Zenith Bank Plc is a leading financial services provider with over 500 business offices in Nigeria and banking subsidiaries in Ghana, The Gambia, Sierra Leone, The United Arab Emirates (UAE), The United Kingdom and France. Headquartered in Victoria Island, Lagos, it is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator.
As at 30 September 2024, the Bank has more than $18.2billion in total assets and shareholders' equity of $2.1billion. The company is listed on the Nigeria Stock Exchange and the London Stock Exchange. Irrespective of the current economic inflation in Nigeria, the Bank recorded ₦1,002.84 billion profit before tax (PBT) in Q3 of 2024.
History
Competitive environment
Zenith Bank currently provides essential banking services alongside 24 other commercial banks and over 30 Microfinance Banks and Financial Technology companies operating in the Nigerian financial landscape.
Foundation
Zenith Bank was founded by Jim Ovia in May 1990 and commenced banking operations in July of the same year. At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the Central Bank of Nigeria granted up to twenty banking licenses a year to investors. The Bank's first office was originally a residential house in Victoria Island that was modified into a banking hall. In its early years, the bank witnessed a period of rapid growth. In 1997, following a directive for banking institutions to shore up their capital base, Zenith Bank increased its capitalization to 500 million naira.
Growth Using Technology
In 1999, Zenith Bank embraced the use of the internet for marketing financial services by promoting the use of online banking by it’s customers, becoming one of the earliest companies to invest in online banking. In the early 2000s, Zenith Bank’s profile began to rise, its investments in information technology helped it compete against the major banks that had a larger branch outreach and it soon began to announce net profits comparable to some of the older big banks. As a result of huge investments in technology and the need to stay competitive, Zenith Bank rolled out various products to address the dynamic needs of the 21st century banking customer. These products include the Zenith Intelligent Virtual Assistant (ZIVA), an AI powered bot that enables customers perform transactions seamlessly and conveniently by simply sending a banking request to 07040004422 on WhatsApp; ZIVA Stores, a revolutionary e-Commerce solution that enables business owners showcase their offerings to over 100 million Nigerians. Additionally, the Bank revamped it’s novel product for corporates – Global Pay, a web based platform that enables merchants receive online payments from their customers from any location in the world.
Also, the Bank’s innovative Corporate Internet Banking platform allows corporate organizations make bulk salary, pension and tax payments without hassle.
The Bank’s Virtual Card is an online card that enables customers make web payments seamlessly and conveniently from the comfort of their devices.
In addition, Zenith Bank introduced it’s Managed/Virtual Account, a product that allows account holders initiate transfers from any digital channel into a dedicated account (static or dynamic) generated at payment checkout on merchants’ website, POS or available at the paypoint of a merchant’s location.
Additionally, Zenith Bank’s Point of Sale Terminal (POS) avails customers the capability to make payments to merchants using their bank cards (credit or debit).
Furthermore, the Bank’s Scan To Pay solution helps customers make payments at merchant outlets quickly, securely and conveniently by scanning QR codes using a smart phone or device.
Initial Public Offer
On 17 June 2004, following a successful IPO, the bank became a public limited company. On 21 October 2004 its shares of the stock were listed on the Nigeria Stock Exchange (NSE). The bank's shares are traded on the London Stock Exchange (LSE) following a listing of the $850 million worth of its shares at $6.80 each, in 2013.[1][4]
20 years later, on 1 August 2024, the Bank undertook another recapitalization drive where it listed over N5.2 billion worth of it’s shares at N36.50 each.
The bank has equity investments in Zenith Custodian, Zenith Securities, Veritas Registrars, Quantum Zenith and Zenith General Insurance.
Branch of Zenith Bank in Race Course Road, Kaduna State.
Branch Network & Subsidiaries
As at 2024, Zenith Bank has more than 500 branches and business offices in all states of Nigeria and the Federal Capital Territory.
It maintains subsidiaries in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone , Gambia and France. The Bank also has official presence in South Africa and China. In 2024, Dame Dr.Adaora Umeoji OON became the first ever female Group Managing Director/CEO in the history of the Bank, succeeding Dr. Ebenezer Onyeagwu.
Corporate Social Responsibility
Health
Zenith Bank remains committed to enhancing healthcare access for underserved communities. The Bank’s recent renovation and upgrade of the Iga Idunganran Health Center in Lagos Island stands as a testament to this commitment. The Center features ultramodern medical equipment, amenities, and an expanded capacity, including specialized clinics for ENT, dental care, eye care, and tuberculosis screening. Furthermore, the facility has transitioned to solar-powered energy, underscoring our commitment to environmental responsibility.
Additionally, the Bank fully funded the construction of a new Radiology and Orthopedic Building at the General Hospital Marina, Lagos, further supporting healthcare infrastructure development.
Understanding the importance of menstrual hygiene among girls, Zenith Bank partnered with the Wisewalk Foundation to launch the “Pad a Queen” initiative, distributing free menstrual pads to young girls in underserved communities. In the 2023 campaign, over 1,000 sanitary pads were distributed across selected locations in Lagos.
