brand
THE EVOLUTION OF NIGERIAN BANK OVER THE LAST FEW YEARS,A SERIES OF REFORMS HAVE REVITALISED THE BAKING INDUSTRY IN NIGERIA.JIM OVIA, CHAIRMAN OF ZENITH BANK
![]()
EXPLAINS HOW HIS ORGANIZATION IS CONTRIBUTINGTO ECONOMIC PROGRESS
NIGERIAS MODERNISED ECONOMY
For more than 10 years now, Nigeria economy has benefited greatly from sustained levels of growth
with annual real GDP rising to 6.3 percent in 2014 , and it is expected to continue on this positive trajectory into 2015 and beyond. Overall , the Nigerian economy is becoming more modern, resembling western developed economies, with the services industry providing the bulk of its economic output. It is responsible for more than 50 percent of total economic growth, while manufacturing and agriculture contributed around nine and 21 percent respectively, according to data complied by African economic outlook, the country has managed to diversify its economy away from oil-which is no simple feat. Other industry sectors-including the service industry-have grown to become the main drivers of growth in the country. Its population of around 178 million (see side bar) means that the retail consumer market is enormous and crammed with stirring opportunities. In Africa, the country is at the forefront of utilizing electronic banking products, with its huge telecommunications backbone, world-class banking applications and burgeoning biometric projects.
The past year has been good for Nigeria so far, but its growth has suffered, slowing slightly as consequence of reduced economic recovery in other parts of the world, and the price of oil is yet to bounce back from its current lows. Cheap oil has made a considerable dent in fiscal revenues, but due to the success of economic diversification, the country has managed to weather the storm rather effectively and helped mitigate the impact of the commodity’s low price. In order to combat the dip in revenue, the government has chosen to cut spending so that it doesn’t take on excessive levels of debt. It has also embarked on a strategy that involves shoring up non-oil revenues in a bid to compensate for declining oil revenues.
Boosting business
In a recent report by the world bank, which attempts to measure how effectively government regulation has assisted business activity in various countries, the international organization ranked Nigerians overall performance favourably, increasing its rank from 175 out of 189 to 170. The positive ranking by the world bank was due to the Nigerian government making it easier for individuals to do two things: set up a business and receive credit from financial institutions. Overall, the government has worked hard to increase the efficiency of its business environment and legal institutions in an effort to improve the performance of its economy.
The all progressives congress (APC) has continued to ease restraints on businesses, focusing on long-term judicial reforms that aim to bolster legal entities for contract enforcement.it is also eager to address issues like corruption and national security, both of which dramatically impact investor confidence and have the capablility of reducing foreign direct investment into the country. But these issues are not serious enough to dissuade all investors.
I don’t find it surprising that investors want to take part in Nigeria’s economy when you consider the exciting potential of our economy, our very high population which means we have very substantial consumer markets and our excellent infrastructures that make investment easy and ensure a good flow of information to investors themselves; said Peter Amangbo, CEO of Zenith Bank.
At zenith bank, helping domestic and foreign investors is one our strongest areas of activity. We think our devotion to customer service, our passionate enthusiasm for making sure that the service we offer are exactly what customers want and our ability to bring new services and new facilities to customers make us the bank of choice for investors both within Nigeria and beyond our borders who want to maximize their knowledge of the investment potential of Nigeria and also maximize their returns; In order to make credit more readily available for those looking to start a business, the government has had to implement a number of financial reforms. These have helped alter the financial reforms. These have helped financial environment, creating a stronger banking institutions that possess an efficient payments system. It has also helped to greatly improve the financial infrastructure of the country too.
The enormous success of e-banking in Nigeria, and the fact that it is not only seen in African.
But globally as a successful economy, is partly explained by the Central Bank Nigeria (CBN) encouraging cashless transactions in other to engender flexibility, speed and accountability. E-banking in Nigeria is also partly explained by the hurtling transformation of the economy which is increasing demands for banking services in general, and e-banking in particular.
