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STAKEHOLDERS IDENTIFY NON-OIL EXPORTS AS PANACEA FOR ECONOMIC REJUVENATION AT ZENITH BANK INTERNATIONAL TRADE SEMINAR
Stakeholders unanimously called for support of Nigeria’s Non-Oil Export Sector at the 7th Annual Edition of the Zenith Bank International Trade Seminar themed “Unlocking Opportunities in Nigeria’s Non-Oil Export Business”, which was held on Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos and virtually.In his Goodwill Message Presentation, the Founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia, CON, called for a concerted effort towards diversifying Nigeria’s export base through the promotion of non-oil exports. Highlighting the importance of non-oil export to the nation’s economy, Ovia pointed out that Nigeria exported cocoa and several other non-oil products for years before oil was discovered. He cited the example of the 25-storey Cocoa House in Ibadan, which was built with proceeds from cocoa exports. He pointed out that many countries in the world, such as Japan and China been successful because they are doing a great deal of innovation, production and manufacturing of goods and services. According to him, we should also look at promoting the nation’s non-oil export sector through technology to create technological giants like Apple, Tesla, and Google. And we already have technology companies in this mould in Nigeria, such as Flutterwave, which has a valuation of $3 billion, making it more valuable than some banks in Nigeria. Speaking further on the enormous potential in Nigeria’s non-oil sector, Ovia highlighted the phenomenal growth of Nigeria’s emerging financial technology (Fintech) companies such as Flutherwave, OPay, Interswitch, Kuda and Paystack, with market valuations of $3 billion, $2 billion, $1 billion, $500 million, $200 million, respectively. According to him, this underscores the enormous opportunity in the Fintech space. He also noted that the most capitalized companies in the world, such as Apple, Microsoft, Alphabet (Google), Amazon, Tesla, Visa, etc., are not oil companies but are in the technological innovation space.In his welcome address, the Group Managing Director/CEO of Zenith Bank, Mr. Ebenezer Onyeagwu, said that the annual Zenith Bank Trade Seminar has served as a veritable platform to deepen the conversation on promoting non-oil export in Nigeria, bringing together non-oil export practitioners and relevant government agencies to interact and explore the opportunities and proffer solutions to the challenges of non-oil export in the country. Speaking on the origin of the Zenith Bank Annual International Trade Seminar, Onyeagwu said that the commodity price slump of 2014-2016 was a watershed moment. According to him, “when crude oil prices plummeted from $114.55 per barrel in June 2014 to $28.76 in January 2016, with an attendant effect on the availability of foreign exchange, it was time to look towards the non-oil export sector for a more sustainable source of foreign exchange that is not susceptible to external shocks and price volatility. Highlighting some of the salient outcomes of the past six Zenith Bank Annual International Trade Seminar editions, Onyeagwu noted that previous editions’ outcomes have found expression and influenced policy initiatives. For instance, the extension of the period of repatriation of Non-Oil Export proceeds from 90 days to 180 days and the policy mandating shippers not to carry export without a Nigeria Export Proceeds (NXP) Form Number were recommendations from previous seminars. Also, the need to incentivize exporters to repatriate their export proceeds through the official channels and the recommendation to create export terminals across various export hubs in the country were also from past seminars. Also, previous editions recommended having Export Desks in commercial banks, which has now been instituted. He also stated that Zenith Bank has trained over 100 exporters through its Zero to Hero programmes which provide a platform for grooming and exposing beginners to become strong exporters by providing training on documentation, product sourcing, access to market and financing. He noted that Zenith Bank will continue the advocacy of promoting non-oil export.Delivering his goodwill message, the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, CON, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, for its laudable initiative in organizing an annual export seminar to explore opportunities in Nigeria’s non-oil export with a view to increasing the nation’s non-oil export base and ultimately increasing its share as a percentage of total export. In his words: “This is why the theme of this year’s seminar “Unlocking Opportunities in Nigeria’s Non-Oil Export Business” is timely and appropriate. This is because the global economy and structure are changing rapidly before our eyes. The previous world economic order underpinned by globalization and seamless trade possibilities seems to be suffering major disruptions lately. We believe Nigeria has a lot of potentials, and we can harness this for the good of our people and country.” He pointed out that the CBN has undertaken several initiatives to promote the non-oil export sector because of its firm