERS TOGETHER AT 10TH INTERNATIONAL TRADE SEMINAR ON NON-OIL EXPORTS

Published

2 days ago

August 18, 2026

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Zenith Bank Plc will host the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, bringing together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector.

Themed “Unlocking Value and Harnessing Growth in Non-Oil Export”, the virtual seminar will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.

The high-level event will feature an impressive line-up of guest speakers, including the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, H.E. Wamkele Mene; the Chief Executive Officer of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.

The seminar will also convene leading voices from the public and private sectors in two panel discussions. The first panel, dedicated to public sector perspectives, will bring together key stakeholders driving Nigeria’s trade, export, investment and economic development agenda. It will feature the Managing Director/Chief Executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service, Mr Adewale Adeniyi; the Director, Trade and Exchange Department, Central Bank of Nigeria, Ms Aderinola Shonekan; the Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.

The second panel, focused on private sector perspectives, will feature the Managing Director/Chief Executive Officer of Starlink Global & Ideal Limited, Alhaji Adeniji Adeyemi; the Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki; Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Alhaji Mobolaji Salako; the Managing Director/Chief Executive Officer of RMM Global, Mr Ramzi Taher; and the Managing Director/Chief Executive Officer of Lelook Nigeria Limited, Chief Mrs Chinwe Ezenwa.

The discussions will offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.

A key focus of the seminar will be the African Continental Free Trade Area and its potential to open up a larger market for Nigerian goods and services while deepening intra-African trade. With the AfCFTA offering businesses access to a market of more than one billion people, the discussions will examine how Nigerian enterprises can leverage regional integration, build competitive value chains and seize emerging opportunities across the continent.

Zenith Bank has consistently championed conversations around trade and economic development. It remains at the forefront of efforts to support businesses seeking to participate more effectively in regional and international commerce. The Bank has also partnered with the AfCFTA Secretariat on initiatives to facilitate cross-border trade and expand access to opportunities across Africa.

Now in its 10th edition, the Zenith Bank International Trade Seminar has evolved into a leading platform for high-level dialogue on Nigeria’s trade and export ecosystem. Over the years, the seminar has brought together government, regulators, businesses, financial institutions, and other stakeholders to examine emerging trends, identify challenges, and proffer practical solutions to strengthen Nigeria’s position in global commerce.

The 2026 edition will build on this legacy, convening some of the most influential voices shaping Nigeria’s trade, investment and economic landscape around one critical question: how can Nigeria unlock greater value from its non-oil exports and translate its vast productive potential into sustainable economic growth?

The seminar will be held virtually and streamed live on Zoom, YouTube, Instagram, Facebook, X, and TikTok, enabling participants in Nigeria and around the world to join the conversation. Interested participants can register at www.zenithbank.com/exportsem

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Sterling Financial Grows H1 2026 Profit 20% … Balance Sheet Nears ₦5 Trillion

Published

3 weeks ago

July 30, 2026

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Sterling Financial Holdings Company Plc (“St Financial” or “the Group”) today released its unaudited results for the half-year ended 30 June 2026, posting broad-based growth across key performance indices.

The Group’s gross earnings rose 31.5% to ₦279.6 billion over the corresponding period in 2025, led by a 33.7% jump in interest income to ₦223.6 billion as the loan book expanded and asset yields improved. Net interest income climbed 41.0% to ₦137.4 billion, while non-interest income grew by 23.3% to ₦56.0 billion, supported by notable increases in fee income and other operating income lines.

Sterling Financial continued to strengthen its balance sheet with total assets expanding by 19.3% to ₦4.67 trillion, supported by a 21.1% growth in customer deposits to ₦3.62 trillion and disciplined expansion in the loan portfolio. The Group’s profit before tax (PBT) rose 21.9% to ₦55.5 billion while profit after tax (PAT) rose 20.4% to ₦50.3 billion.

Return on average equity stood at 20.6% and return on average assets improved to 2.35% from 2.05%.

Sterling Financial’s shareholders’ funds increased 27.8% to ₦547.7 billion in the period under review, primarily reflecting the ₦96.6 billion raised through a public offer of 13.8 billion ordinary shares. The Group’s share price has also appreciated over 15% from its year-opening position, reflecting renewed investor interest in the franchise ahead of the results release. Basic earnings per share stood at 77 kobo, reflecting the enlarged share base following the public offer.

The Group’s performance is anchored by its ongoing modernisation of its technology stack and operating model across its commercial (Sterling Bank), non-interest (AltBank), and wealth management (SterlingFI) arms. That work is showing up in faster service turnaround, tighter unit economics, and greater headroom to absorb rising customer activity without loosening the Group’s risk posture.

The combination of a reinforced capital base, expanding deposit franchise, and broader earnings mix leaves Sterling Financial positioned to compound growth in the second half of the year, channelling capital where it earns most and continuing to lend into the real economy.

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ZENITH BANK NAMED AFRICA’S BEST BANK & NIGERIA’S BEST BANK AT THE 2026 EUROMONEY AWARDS FOR EXCELLENCE

Published

4 weeks ago

July 23, 2026

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Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. AdaoraUmeoji, OON, said, “We are deeply honoured by theserecognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.

She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.

The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the EuromoneyAwards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

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