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KPMG REPORT: FIRSTBANK REINFORCES RETAIL BANKING DOMINANCE, CREATES 150,000 INDIRECT JOBS
The unbanked and underbanked, two groups at the centre of retail banking, need to be captured for the financial system to achieve its full potential. The KPMG Nigeria Banking Industry Customer Experience Survey says customers have expectations about how their needs will be met and meeting this requires banks deploying the right network and technology. First Bank of Nigeria Limited has through its Firstmonie Agent Banking Network created over 150,000 indirect jobs for Nigerians and executed three million transactions via 45,000 agents.
Banking is no longer where you operate, but what you do. And doing more in today’s banking world requires the right tool, network and technology. Capturing the retail segment of the sector requires the right technology and product. The KPMG Nigeria has for the 13th consecutive year released the Banking Industry Customer Experience Survey, which showed banks playing formidable roles in the retail segment of the market. The retail segment of the report showed that FirstBank scored 71.8 percent, an improvement from 65 percent score in the 2018 survey.
The KPMG report showed that 53 percent of retail customers considered quality of service experience in choosing their bank, 13 percent chosen their bank based on financial stability while 12 percent chose their bank based on image and reputation.
For First Bank of Nigeria Limited, achieving these milestones did not come by chance. It took several decades of investment in the right technology, product and quality leadership.
As the oldest financial institution in the country, founded in 1894, FirstBank has over 28,000 Automated Teller Machines (ATMs), launched the first cash deposit ATM in Nigeria in 2011, has appointed over 45,000 FirstMonie Agents spread across the country, targeting 500,000 agents and operates in over 750 business locations. The bank has also created over 150,000 indirect jobs through the FirstMonie Agents scheme as at December 31, 2019.
Also, the bank’s alternative channels were the first to launch WhatsApp banking, among other milestones. Achieving the 80 percent financial inclusion target set by the Central Bank of Nigeria (CBN) will require the support of commercial banks and use of technology. First Bank of Nigeria is one of the financial institutions which have taken steps to make the target a reality by deploying technology in its operations by way of Agent Banking Network. FirstBank has expressed its commitment to continue to drive financial inclusion through its First-monie Agent Network in 99 per cent of the 774 local government areas and has processed over N2 trillion through the initiative.
The Firstmonie service provides financial/banking solutions to rural and semi-urban locations across the country. Such solutions include account opening, cash deposit, cash withdrawals, airtime purchase, and bill payments. Through this channel, the bank is committed to providing convenient services that engender and provides ease of access to banking products, thereby saving time and travel costs for users of the network. Speaking at the Firstmonie Agent Banking National Awards in Lagos, FirstBank’s Chief Executive Officer, Adesola Adeduntan said: “The initiative has witnessed several changes in the operating structure and value proposition of FirstBank
In December 2017, the bank ran a pilot test with over 400,000 transactions processed and following the success of the first run, it re-launched in 2018.”
According to Adeduntan, through Firstmonie, the bank has remained at the forefront of driving nation-wide inclusion, given our belief that access to financial services is part of lifting people out of poverty and fostering collective national economic development.
Adeduntan said: “The key strength of the bank’s services is to look at the gaps in the society and develop products and services that address the gap. As an integral part of our strategy, we believe in working with the CBN to improve financial inclusion index of the country. We would, at FirstBank, assist Nigeria to address poverty and hunger, thereby promoting security of life and property. Because when people are gainfully employed, the implication is that they will think less of crime.”
The bank’s Deputy Managing Director, Francis Shobo, noted that the agents are the most critical part of the ecosystem because they take deposits, make payments and open accounts, provide transfers and sell airtime at locations with little or no access to financial services. He said there are switches and the Nigeria Inter-bank Settlement System (NIBSS) has also supported the Firstmonie network. Shobo praised the CBN Governor Godwin Emefiele, stating that the the apex bank has made changes in regulation around agency banking. “They have allowed the programme to scale as much as it has scaled,” he said. At the event, 31 agents at the state level won N250,000 each, five agents N1 million each at the regional level and a grand prize of N2.5 million at the national level.
FirstBank Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, said the Bank has, through the First-monie initiative, empowered communities by connecting them to the financial system. She said the bank will continue to support Firstmonie agents. She said customers’ expectations were changing and that it’s the bank’s duty as a customer-focused bank to ensure that customers were provided with the means to carry out banking through any channel they desire. FirstBank has also recognised the opportunities for inclusive growth and influence of financial technology not just in banking but also business operations across industries.
One of the Firstmonie agents said: “I have been with Firstmonie since they started, and I can say that it has been a life-changing experience. I have been able to build trust of the communities around me as many workers in my area have forgotten the last time they visited any bank branch for basic banking services. I am a proud employer and as a result, my members of staff are well paid and comfortable.
