Zenith Bank Extends Reach With Retail, Innovative Products

Zenith Bank Plc, a leading lender, is looking beyond corporate banking, expanding its retail banking units. The bank is leveraging on high technology and innovative products to consolidate its net-worth clientele and the unbanked at the retail-end of the market, writes SIMEON EBULU.

Defining the goal and identifying the operating ones environment in any endeavour is a critical factor in determining the success, or otherwise of any enterprise.

Zenith Bank Plc, a leader in the provision of financial services to businesses, is expanding its horizon to deepen its activities at the retail end of the business.

The lender is engaging its cutting edge technology and innovative products to boost its service delivery, not only to its net-worth clientele, but also to the youth – that vibrant segment of the population in dire need of the excellent services already being enjoyed by the bank’s net-worth customers.

This phase of financial inclusion will enable Zenith Bank to serve as many people as possible in the country, delivering a range of financial services to everyone who could use them and lift people from the zone of financial quagmire, usually typified by want and lack.

Specifically, this would allow for a process, or situation that creates ease of access to, and usage of formal financial systems by customers, who will ultimately become drivers of the economy and eventually contribute their quota to the economic growth of the nation. It simply typifies a process where all members, youths, students, traders, name it, operating in the economic space, or playing field, do not have difficulty in opening bank account; can afford to access credit; and can conveniently, easily and consistently use financial system products and facilities without difficulty. It is the process which ensures that a person’s in-coming money is maximized, out-going is controlled and can exercise informed choices through access to basic financial services.

Over the years, Zenith Bank, leveraging on the near limitless opportunities provided by technology, has successfully served customers at the high-end of the market and delivered impressive returns to shareholders in the process. This is validated not only by the consistent delivery of ascending impressive financial results, year-in- year out, but also by the retention of its customers, shareholders inclusive, who have kept fate with the financial institution from inception, in its over twenty five of existence.

Its uncontroverted leadership position, earned in its diligent pursuit and implementation of globally acceptable Good Corporate Governance Principles, has earned the Zenith Bank awards both locally and internationally.

The bank has equally established itself as a leader in corporate and investment banking, as validated with the KPMG’s ‘Nigeria Banking Industry Customer Satisfaction Survey of 2014’ confirming it’s position as the most customer focused bank among its peers in the country in both the retail and corporate segments.

With Zenith Bank’s full scale entry into the retail playing field, potential customers, who’ve been watching from the sideline, on the perception (rightly, or otherwise) that the bank was only cut out to service the financial and entrepreneurial needs of the high echelon of the society, will now be able to access the efficient service delivery that hitherto have been the exclusive preserve, or available to only high net worth customers and corporate bodies. The era now is a Zenith Bank for all.

What’s on offer
The bank has designed and designated some specialized accounts to meet the specific needs of its target customers. A diligent engagement in these new products will make high flyers of this category of customers. These accounts which are within the retail banking space have their specific features and benefits. They include:

  • Aspire Account – this is targeted at the youth
  • eaZySave Classic Account and
  • eaZySave Premium Account – these have zero account opening balances.
  • Zenith Premium Gold and
  • Zenith Premium Platinum – these are COT free and interest bearing.

The processes of opening these categories of accounts have been simplified and made enticing. Just take a look.

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

•    Product Features & Benefits
–  Ages: 16 – 34

–  Zero account opening balance

–  Choice card design: Aspire Ultra, Ace & Zeal

–  Cashless banking (ATM, POS, WEB, Mobile)

– Exclusive Z-Mart retail discounts and other periodic promotions at participating merchants nationwide.

•    Product Requirements
–  Passport photograph

–  Duly completed account opening form

–  School ID Card or Admission Letter & verifiable means of ID

You can open an Aspire account at your nearest Zenith Bank branch.

Facebook: http://www.facebook.com/Zenithbank

Twitter: http://www.twitter.com/Zenithbank

•    Product Description

eaZySave classic account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship.

•    Product Features & 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,

– Maximum cumulative mobile money balance: ¦ 30,000

•    Product Requirements
–  Passport photograph

– Duly completed account opening form

– Registered mobile number

You can open an eaZySave account at your nearest Zenith Bank branch

Facebook: http://www.facebook.com/Zenithbank

Twitter: http://www.twitter.com/Zenithbank

•    Product Description
eaZySave premium account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship.

