Coronation redefines its merchant banking outlook

Nigeria’s banking sector is undergoing a significant transformation, driven by technological advancements, shifting regulatory landscapes, and evolving customer needs. Amidst this change, Coronation Merchant Bank has emerged as a beacon of innovation and excellence, setting new standards for merchant banking in the region.

Under the visionary leadership of Paul Abiagam, Coronation Merchant Bank has undergone a remarkable journey of growth and transformation. With a strong focus on strategic partnerships, digital transformation, and customer-centric solutions, the bank has expanded its sector coverage, diversified its product offerings, and reinforced its position as a trusted financial partner to corporations, institutions, and individuals.

As the banking landscape continues to evolve, Coronation Merchant Bank remains at the forefront, driving innovation, and shaping the future of financial services in Nigeria. Paul Abiagam shares his insights on the bank’s strategic initiatives, its approach to innovation, risk management, and regulatory compliance, as well as its commitment to sustainability and social responsibility, offering a unique perspective on the opportunities, challenges, and trends shaping the banking sector in Nigeria.

What strategic initiatives has Coronation Merchant Bank undertaken to drive growth and expansion in the Nigerian market?

Coronation Merchant Bank has undergone significant transformation over the past few years, building on the solid foundation established by our founder and predecessors. With a new leadership team in place, we have expanded our sector coverage and diversified our product offerings to better serve our select corporate and retail clients.

We have also played an active role in major capital raises for some of Nigeria’s leading banks, reinforcing our position as a trusted financial partner. Despite navigating complex economic challenges, including rising inflation, currency fluctuations, and evolving regulations, we have maintained disciplined risk management and compliance while staying focused on our ambition to lead in the merchant banking sector.

We recognize that merchant banking comes with unique cost structures, and have therefore prioritized strategic partnerships and innovative, low-cost funding opportunities, all while ensuring we remain fully compliant with regulations. Sustainability and long-term growth remain at the heart of our vision as we continue to expand our footprint and create lasting value in Nigeria’s financial sector

How does the Bank plan to maintain its competitive edge in the face of increasing competition from FinTech Companies and other merchant banks?

We view the rise of Fintechs as an opportunity for collaboration and innovation, rather than a competitive threat. Our ongoing digital transformation journey is enabling strategic partnerships that will deliver tailored solutions to our clients, making banking faster, smoother, and more efficient.

At the heart of this effort is our commitment to eliminating friction for both our clients and their customers. We believe that working with Fintechs is crucial to delivering seamless financial solutions that meet the evolving needs of the market, whether in payments, collections, or overall customer experience.

For us, it’s not just about adapting to change – it’s about leading the way in shaping the future of financial services.

Can you elaborate on Coronation Merchant Bank’s vision for the future and how the bank intends to achieve its goals?

Our vision is straightforward yet ambitious: to become the most respected Nigerian merchant bank in Africa. To achieve this, we are focused on building a robust and resilient institution that prioritizes customer needs and continuously enhances its services.

Our ongoing capital-raising efforts are a key part of this journey, reflecting the confidence our shareholders have in us and strengthening our ability to adapt to market changes and lead in the merchant banking space. However, success is not solely defined by financial strength; it also encompasses innovation and sustainability.

We are investing in forward-thinking, sustainable initiatives that will position us at the forefront of responsible banking. With a future-ready mindset, we are driving change and setting new standards for excellence in Nigeria’s financial industry.

How is Coronation Merchant Bank embracing digital transformation?

Digital transformation is the driving force behind our operations. We are making significant investments in cloud-based technology to enhance our agility, efficiency, and scalability. This enables us to effortlessly expand our services to meet increasing demands.

Through continuous infrastructure upgrades, we are also preparing to handle higher transaction volumes while remaining poised to integrate emerging innovations as the industry continues to evolve.

What innovations can customers expect from the bank in the near future?

Our goal goes beyond efficiency – we’re committed to elevating the customer experience. To achieve this, we’re developing intuitive self-service solutions and a cutting-edge collection engine. These innovations are designed to make banking simpler, faster, and more engaging for our clients.