“Firstmonie has created an enabling opportunity for dwellers of my immediate community and neighbouring towns to carry out banking transactions with less time, money, resources and risks as people don’t have to waste time embarking on long journeys to the city, added to the dangers of being robbed on the highway.’’ FirstBank has also partnered National Union of Road Transport Workers (NURTW). The deal seeks to leverage the human traffic and commercial activities at various motor parks across the country to ease access to financial services. FirstBank is also in partnership with Azuri Technologies Limited, an off-grid power distribution firm to make access to off-grid power easy, especially in rural communities, as well as other institutions, that seek to provide resources to cushion the effects of economic and social shocks on low income individuals. Under this deal, FirstBank and Azuri will co-brand and co-market Azuri’s solar home television product.
The pay-as-you-go customers will also pay for their solar photovoltaic (PV) system via FirstBank’s Firstmonie agents and mobile payment solution, thereby deepening financial inclusion. Banking with Technology Banking and technology are becoming inseparable. FirstBank under Adeduntan is driving growth and customer services with technology. The Financial Technology (Fintech) Summit organised by the bank was an opportunity for the bank to emphasise the need for technology in e-business, digital offering, agent banking, wholesale/ transaction banking, retail/consumer lending and Small and Medium Enterprises (SMEs) productivity. He noted that as a Tier-1 lender, which celebrated its 125th anniversary last March, the bank had been able to maintain its leadership position in the industry by leveraging technology to offer innovative solutions through its product offerings.
FirstBank is also taking advantage of the opportunities created by cash-less banking to innovate and give value to customers. The bank has introduced the Visa Multi Currency Card, an All-in One-Card and first of its kind to be offered by any financial institution in Nigeria. This card can be linked to four currencies: Naira, United States dollar, Euro and British Pounds Sterling accounts. With the Visa Multi-Currency card, FirstBank customers – within and outside Nigeria – can enjoy the luxury of having their local and foreign denominated accounts in any currency, linked to a single debit card.
Many banks have continued to make impact in the e-payment space. The Nigeria Postal Service and Fidelity Bank Plc have also entered into a collaboration to deploy modern banking services to Nigerians in 266 rural communities. The move is part of the measures to boost the level of financial inclusion in the country and reduce the number of those not yet in the formal financial system. Speaking at the launch of integrated banking services between Fidelity bank and NIPOST in Abuja, the bank said the collaboration would enable the bank to deploy all its banking services in 266 locations using NIPOST offices.
Access Bank Plc has introduced agency banking to deepen financial inclusion in Nigeria, to enable branches to focus more on complex customer obligations. A banking agent is defined as an authorised third party (a retail or postal outlet) contracted by a financial institution to process clients‘ transactions. The Head, Agency Banking, Access Bank, Michael Ogbaa, while introducing the bank’s Omni-channel agency banking application at the bank’s agency banking forum, in Lagos, on Tuesday decried that there are only 307,000 PoS terminals in Nigeria as at last July, of which only 167,000 are active.
Also, the adoption of e-transactions for customers earned Guaranty Trust Bank (GTBank), United Bank of Africa (UBA), and other eight banks N135.15 billion between January and September, last year. A look at the unaudited 2019 third-quarter reports of the banks, showed that their revenue from electronic transactions grew by 57 per cent as against the N86.312 billion they earned from the first 10 months of 2018.
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ZENITH BANK NAMED AFRICA’S BEST BANK & NIGERIA’S BEST BANK AT THE 2026 EUROMONEY AWARDS FOR EXCELLENCE
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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GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026
Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.
The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.
GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics
Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”
This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.
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GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the 2026 rollout of its social impact initiative called #BeatTheDistance.This is a nationwide intervention aimed at supporting school children in underserved communities through the provision of bicycles to ease their daily commute to school.
Marking the second edition of the initiative, GTCO will distribute 3,000 bicycles to schoolchildren across six states in Nigeria—Ebonyi, Jigawa, Benue, Oyo, Akwa Ibom, and Ekiti. The programme builds on the impact of its inaugural rollout in 2019 and underscores the Group’s commitment to improving access to education through practical, community-focused interventions.
By helping to reduce the transportation challenges faced by students who travel long distances to attend school, the initiative seeks to improve school attendance, support learning outcomes, and create opportunities for young people to pursue their education with greater ease and confidence.
Speaking on the initiative, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Education remains one of the most powerful tools for transforming lives and creating opportunities. Through the #BeatTheDistance Initiative, we are supporting students whose determination to learn is often tested by the distance they travel each day to access education. By providing these bicycles, our goal is to create an environment where more children can achieve their full potential by reducing fatigue, improving attendance at school, and expanding learning outcomes for children of school age.
He further added: “At GTCO, we believe that meaningful impact comes from addressing real challenges within communities. #BeatTheDistance is one of the ways we are investing in the future by supporting young people and helping to create conditions that enable them to succeed. We remain committed to initiatives that promote inclusion, expand access to opportunities, and contribute to sustainable development.”
The initiative forms part of GTCO’s broader commitment to social impact and sustainable development, particularly in the areas of education, youth empowerment, and community advancement. By helping students spend less time commuting and more time learning, #BeatTheDistance continues to deliver practical support where it is needed most, empowering young people to pursue their education and unlock their full potential.
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