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Banking Sector

Zenith Bank Emerges “Bank of The Year, Nigeria” in The Banker Awards 2022

The award was in recognition of Zenith Bank’s strong management, sound business model and strategy, support for small businesses and efforts to cut energy consumption.

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Zenith Bank - Investors King

Zenith Bank Plc has emerged as Bank of the Year in Nigeria in The Banker’s Bank of the Year Awards 2022. The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony held in London on December 1, 2022, was in recognition of Zenith Bank’s strong management, sound business model and strategy, support for small businesses and efforts to cut energy consumption.

According to the Banker, Nigeria’s Bank of the Year award was among the continent’s most hotly contested this year, befitting the country’s status as Africa’s largest economy. This is coming on the heels of the award as Number One Bank in Nigeria by Tier-1 Capital by The Banker won by Zenith Bank earlier in the year.

Commenting on the award, the Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, said: “winning the Bank of the Year attests to our tenacity as an institution despite a very challenging operating environment exacerbated by persistent macroeconomic headwinds. Indeed, being recognised by The Banker – the world’s longest running international banking title, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria and the West African sub-region.”

He lauded the Founder and Chairman, Jim Ovia, CFR, for his guidiance and pioneering role in laying the foundation and building the structures for an enduring and successful institution, the Board for their outstanding leadership, the staff for their commitment and dedication as well as the Bank’s customers for their unflinching loyalty to the Zenith brand over the years.

Regarded as the industry standard for banking excellence, The Banker’s Bank of the Year award is contested by the world’s leading financial institutions, with winners chosen across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Zenith Bank’s track record of excellent performance has continued to earn it numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Kuda Bank Says Customer Deposits Are Safe Despite Mobile App Issues

The fintech company assured that the application glitches will soon be fixed and customers will gain access to their money again.

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Kuda Bank - Investors King

Kuda Bank, a leading digital microfinance bank, has said there is no cause for alarm as their customers’ money is safe despite the mobile application issues.

The fintech company operating in Nigeria further assured that the application glitches will soon be fixed and customers will gain access to their money again.

Investors King gathered that currently, users of Kuda are having difficulties in accessing the bank app. Some have bitterly complained that their account balance reads zero despite having money in the account.

The Kuda bank management has, however, responded to the complaints by its customers through its official Twitter handle.

The digital bank admitted that the application was having issues and apologised to its customers for their inability to access their money or use the application adequately.

It stated that the company is aware of the mobile app malfunctioning, as well as the zero account balance error.

According to its statement, work is ongoing to rectify the issue and when properly completed, customers will be alerted. It stressed that their money has not been tampered with and the glitch will soon be resolved.

The company’s response on its Twitter handle, @joinkuda reads, “We are sorry that you still haven’t been able to use your Kuda app. 

“We are working with our cloud services provider to sort out the downtime, and we will let you know when it’s been fixed. Your money remains safe and you will be able to access it as soon as services are restored.

“We know that the ₦0.00 balance error reported by several people is worrying but we assure you that it’s just what the app is displaying because of the downtime, not the amount of money you actually have. We will keep sharing updates as we make progress.”

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Banking Sector

Nigerians Lament Long Queues at ATMs, Cash Withdrawal Limits

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Since last week, the long queues at banks’ Automated Teller Machines (ATMs) have increased as Nigerians lament scarcity of the redesigned naira notes.

Despite the announcement of the Central Bank of Nigeria, CBN, on the extension of the deadline for the acceptance of old notes from January 31, 2023 to February 10, 2023, the crowd has persisted at Banks and their ATM galleries.

Investors King gathered that there is a gross scarcity of the new naira notes in the Southwest states as seen in the data obtained in Lagos, Ogun and Osun by its sources.

Lagosians expressed displeasure over the non-availability of funds at the ATMs and Point of Sale, POS agents which have caused them to be stranded even though they have loaded bank accounts.

They stated that both the new and old notes are no longer dispensed at the ATMs. The people of Ogun have similar experiences as they could not make withdrawals due to the lack of funds in the machines.

Meanwhile, some banks were said to be giving their customers N50 and N100 notes at the counter with a daily limit of N20,000 cash.  

Investors King observed that this did not go down well with the people who had spent several hours on the queue but went home with not more than N20,000. 

According to a Zenith Bank user in Akute, Ogun state, N5000 was the pegged daily withdrawal limit over the counter without an assurance of receiving it after the frustrating queue.

“We went to Zenith bank at Akute but could not get any money. We went inside the bank and we were told they could only pay us a maximum of N5,000 in N50 notes but the notes were torn and dirty.

“Even to collect the N5000, we queued for hours and eventually we were not paid. We went to the bank’s ATM and were given numbers, after staying in the queue, they later said there was no money. We can’t get new notes and we still can’t get old notes. We are tired and frustrated,” he lamented.

In Osogbo, Osun State capital, ATMs were filled with large numbers of people from the early hours of the day, as early as 3am to 4am. Number tags were issued as users arrived before the machines started dispensing money by 8:30am.

Though the machines dispensed new naira notes, there are withdrawal limits for various banks while some didn’t dispense for other bank users.

At Zenith Bank, Aregbe area in Osogbo, the withdrawal limit is N20,000 for their customers while other bank users can only withdraw N1000 at once for five times which makes it N5000. This angered several residents as they grudgingly withdrew their money with N35 bank charge on each N1000 withdrawal.   

Meanwhile, at GT Bank Ogo oluwa area in Osogbo, their ATMs did not accept nor dispense for other bank users. Only their customers returned home with smiles, though not without long hours under the scorching sun.

Nigerians have questioned why the scarcity of new naira notes persist in the midst of fuel scarcity worsening the hardship in the country.

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Banking Sector

Jaiz Bank Reports N5.946 Billion Profit in 2022 Financial Year

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Jaiz Bank

Nigeria’s leading digital bank, Jaiz Bank Plc has announced a 45.58% increase in profit after tax to N5.946 billion for the financial year ended December 31, 2022.

In the unaudited financial statement obtained by Investors King, the lender’s income from financing contracts grew to N21.589 billion in 2022, a 41.98% increase when compared to N15.205 billion recorded in 2021 financial year.

Income from investment activities inched higer from N8.972 billion filed in the corresponding period to N9.862 billion, representing a 9.92% growth. Therefore, gross income stood at N31.450 billion in the period under review.

Bank’s share as equity investor improved by 34.73% to N27.562 billion from N20.457 billion. Net spread after provision also expanded to N20.656 billion.

The bank’s total income appreciated by 31.73% to a combined N22.635 billion in the period under review. As expected, total expenses rose by 24.63% to N15.965 billion from N12.809 billion in 2021.

Profit before tax increased to N6.669 billion while the bank paid income tax of N583.595 million. The bank declared N5.946 billion profit after tax.

In September 2022, the  Managing Director/CEO, Dr. Sirajo Salisu, who commented on the bank’s performance, said the “bank remained committed to providing value-creating ethical banking services to its growing customer base.  He assured that the Bank is positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.”

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