By harnessing the power of technology, we’re creating a seamless and hassle-free banking experience that adapts to the evolving needs of our clients.

What role does technology play in driving Coronation Merchant Bank’s business strategy?

Technology is the backbone of our strategy, driving innovation and growth. We’re leveraging cloud-based solutions to automate processes, scale operations, and elevate customer service. These advancements have already yielded significant benefits, including a 40% reduction in IT-related costs and accelerated rollout of new services.

Our ongoing infrastructure upgrades ensure that we can expand efficiently and rapidly adapt to shifting market demands, positioning us for sustained success

How is the bank leveraging data analytics to inform its decision-making?

We are harnessing the power of data analytics to uncover valuable insights into customer behavior, market trends, and risk management. This enables us to make informed, strategic decisions that drive growth and improvement.

By leveraging these insights, we’re able to identify new opportunities, fortify risk management, and continually refine our services. The result is a seamless, personalized experience tailored to the unique needs of each client.

Are there any plans to develop new digital products or services that cater to the evolving needs of Coronation Merchant Bank’s customers?

We are dedicated to driving innovation, which means continuously introducing new digital products and services tailored to our clients’ evolving needs. A key initiative is the upgrade of our payment and collection platforms, designed to provide a seamless and user-friendly experience.

This includes enhanced mobile and online banking solutions, offering our clients easy access to a range of services, from account management to investment services, all in one place. As our digital presence expands, security remains our top priority. We’re implementing advanced security measures to safeguard customer data and ensure secure transactions, giving our clients complete confidence and peace of mind.

By continuously strengthening our digital infrastructure, we’re ensuring that banking with Coronation Merchant Bank remains secure, efficient, and at the forefront of innovation in our business space.

As the CEO of Coronation Merchant Bank, what leadership style do you employ?

Effective leadership is for one to be a bit more dynamic and adaptable. So are the different changes that evolve in the market environment. This sometimes warrants the adoption of distinct strategies to address and deliver on set goals and objectives. In some turbulent times, one would adopt a decisive and direct approach with clear communication towards achieving the mandate in view. Key critical attributes are accountability, empathy, diligence, and discipline in the execution of the set mandate.

Ultimately, my leadership style involves being adaptive, strategic, agile, and innovative to propel the organization forward, while maintaining a clear and compelling vision.

How do you motivate your team to achieve exceptional results?

Achieving exceptional results requires more than just a solid strategy – it demands a combination of teamwork, discipline, clear communication, a supportive work environment, and well-defined goals with regular progress tracking.

When leaders demonstrate fairness and discipline, they earn the trust and loyalty of their team members, driving performance and success. At Coronation, our culture is rooted in collaboration, innovation, and accountability. By fostering an environment where individuals feel valued and empowered, we generate the momentum needed to achieve excellence.

How does Coronation Merchant prioritize corporate governance?

A robust corporate governance framework is the cornerstone of a successful and trusted financial institution. Under the guidance of our Board and management, we have established stringent risk management and compliance frameworks. These frameworks enable us to identify, assess, and mitigate risks effectively, ensuring the stability and integrity of our operations.

What measures are in place to ensure transparency and accountability within the organization?

Integrity and transparency are the guiding principles of our operations. We adhere to a strict code of conduct, maintain transparent financial reporting, and have implemented robust cybersecurity measures to safeguard our customers and business.

Our whistleblowing policies ensure accountability, and we prioritize open communication with shareholders. We are committed to sustainable business practices, recognizing their importance in building a resilient and ethical institution.

By upholding these principles, we continue to foster a culture of trust, ultimately building a future-focused bank that benefits all our stakeholders.

How does Coronation Merchant Bank approach risk management?

Risk management is deeply ingrained in every critical activity and process, ensuring we achieve our strategic objectives. We adopt a proactive approach, integrating our business and risk management strategies to inform sound decision-making and promote responsible banking practices.

What strategies are in place to mitigate potential IT risks?