•    Product Features & Benefits
– Zero account opening balance

– Maximum Single Deposit – ¦ 50,000

– Maximum Cumulative  Account Balance                    – ¦ 400,000

– Debit card

– Inter-bank transfers

– Internet banking

–  Mobile Money:

•    Transaction Limit: ¦ 10,000/Per transaction,

•    Maximum cumulative mobile money balance: ¦ 100,000

•    Required Documentation
– Duly completed account opening form

– Verifiable means of identification

– Passport photograph

– Registered mobile number

You can open an eaZySave account at your nearest Zenith Bank branch.

Facebook: http://www.facebook.com/Zenithbank

Twitter: http://www.twitter.com/Zenithbank

There are yet other categories of accounts that are equally beneficial and fascinating.

•    Zenith Children Account (ZECA)

Product Description

Zenith Children Account is a special deposit account with focus on children education and their bright future. ZECA is more than a regular savings account. It offers a lot of benefits for both parent and child.

•    Product Features & Benefits
–  Zero account opening balance

– Age qualification: 0-16 years with automatic transition to ZECA

Teens (13 years) and  Aspire (16 years)
– SO’s (Standing Orders) for school fees payment

– Special Invitation to Zenith’s Annual Children’s Parade

– Special end of year gifts

– Withdrawal from any of our branches nationwide

– Cashless  banking (ATM, POS, Web, Mobile)

•    Product Requirements
– Birth certificate of child

– 2 Passport photograph of child and parent/guardian

– Valid means of ID

– Utility bill

This account can be opened at Zenith Bank’s branch close by

Facebook: http://www.facebook.com/Zenithbank

Twitter: http://www.twitter.com/Zenithbank

The KPMG survey, which confirmed Zenith Bank’s status as the most customer focused bank, centred on the perceived quality of customer service delivery by banks from the customer’s perspective across the Retail, Corporate/Commercial and Small & Medium sized Enterprises (SME) segments. And for 2013 and 2014, Zenith Bank led as the preferred by customers.

For the second consecutive year in the retail segment, Zenith Bank emerged as the most customer-focused bank, followed by others.

In the SME segment, Zenith Bank moved from second position in 2013 to become the most customer focused bank with others following in the queue, while in Corporate banking customers still ranked Zenith Bank as the most customer focused for the 2014 review period.

In addition to being the most customer focused bank, Zenith Bank’s performance on all parameters has been recognised by other bodies. A survey conducted by PricewaterhouseCoopers (PWC) to determine the most respected companies and Chief Executives in Nigeria, Zenith Bank emerged first among the banks. In arriving at the conclusion, PWC said a respected company is defined by these enviable parameters: “A good corporate citizen, which is socially responsible with high ethical standards; a trusted company, which promotes good values with a unique and excellent leadership style, coupled with strong management principles and structure plus a smooth succession plan as well as a very resourceful company with excellent business culture.”

It listed other parameters to include a visionary and revolutionary company with strong focus, innovative with popular brands of high quality; engaging in human capital development and high capacity building and an indigenous company with high local content.

PWC may have taken into cognisance Zenith Bank’s adherence to good corporate governance practices as well as global best practices and its emergence as a globally recognised brand. The bank’s personnel also believe likewise.

Going forward
Run by a stable board and management, Zenith Bank has created a professional environment where individuals are encouraged and can aspire to achieve their potential.  Under the management of Peter Amangbo, the bank has a pool of talents at both the middle and top management level, which has enabled it to remain competitive through the series of banking reforms in the country.

The bank, Nigeria’s biggest by Tier-1 capital sees technology as an enabler and as a generator of new opportunities.

In Amangbo’s words: “We are forward-thinking, benchmarking trends in technology to shape our future coupled with our practical delivery on a highly automated platform that makes us unique. As the country’s information technology (IT) infrastructure improves, our leading edge in IT keeps us well positioned in the global banking community to sustain our offering of exceptional E-banking services. This is complemented by our risk management system that creates a blend that not only grows our customers’ businesses but also strengthens them.

Our credit management system stresses rational procedures and transparency,” he added.

Zenith Bank 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.

Financial results
The bank has been posting impressive financial results over the years, rewarding shareholders with equally impressive dividends.  For instance, its 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.

No less heartwarming is the Return On Investment to shareholders, who have been benefitting from the growth witnessed in the profitability over the years.  Shareholders got a dividend of N11 billion in 2009, N26 billion in 2010, 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.

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