Zenith Bank CEO speaks on performance, digital enterprise framework

Zenith Bank has seen remarkable growth in non-interest income, fees, and commission under the leadership of Group Managing Director and CEO, Ebenezer Onyeagwu. In a recent interview with CNBC Africa, Onyeagwu discussed the bank's intelligent and adaptable strategy, which has led to triple-digit growth in key income parameters. The CEO also revealed plans to finalize the bank's digital enterprise framework by May this year. With a focus on organic profits, Zenith Bank recorded nearly 100% growth, showcasing its dominant position in the market with substantial market share across consumer, institutional, corporate, and retail banking sectors. The bank's foray into the retail space in 2019 saw remarkable growth, with the number of accounts skyrocketing from 9 million to 37 million. The compound annual growth rate for retail and digital banking commission and fees stood at an impressive 35% over the past five years. Onyeagwu emphasized the importance of building proprietary digital capabilities to enhance customer experience and continue driving business growth. Looking ahead, Zenith Bank aims to sustain superior performance by projecting organic growth of at least 15% and exploring fundraising opportunities from domestic and international markets through rights issues, public offers, and possible private placements. The bank's solid financial standing and stellar track record position it as a reliable investment choice, with a robust dividend payout of 4 Naira per share for 2023, a feat unmatched by any other banking institution in the country. Onyeagwu reassured shareholders of Zenith Bank's commitment to creating value and maintaining minimum equity capital requirements without compromising on growth prospects. The bank's impending transition to a holding company structure signifies a strategic move towards expanding into fintech verticals and leveraging new business opportunities. By securing approval from the Central Bank for its payment system platform, Zenith Bank is poised to capitalize on emerging markets and drive future growth. Reflecting on his tenure as CEO, Onyeagwu highlighted his success in steering the bank towards sustained profitability and market dominance. With a string of accolades, including 51 awards over five years, Zenith Bank has solidified its position as a leading financial institution both locally and internationally. The CEO's legacy lies in nurturing the bank's legacy and preserving its brand integrity while achieving remarkable financial milestones and business expansion. As a new president prepares to take the helm on June 1st, Onyeagwu's leadership legacy will be remembered for elevating Zenith Bank's market capitalization from half a trillion to 1.2 trillion, creating substantial value for shareholders and shaping the bank's retail and corporate banking prowess.