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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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GTCO Plc Becomes the 1st Financial Services Institution in West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange
Guaranty Trust Holding Company Plc (GTCO Plc), Africa’s leading and most profitable Financial Services Group, has recorded a significant milestone in its growth and expansion journey with the successful admission of its Ordinary Shares to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange.
This historic achievement makes GTCO Plc, the 1stFinancial Services Institution in West Africa to dual list its Ordinary Shares on both the Nigerian and London stock exchanges, and subject to certain criteria, it is expected that the Shares will be transferrable between the two exchanges.
The admission follows the successful pricing of its fully marketed offering (The Offering) on the London Stock Exchange to raise gross proceeds of $105million in exchange for 2.29 billion of new ordinary shares in the company, which was supported by a strong book of high-quality, long-term institutional investors.
Concurrent with the Offering, the Company also gave notice of its intention to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) category of the Official List of the United Kingdom Financial Conduct Authority (“FCA”) and the admission to trading of GDRs on the London Stock Exchange’s main market for listed securities.
Building on the momentum of the successful first tranche of its equity capital raise programme in July 2024, which secured ₦209 billion, GTCO will deploy the proceeds from the Offering to strengthen its capital base, meet its recapitalization target, and fund strategic expansion across high-growth markets and priority sectors within and outside Nigeria.
It is expected that Admission and unconditional dealing in the Shares will become effective on or before 8.00 a.m. (UK time) on 9 July 2025 under the ticker “GTHC”. Following the cancellation of the GDRs listing, the Company intends to change the ticker symbol for the Shares from “GTHC” to “GTCO” and will issue a separate announcement in due course to that effect.
Commenting on the LSE Listing, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Today marks a major milestone—not just for GTCO, but for the future we see for African financial institutions on the global stage. We are incredibly proud to be the 1stFinancial Services Institution in West Africa to list our ordinary shares on London Stock Exchange’s main market for listed securities, and even more honored by the trust placed in us by the investing community. For us, this was not just about raising capital. It was about validating the strength of our franchise, the clarity of our strategy, and the discipline with which we execute.”
He further said; “I would like to thank everyone who made this possible—our advisors and legal teams, our longstanding shareholders, the regulators both in Nigeria and in the UK, as well as the Nigerian government for creating an environment that supports our bold ambition and vision to be Africa’s leading financial services institution.”
GTCO’s fully marketed offering attracted long-term institutional capital, reflecting investor confidence in the Group’s fundamentals, governance, and strategic outlook. It also signals improving market sentiment, buoyed by ongoing economic reforms by the Federal Government and a return to traditional orthodox monetary policy by the Central Bank of Nigeria, which have gone a long way to stabilising the macroeconomic environment and gradually restoring investor confidence in Nigeria’s long-term prospects.