Yet there is another key factor too: the success of e-banking in Africa’s most populous nation is also due to the sheer energy Nigeria’s most influential and far-sighted bankers, who ultimately know that the people who must want e-banking and all its associated advantages of banking services from their desktops, laptops, tablets and mobile phones, are the customers.
This makes banking easier with no need to find time to visit a physical branch, and its makes banking available on the move. A lot has changed for Nigeria’s banking industry over the years, and so World Finance spoke to Jim Ovia, Founder and Chairman of Zenith Bank, to discuss Nigeria’s economic history, and how the bank has diversified with the country’s changing economy.
From the humble beginnings
Ovia came into the industry to make a difference. He begun his career banking in Nigeria as an operator, redefining the way banking was done. He brought forward innovations in management, service delivery, customer service and the deployment of technology in banking operations.
With its head office based in Nigeria and franchises in major financial centres around the world, Zenith Bank provides an assortment of services and products in areas that include corporate and investment banking, commercial and consumer banking, personal banking, private banking and trade services.
It has over 500 branches and offices, spread across all states of the federation and the Federal Capital Territory (FCT), Abuja. Coupled with a presence in London, Ghana, Sierra Leone, The Gambia and representative offices in South Africa, Dubai and Beijing. Zenith Bank leverages its robust ICT infrastructure to provide secure and fast electronic channels and solutions to meet the dynamic needs of customers.
The extremely low turnover rate of the bank’s highest administration allows for consistency, continuity, focus and authorship. CEO Amangbo, along with the other executive directors, have been influential propelling Zenith Bank to its current market leading position. Working with Jim Ovia has put Amangbo in good stead to continue delivering the bank’s growth trajectory, of which he has been a prominent contributor.
What values have helped Zenith Bank achieve its success to date?
Zenith Bank is simply built on three core values: people, technology and service. These values have been the backbone of Zenith from inception to date. The bank thrives by putting the right people in the right places. The staff receive the best training available, which has helped build a strong corporate culture of goal oriented activities. Our people are empowered to be creative, innovative and at the same time, execute the highest level of efficiency. All these have contributed to a stable and highly motivated work force in Zenith. As a result of the training and exposure we give to our staff, we have been able to innovate, create and lead the banking revolution in Nigeria through the power of cutting-edge technology. Our practice in Zenith is to continually seek ways of improving existing banking practices, using top global bank as our yardstick.
The combination of highly motivated staff and state-of-the-art technology has led to excellent customer service, which has been our distinction within the Nigerian banking industry.
Our ability to meet and exceed the expectations of our customers over the years has made Zenith attractive to major businesses home and abroad.
How do you think the new administration can sustain economic growth?
As a bank that believe in putting the right people in the right place, Zenith has attracted and retained seasoned professionals in the area of risk management, compliance and legal services
This has helped it to build a reputation of compliance conscious bank, which has made it easier for us to work with government at all tiers and the several regulatory agencies in Nigeria and other countries. With such an international foot-print, we have and will continue to support the programmes and policies of the government in jurisdictions we operate.
As a reward to our conscious efforts on compliance with laws and regulations-and the support of government programmes-we have received significant support from the government of Nigeria, and beyond. We will continue to work cordially for more support.
After the government consolidation, larger Nigerian banks have been able to compete comfortably with other banks in the world. As players in the banking industry, we expect the new administration to continue to support the growth of Nigerian banks, as this helps to create jobs, wealth and expansion into other countries.
What is your strategy for expansion?
Zenith is continually seeking opportunities to expand and tap into profitable business ventures at home and abroad. It has a UK subsidiary, and this year opened a branch in Dubai. Despite the global economic growth downturn, there are numerous untapped business opportunities, especially in Africa and Asia, which the bank is watching closely.
How do you plan to integrate payment systems into the Zenith’s model?
As a technology driven bank, Zenith have been in the forefront of processing automation, and championed several projects that resulted to adoption of electronic banking. Zenith has deployed several platforms that have made banking services seamless and more efficient for customers. Using technology to facilitate payment has always been an integral part of Zenith’s banking model, and with the CBN’s drive for a cashless Nigeria, Zenith will continue to work with other stakeholders for a more efficient and secured payment system. The CBN has tightened monetary policy in 2015 by imposing forex restrictions on certain imports.