In collaboration with the Wisewalk Foundation, the Bank also initiated the “War Against Substance Abuse and Mental Health” (WASAM) campaign, addressing addiction issues affecting Nigerian youths. This program improved awareness, provided education and support to students battling substance abuse and mental health challenges.
Education
Zenith Bank believes education is the bedrock of national development. The Bank’s commitment to education extended to building and renovating schools, equipping science laboratories, and establishing ICT centres in institutions such as UNILAG, the University of Nigeria, Nsukka (UNN), amongst other universities in Nigeria. Additionally, Zenith Bank supports initiatives such as the Zenith Bank Financial Literacy Drive, the CUALA Endowment Fund, and international programs such as the Microsoft Office Specialist World Championship and the CFA Institute Research Challenge.
The Bank promotes academic excellence by awarding cash prizes and offering employment opportunities to the best-graduating students of select Nigerian universities.
Inclusion remains at the heart of Zenith Bank’s education efforts, with notable support for institutions like the Wesley School for the Hearing Impaired and Pacelli’s School for the Visually Impaired, ensuring access to quality education for all and aligning with the United Nations SDG Goal 4: “Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all”.
Sports/Youth Empowerment
The Bank has been a trailblazer in promoting sports as a platform for youth empowerment and career development. Since 2005, Zenith Bank has been the proud title sponsor of the Zenith National Female Basketball League, which has produced numerous international basketball stars and contributed to the success of Nigeria’s National Team.
Zenith Bank also supports a wide range of grassroots sports initiatives including the Zenith Next Generation Master Tennis Tournament, Zenith Ikoyi Grand Slam Tournament, Zenith Ikoyi Swimming Championship, Zenith Lagos Country Club Tennis Tournament, and the Zenith Delta Principals’ and Headmasters’ Cup. These programs aim to harness Nigeria’s sporting potential and nurture talent.
Infrastructure Development
Zenith Bank actively supports the development of Nigeria’s physical infrastructure, partnering with the government and other stakeholders to enhance public amenities and drive economic growth. The Bank’s infrastructure projects are tailored to address critical needs in various sectors from road reconstruction to public building renovations and environmental beautification.
Worthy of note is the Bank’s involvement in the reconstruction of the Alpha Beach Road in Lagos State, a key project that improved connectivity and boosted economic activities in the area. Similarly, Zenith Bank was involved in remodelling of the Iro Eket Roundabout in Akwa Ibom State which enhanced traffic flow and urban aesthetics.
Additionally, the Bank’s donation of Innoson trucks to the Abia State Government has strengthened public service delivery, while it supported the reconstruction of Borno State Monday Market underscoring Zenith Bank’s dedication to rebuilding communities affected by disasters.
A flagship project that exemplifies the Bank’s commitment to urban transformation is the reconstruction of Ajose Adeogun Road in Victoria Island, Lagos. Beyond improving road conditions, the Bank has maintained a lush green ambience along the stretch since 2007. During the festive season, the Ajose Adeogun street comes alive with dazzling Christmas lights and festive decorations, creating a magical experience for Lagos residents and tourists and adding to the city’s seasonal celebrations.
Awards & Recognitions
Over the years, the Bank has won numerous awards and recognitions from local and globally recognized companies distinguishing itself as a reputable financial organization.
In 2005, the Bank received the Best Bank in Nigeria award from the Banker. In 2008, Zenith Bank was ranked the Best Global Bank by Africa Banker. In the same year, the Bank was nominated as thr Best Bank in Nigeria, Best Bank in ICT and Best Bank In Export Finance by EuroMoney and Vanguard Bankers respectively.
In 2010, Zenith Bank was ranked 1st in Nigeria for Tier 1 Capital by The Banker. The Bank successfully won this award for 15 consecutive years.
Likewise in 2012, the Bank won the award as the Best Bank in Corporate Governance from World Finance. Zenith Bank was also ranked as the Biggest Bank in Nigeria and 322 in the world, Largest Bank in Nigeria & West Africa by market capitalization from World Finance and The Banker.
Furthermore in 2018, Zenith Bank was recognized as the Most Valuable Banking Brand in Nigeria by the Banker. It was also recognized as the Best Institution in Sustainability Reporting, Africa by SERAS also in 2018.
In 2019, Zenith Bank was recognized as the Retail Bank of The Year at the Banks And Other Financial Institutions (BAFI) Awards. The Bank went on to retain the award for 4 years consecutively – 2020, 2021, 2022 and 2024 respectively.
In addition, Zenith Bank was named the Best Commercial Bank in Nigeria in 2021 by World Finance and oestensibly held on to this award for 3 years in a row. The Bank was also voted as the Best Corporate Governance Nigeria by The Banker in 2022 and has sufficiently maintained the award twice.
The Bank continued it’s winning streak in 2024 garnering over 5 awards and was recently adjudged in December 2024 by the Banker as the Bank Of The Year 2024.
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$21,667bn (2021) [3] 