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ZENITH BANK RETAINS TOP SPOT AS NUMBER ONE BANK IN NIGERIA BY TIER-1 CAPITAL FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING
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Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital forthe sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by TheBanker,FinancialTimesGroup,UnitedKingdom.ThisrankingplacesZenithBankPlcasthe581st Bank globally, with a Tier-1 Capital of $2 billion.The global rankings, published inthe July 2025 edition of TheBanker, was based on the 2024year-end Tier-1capital ofbanks. Thisis theprimary basisformost internationalorganizations’assessments of banks.Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame(Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as theNumber One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement isa reflection of the bank’s robust financial performance, prudent risk management and steadfastdedication to delivering exceptional value to our customers and stakeholders”. She thanked theFounder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which hasplayedapivotalroleincultivatingaresilientandthrivinginstitution.Shealsoexpressedherdeepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenithbrand, the Board for the sound corporate governance, and the staff for their relentless & tirelessefforts in ensuring the bank’s success.Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from aregulator’sperspective.Accordingtotheranking,Tier-1Capital,asdefinedbytheBankforInternational Settlements(BIS) guidelines,includes loss-absorbingcapital, i.e.,common stock,disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that areless than whollyowned. A strongTier-1 capital ratio boostsinvestor and depositorconfidence,indicating the Bank is well-capitalised and financially stable.Accordingtotheaudited financialresultsforthe2024financialyearpresented totheNigerianExchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasingfrom N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase ininterest income, supported by investment in high-yield government securities, and growth in theBank’s loan book. Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024from N796 billion in 2023. This performance saw the bank record an unprecedented total dividendpayout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.Zenith Bank’s track record of excellent performance has continued to earn the brand numerousawards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of theYear 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 being listed in the World Finance Top 100 Global Companies in2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021to2024intheWorldFinanceBankingAwardsandMostSustainableBank,NigeriaintheInternationalBanker2023and2024BankingAwards.Additionally,ZenithBankwasacknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance CorporateGovernance Awards from 2022 to 2024 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 saw it being named the Most Valuable Banking Brand inNigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year2023 and 2024 at the BusinessDayBanks and Other Financial Institutions (BAFI) Awards, andRetail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFIAwards.TheBankalsoreceivedtheaccoladesofBestCommercialBank,NigeriaandBestInnovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.ZenithBankwasalsonamedMostResponsibleOrganisationinAfrica,BestCompanyinTransparency and Reporting and Best Company in Gender Equality and Women Empowermentat the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank oftheYear2024byNewTelegraphNewspaper;andBestinMSMETradeFinance,2023byNairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’at the Nairametrics Capital Market Choice Awards 2025
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Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State, Pledges Continued Support
Pix 1 L-R: Registrar & Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) Akin Morakinyo; Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; Managing Director Taj Bank Mr. Hamid Joda; and Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend
Pix 3: L-R: Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; and Managing Director Taj Bank Mr. Hamid Joda, during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian Bank CEOs, has pledged significant support to alleviate the suffering of flood victims in Niger State
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba.
The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state.
Oliver Alawuba who is also the Group Managing Director/CEO of United Bank for Africa(UBA), led the delegation to the Niger State Government house Abuja, where they presented essential relief items, including bags of rice, beverages, vegetable oil, and mattresses, valued at millions of naira.
The devastating floods, which have affected thousands of families in the region, have prompted the banking community to come together in a show of empathy and support to those displaced and affected by the disaster.
In his address, Alawuba expressed the banking industry’s deep sympathy for the affected communities and reaffirmed their dedication to sustainable support while pointing out that the gesture underscores the banking sector’s commitment to corporate social responsibility and humanitarian intervention especially in times of crisis.
He said, “Today, we stand with the people of Niger State in their time of need. We want you to know that we feel your pain and we give you our firm resolve to assist in rebuilding lives. This donation is just the beginning; we pledge continued collaboration with the Niger State Government to ensure long-term recovery and resilience.”
Other top CEOs and executives at the presentation included by the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Managing Director Taj Bank Mr. Hamid Joda; Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman senior government officials, banking executives, and media representatives, marking a significant step in public-private collaboration for humanitarian relief.
Governor Bago, who received the relief materials on behalf of the state, commending the banking sector for its timely intervention.
“This gesture reinforces the critical role of private-sector partnerships in disaster response,” Governor Bago stated. “We are grateful for this support and look forward to deeper collaboration in safeguarding our communities against future challenges. On behalf of the good people of Niger State, particularly the affected families in Mokwa, I extend our sincerest thanks for this timely and compassionate intervention,” Bago stated.
“The recent floods in the state brought immense hardship to the people, displacing families, destroying livelihoods, and disrupting communities and the banking sector, under the leadership of Alawuba and his esteemed colleagues, has demonstrated that beyond financial stewardship, they are true partners in national development and humanitarian service.
This donation is not just about the physical items; it is a symbol of hope, resilience, and the unwavering support of Nigeria’s financial institutions in times of need. It reassures our people that they are not forgotten, the governor stated.
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