belief that the non-oil export sector holds enormous potential to contribute to employment generation, wealth creation and economic growth of the country.In his keynote address, the President & Chief Executive of Dangote Group, Alhaji Aliko Dangote, GCON, said that “Nigeria’s non-oil export is quite low compared to other African top oil producers. This exposes the economy to oil price/production risks. There is much room for growth, and the CBN is helping drive this through the RT200 programme”. According to him, the CBN RT200 FX programme, which aims to achieve $200 billion in foreign exchange earnings from non-oil proceeds over the next 3-5 years, has very laudable objectives, including enhancing foreign exchange inflow, diversifying the source of FX inflow, increasing the level of contribution from non-oil export, and ensuring stability and sustainability of FX flows.In his Goodwill Message, His Excellency, Wamkele Mene, Secretary General, African Continental Free Trade Area (AfCFTA) Secretariat, enumerated the progress and achievements of the African Continental Free Trade Area and the efforts to improve intra-Africa trade. Also, in his Goodwill Message, Professor Benedict Oramah, President / Chairman of African Export-Import Bank (Afreximbank), highlighted the efforts of Afreximbank to enhance intra-Africa trade through the implementation of the Pan-African Payment and Settlement System (PAPSS). According to him, the Pan-African Payment and Settlement System will make it easy and seamless for Africans to trade amongst themselves and receive payment for goods and services in their local currencies, eliminating currency conversion challenges.Zenith Bank remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products and incentives for operators in the sector. The bank launched the Non-Oil Export Seminar in 2017 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria.
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Alternative Bank Appoints Gul Khan as Managing Director and Chief Executive Officer
The Alternative Bank Limited (Alt Bank) has announced the appointment of Gul Khan as Managing Director and Chief Executive Officer following approval by the Central Bank of Nigeria (CBN). He succeeds Hassan Yusuf, the Bank’s founding Managing Director.
Khan brings more than 25 years of international financial services experience, having worked in Europe, America, Asia, Middle East & Africa. Most recently he served as Chief Executive Officer and Board Director of I&M Bank Kenya and was Group Head of Products for Airtel Money, the fintech business across 14 markets in Africa. He alsopreviously served as Global Head of Retail Banking and Wealth Management at HSBC Amanah, the Group’s non-interest banking business. His career also includes executive leadership roles with banks in UAE, Egypt and Qatar giving him experience across established banking institutions and technology-led financial services businesses.
Commenting on the appointment, Muhtar Bakare, Chairman of Alternative Bank, said “Gul’s expertise in non-interest banking and his leadership experience across African financial services position him well to lead Alternative Bank through its next phase of growth. The Board is confident in his ability to build on the Bank’s foundations and broaden its reach, while maintaining the strong governance and commercial discipline essential to long-term success.”
Khan will work with the Board and management team to guide the Bank’s next phase of growth. Outlining his priorities, he said:
“The opportunity is to make Alt Bank the preferred choice for consumers and businesses in Nigeria. That means understanding what customers need, whether acquiring productive assets or growing their businesses, and providing solutions that are relevant and they can use with ease. I look forward to working with colleagues to build on Alt Bank’s progress and earn our customers’ continued trust.”
Alt Bank met the CBN’s revised minimum capital requirement for national non-interest banks well ahead of the regulatory deadline. The Bank has also completed its migration to MIZAN, a core banking platform designed for non-interest financial institutions. Its strengthened capital base and investment in technology support its capacity to finance business growth and develop products that meet the needs of its customers.
The Alternative Bank is part of Sterling Financial Holdings Company Plc, a diversified Nigerian financial services group. Backed by the Group’s institutional strength, governance framework and commitment to innovation, the Bank continues to advance its mission of expanding access to non-interest financial solutions for individuals and businesses across Nigeria.
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GTBank Launches 737 App, Reinforcing its Commitment to Youth-Centred Digital Banking
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Guaranty Trust Bank Limited (“GTBank”), the banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), today announced the launch of the 737 App designed around the evolving financial needs, digital habits and everyday experiences of young Nigerians. The launch further reaffirms GTBank’s longstanding commitment to building financial solutions that empowers the younger generation.