How have new environment conditions affected Zenith’s business, and what is need to stabilize the market? The Nigerian economy is overly import-dependent, and this today has led to a significant loss of foreign exchange. Therefore, the position of foreign exchange restrictions on certain imports would in fact not only help in foreign exchange management by saving the country a forex haemorrhage, but it would also help to promote the local industries with its attendant spill-over effect on creating jobs and increasing wealth.
The current monetary condition is a fallout of dwindling oil prices and drop in government receipts. The implication is that the CBN is not able to meet all the forex needs of every customer. However, Zenith is coping very well with the current situation by forex rationing to meet the needs of its customers, while ensuring compliance with relevant laws and regulations.
The banking system is a key piece of Nigeria’s future, but SMEs have difficulty finding capital.
How has access to financial services throughout the Nigerian economy changed?
Access to finance is no doubt challenging but improving, especially for SMEs because of high interest rates due to high cost of sourcing deposits.
However, that circumstance is gradually changing since the introduction of various intervention schemes, particularly the Micro Small and Medium Enterprise Development Fund (MSMEDF) with single digit interest rate by the CBN. It is expected that funding for SMEs will be more accessible than it used to be.
Technology features greatly at Zenith Bank. How has this being implemented?
Technology is integral to the bank’s business strategy. We deploy cutting-edge technology platforms to enable seamless transaction for our customers.
![]()
brand
GTCO Brings Google Pay to Both Sides of the Checkout As Google Pay launches in Nigeria
![]()
…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.
Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.
The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.
For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.
For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.
Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”
He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”
The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”
Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.
brand
ZENITH BANK SET TO HOST SIXTH EDITION OF ANNUAL TECH FAIR
![]()
Zenith Bank Plc is set to host the sixth edition of its flagship technology event, Zenith Bank Tech Fair 2026: Future Forward 6.0, on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct.”
Renowned for its scale and showcase of technological innovation, the annual Tech Fair has evolved into a platform for connecting ideas, talent and opportunities. Over the years, the event has brought together technology leaders, entrepreneurs, and young innovators to explore emerging technologies, showcase solutions and examine the future of the digital economy.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the initiative reflects his vision of empowering young Nigerians through technology and nurturing inventors capable of developing solutions with global relevance. It also reinforces Zenith Bank’s commitment to digital advancement and the growth of Nigeria’s technology ecosystem.
The impact of the Tech Fair is evident in the solutions emerging from its competitions. Previous winners include JumpnPass, which developed a self-checkout solution for retail, and CreditChek, which uses artificial intelligence and open banking to streamline credit verification. At the 2025 edition, TrustLoopwon the hackathon for its digital identity verification solution, while Cubbes Technologies won the startup pitch competition with its AI-powered EdTech learning platform. Through millions in prize funding and mentorship, the Tech Fair continues to support promising innovators in developing practical solutions to real-world challenges.
For the first time, the Tech Fair will be held virtually, opening participation to a wider borderless audience across Nigeria and beyond. This year’s theme explores the growing influence of AI and challenges individuals and organisations to consider howbest to harness its potential in an increasingly technology-driven world. The event will offer participants an opportunity to discover emerging innovations, gain fresh insights and engage with ideas shaping the future of work and business.
The Tech Fair will be accessible via Zoom, Instagram, X, TikTok, Facebook and YouTube.
Be part of the future of technology. Register now at www.zenithbank.com/techfair and experience the possibilities of AI at Zenith Bank Tech Fair 2026.
brand
AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order
![]()
Mr. Lewis Tung and his brother Robert Tung
The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.
The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.
The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.
The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.
Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.
The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).
-
news6 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle6 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
news8 years ago
-
health6 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle5 years agoObateru: Celebrating a Quintessential PR Man at 60
-
news1 year agoBREAKING: Tinubu swears in new NNPCL Board
-
health6 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
society3 years agoBisbam CEO, Abisola Bamidele, Bags Owu Chieftaincy Title