We regularly assess our operations to identify potential risks and implement effective mitigation strategies. Our dedication to global best practices is evident in our certifications, including ISO 27001 for information security, ISO 20000 for IT service management, and ISO 22301 for business continuity management.

Furthermore, we adhere to ISO 27017 for cloud security and ISO 27032 for cybersecurity, ensuring our security posture remains robust in the face of an ever-evolving digital landscape.

What impact do regulatory changes have on Coronation Merchant Bank’s Operations, and how does the bank stay compliant with evolving regulatory requirements?

Regulatory compliance is paramount to us. We adopt a zero-tolerance approach to non-compliance, unwaveringly committed to upholding the highest industry standards, regardless of the impact of regulatory changes.

Our dedication to compliance is evident in our strict adherence to regulatory requirements and global best practices. We operate with unwavering integrity, transparency, and accountability, ensuring that our actions and decisions consistently reflect the highest ethical standards.

Can you discuss Coronation Merchant Bank’s approach to anti-money laundering (AML) and combating the financing of terrorism (CFT)?

We maintain a vigilant stance against money laundering and terrorism financing, supported by the implementation of robust compliance measures. Our due diligence process is comprehensive, with enhanced screening for high-risk clients, ensuring strict adherence to regulatory requirements.

Our monitoring systems are designed to detect and report suspicious transactions promptly to the Nigerian Financial Intelligence Unit (NFIU). Through our unwavering commitment to vigilance and accountability, we continue to uphold the integrity of the financial system and reinforce trust with our stakeholders.

How does Coronation Merchant Bank prioritize customer satisfaction?

Our customers are our top priority. We are dedicated to redefining service excellence by driving innovation and delivering customer-centric solutions that make banking more accessible, seamless, and efficient.

What sets Coronation Merchant Bank apart from its competitors in terms of brand identity and value proposition?

Our identity is grounded in African excellence, guided by our core values of trust, innovation, and leadership. What distinguishes us is our ability to forge strategic partnerships, creating a platform for innovative financial solutions that give our clients a competitive edge.

Our commitment to building a resilient, future-ready financial institution rests on three pillars: exceptional customer service, cutting-edge technology, and sustainable banking practices. These pillars will continue to differentiate us in the merchant banking space, reinforcing our leadership position in Nigeria and across Africa.

How does Coronation Merchant Bank Approach Sustainability?

At Coronation Merchant Bank, sustainability is deeply ingrained in our culture and operations. Guided by our twelve sustainability principles, we prioritize key areas including sustainable investing, open finance, women’s empowerment in finance, financial inclusion, environmental stewardship, and continuous learning and development.

What measures are in place to reduce the bank’s environmental footprint?

In 2024, we commemorated World Environment Day by taking a meaningful step towards a more sustainable future, planting over 400 trees across our locations in Nigeria. This initiative, undertaken in partnership with our staff, leadership, and other partners, demonstrates our unwavering commitment to creating a lasting, positive environmental impact.

Looking forward, we remain dedicated to driving positive change for our communities and the economy as a whole, championing initiatives that showcase our resolve to make a meaningful difference.

How is Coronation Merchant Bank positioning itself to capitalize on these trends?

We are proactively positioning ourselves to leverage the emerging trends. Our recapitalization efforts will bolster our financial resilience and competitiveness, while our strategic partnerships with fintechs will facilitate seamless integration, expand financial accessibility, and promote inclusion for underserved communities.

What advice would you give to aspiring banking professionals looking to make a meaningful impact in the industry?

The concept of “gentleman bankers” embodies the timeless values that define exceptional banking professionals: integrity, resilience, confidence, and an unwavering commitment to hard work. These qualities have endured, shaping the industry and setting the standard for excellence.

I firmly believe that these values remain equally relevant today. As we navigate the evolving financial landscape, it is our responsibility to uphold the legacy of our predecessors, ensuring that the principles of trust, professionalism, and dedication continue to inspire the next generation of banking leaders.

By embracing these attributes, aspiring professionals can build successful, impactful careers in banking, making a lasting difference in the lives of their clients and the industry as a whole.