For GTBank, engaging the younger generation goes beyond providing access to banking services. It is about understanding how young people live, work, connect, spend and plan for the future, and developing solutions that fit these realities. This commitment has shaped the bank’s product innovation over the years, from GTCrea8, which offers young people free banking services, to a growing suite of digital solutions that make managing money easier, faster and more accessible.
The 737 App represents another deliberate step in this journey. Recognising that young people are increasingly mobile-driven, digitally connected and accustomed to managing different aspects of their lives from their phones, GTBank has developed an application that fits into the lifestyle of the young average Nigerian, experiencing life more and banking less. I
The 737 App uses customers’ phone numbers as their account numbers, making account details easier to remember and share. It also offers free virtual Naira Mastercard for online payments on international platforms such as Amazon, Netflix, Spotify and AliExpress. Its Scan to Pay feature enables faster transfers by eliminating manual account entry, while savings tools support future goals. Customers can also access instant loans and conveniently pay for airtime, data and utility bills.
Commenting on the launch, the Managing Director of GTBank, Mrs Miriam Olusanya, said: “We recognise that younger generations have an evolving relationship with money and financial services. They are technology-driven, digitally connected and increasingly intentional about how they spend, save and pursue their ambitions. Our responsibility is to understand these changing behaviours and translate them into financial solutions that fit seamlessly into their lifestyles. The 737 App reflects this commitment, bringing together the convenience, speed and accessibility they expect, while providing the tools to support their financial aspirations and plan for the future.”
She added: “This reflects the Group’s broader commitment to continuously innovate around the needs of the younger generation. Over the years, we have remained deliberate about creating products and opportunities that make financial services more accessible, relevant and rewarding for young people, empowering them to pursue their ambitions and make the most of life.”
The 737 App is available for download on the Google Play Store and Apple App Store, with a seamless digital onboarding process for both new and existing customers.
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ZENITH BANK REWARDS INNOVATION WITH ₦190 MILLION AT TECH FAIR 6.0, CHAMPIONS AI-DRIVEN FUTURE
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Zenith Bank Plc has awarded ₦190 million to 13 winners across three innovation competitions at the sixth edition of its flagship technology event, Zenith Tech Fair 2026: Future Forward 6.0, reinforcing its commitment to nurturing innovation, accelerating digital advancement and empowering the next generation of African technology leaders.
Held virtually for the first time on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct,” the event brought together technology leaders, entrepreneurs, innovators, policymakers and participants from across the world to explore the transformative potential of Artificial Intelligence (AI) and its implications for businesses, economies and society. The ₦190 million prize pool is the largest in the history of the Tech Fair, further demonstrating the Bank’s growing investment in technology and innovation.
The 2026 edition featured three competitions: the Hackathon, Startup Pitch Competition and the newly introduced Future Innovators Challenge. Together, they attracted over 3,000 submissions from developers, entrepreneurs and secondary school students seeking to showcase innovative solutions and secure funding to advance their ideas.
In the Hackathon category, Team Solo emerged overall winner, receiving ₦35 million, while 10x Brains secured second place with ₦20 million. Rumour Hunters came third with ₦15 million, while Òmìnira and Team Avera emerged fourth and fifth, receiving ₦10 million each.
In the Startup Pitch Competition, Cutstruct Technology Limited clinched first place with ₦35 million, followed by Sproutly, which received ₦20 million. PharmaRun secured third place with ₦15 million, while AUI BRAND and ProDevs completed the top five, receiving ₦10 million each.
The Future Innovators Challenge, introduced to encourage technology-driven creativity and problem-solving among secondary school students, produced three winners. Caleb British International School emerged first, receiving ₦5 million, while Queen of the Rosary College, Onitsha, came second with ₦3 million. Regina Pacis International School secured third place with ₦2 million.
Among the winning solutions, Cutstruct Technology Limited’s LiveVend platform is transforming construction procurement by connecting developers and contractors with suppliers. Sproutly uses financial technology to simplify school payments, while PharmaRun makes access to authentic medications more convenient through its network of pharmacies. Caleb British International School’s ReLearn platform, which won the Future Innovators Challenge, redistributes used textbooks to students in underserved communities, making learning materials more affordable and accessible.
