Zenith Bank: Game-changer in innovative retail banking

Zenith Bank Plc, a leader in financial solutions in most facets of banking, is bringing innovation to the retail end of the banking industry, using its pool of talents, high technology, and new products.

Over the years, using technology as one of its major advantages, Zenith Bank has successfully served customers at the high end of the market and delivered impressive returns to shareholders in the process.

Now it is transferring that same expertise and experience to the retail end.

Zenith Bank Plc. blazed the trail in digital banking in Nigeria, scoring several firsts in the deployment of information and communication technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

Zenith Bank offers a number of innovative products for its numerous clients.

Zenith Children Account (ZECA) Zenith Children Account is a special deposit account geared towards your child’s education and bright future. ZECA is more than a regular savings account. It offers a lot benefits for both parent and child.

Zenith Aspire is a savings account designed for the tech savvy, brand conscious, entertainment and socially enlightened student who want flexibility, convenience, benefits and rewards.

The product features and benefit are: Zero account opening balance; choice card design: Aspire Ultra, Ace & Zeal; cashless banking (ATM, POS, WEB, Mobile) and Exclusive Z-Mart retail discounts and other periodic promotions at participating merchants nationwide.

Zenith eaZySave Classic account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship. It has the following features and benefits: Zero account opening balance; maximum single deposit – ₦20,000; maximum cumulative  account balance – ₦200,000; debit card – domestic use only (₦1,000); mobile money; transaction limit: ₦3,000/Per transaction, and maximum cumulative mobile money balance: ₦30,000

Zenith eaZySave Premium account, like Zenith eaZySave Classic account, is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship. This product offers zero account opening balance; maximum single deposit –₦50,000; maximum cumulative account balance – ₦400,000; debit card; inter-bank transfers; internet banking; mobile money with transaction limit of ₦10,000/Per transaction, and maximum cumulative mobile money balance of ₦100,000.

The Zenith Premium Gold and Zenith Premium Platinum are COT free and interest bearing.

On the profit said, Zenith bank has been posting impressive financial results over the years, rewarding shareholders with equally impressive dividends.   For instance, five year performance from 2009 to 2013 showed steady growth in profit and returns on investments.

For instance, revenue grew from N277 billion in 2009 to N244 billion in 2010, N307 billion in 2012 and N351 billion in 2013. Profit before tax rose from N35 billion, to N50 billion in 2010, N61 billion in 2011, N101 billion in 2012 and N111 billion in 2013.

Shareholders have been benefitting from the growth witnessed in the profitability over the years.  Shareholders got a dividend of N11 billion in 2009, N26 billion in2010, N29 billion in 2011, N50 billion in 2012 and N54 billion in 2013.

Zenith Bank ended  the nine months  to  September 30, 2014 with  profit before tax of N87 billion, profit after tax of N71 billion. Total assets stood at N3.408 trillion and shareholders’ funds N523 billion.

Zenith Bank Plc. was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO).  The bank has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, Zenith Bank listed $850 million worth of its shares on the London Stock Exchange (LSE).

The bank has over 500 branches and business offices in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc. Zenith Bank also has subsidiaries in Ghana, Sierra Leone, and Gambia. The bank also has representative offices in South Africa and The People’s Republic of China.

 

PATRICK ATUANYA