Beyond the financial rewards, the winners will benefit from a six-week mentorship and incubation programme, providing expert guidance and practical support to refine their solutions, strengthen their business models and scale their innovations.
In his welcome remarks, the Founder of Zenith Bank Plc, Jim Ovia, CFR, reaffirmed his vision of empowering young people through technology and nurturing innovators capable of making a global impact. He said: “My vision is to continue empowering young people through technology, with the hope that one day we will produce individuals who make an impact on the scale of Bill Gates, Steve Jobs and Jeff Bezos.”
In her opening address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr Adaora Umeoji, OON, highlighted the urgency of embracing Artificial Intelligence and adapting to the rapidly evolving technology landscape. She noted that the Bank’s commitment to innovation is reflected in its investments in digital infrastructure, products and services, including its Zenith Intelligent Virtual Assistant (ZIVA). She also highlighted the role of the Bank’s fintech subsidiary, FinoPay, in developing the SMART AfCFTA Portal to facilitate intra-African trade.
Speaking on Africa’s role in the global AI revolution, she declared: “The next generation of global AI champions can and should come from Africa.” She further challenged participants to embrace emerging technologies, stating: “Do not fear AI. Embrace it. Whether you are developing a solution for a farm, clinic, classroom or factory, dare to think big, build ethically and create scalable solutions.”
The Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-Olu, commended Zenith Bank’s contribution to technological advancement, saying: “Over the years, Zenith Bank has been a strong driver and enabler of innovation, using technology to advance solutions and raise expectations for its employees, stakeholders and the wider business community.”
He also reaffirmed the Lagos State Government’s commitment to the technology ecosystem, stating: “We are also committed to supporting and promoting the technology ecosystem, creating opportunities for innovation and ensuring that Lagos remains at the forefront of this important area of development.”
The Honourable Minister of Innovation, Science and Technology, Dr Kingsley Tochukwu Udeh, SAN, represented by the Director-General of the National Space Research and Development Agency (NASRDA), Professor Matthew Adepoju, commended the Bank’s investment in technology and youth empowerment. He emphasised the importance of public-private collaboration in translating innovation into economic opportunities, stating: “When government and the private sector work in the same direction, ideas become products, products become businesses, and businesses create jobs for our people.”
The Tech Fair featured a distinguished line-up of technology leaders and industry experts, with Zach Kass, former Head of Go-to-Market at OpenAI, delivering the keynote address. Examining the evolution of AI and the emergence of autonomous agents, Kass challenged participants to consider the place of human judgement and values in an increasingly automated world. He said: “We are approaching a world in which we will have to ask ourselves, regularly and seriously: what do we want to keep human, and what are we willing to automate?”
Other speakers included Mike Ogbalu III, Managing Director/CEO of the Pan-African Payment and Settlement System (PAPSS); Deniz Oran, Head of Payment Partnerships at Google for EMEA; Jane Egerton-Idehen, Managing Director/CEO of Nigerian Communications Satellite Limited (NIGCOMSAT); Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA); and Chinwe Uzoho, Regional Managing Director, West Africa, Network International. Sessions were moderated by Victoria Rubadiri, CNN Correspondent, alongside other industry experts.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the Zenith Tech Fair reflects his vision of empowering young Nigerians through technology and nurturing innovators capable of developing solutions with global relevance. Over the years, it has evolved into a platform connecting ideas, talent, investment and opportunities, while giving emerging technology businesses the resources and exposure to grow.
Previous winners have gone on to develop solutions with practical applications across different sectors. They include JumpnPass, which developed a self-checkout solution for retail; CreditChek, which uses AI and open banking to streamline credit verification; TrustLoop, winner of the 2025 Hackathon with its digital identity verification solution; and Cubbes Technologies Limited, winner of the 2025 Startup Pitch Competition with its AI-powered educational technology platform.
With the introduction of the Future Innovators Challenge, Zenith Bank is extending this support to secondary school students, recognising the importance of identifying and nurturing technology talent early. Through the Tech Fair and its broader technology-driven initiatives, the Bank continues to invest in the people, ideas and businesses shaping Africa’s digital economy, providing innovators with the funding, mentorship and opportunities to turn promising ideas into impactful solutions.
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