MEA Q3 2018

14 MEA MARKETS / Q3 2018 , Zenith Bank (Ghana) was incorporated in April 2005 as a private limited company, and commenced banking operations in September of the same year. Building on Zenith Bank’s considerable reputation inNigeria, the Ghana subsidiary has created one of the most profitable brands in Ghana. InMay of 2018, MEAMarkets Magazine named Zenith Bank as theMost Outstanding Bank of 2018 in Ghana. We profiled the institution to see how they have achieved the success that they celebrate today. Achieving Banking Excellence in Ghana Following in the footsteps of its parent company, Zenith Bank Ghana has made a name for itself as one of Ghana’s premier banks. Since opening its doors in September 2015, it has become one of the largest banks by asset size and one of the most reputable brands operating in the country. Zenith has focused its branding on a three-tiered system; an investment in people, an investment in technology and a pro-active approach to excellent customer service. Zenith understands that they are in business because of the patronage of their clients, as such customer support lies at the very centre of all of their operations. It is this mindset that lies at the heart of their growth, fuelling their expansion and boosting their bottom line. In line with this, the bank operates a state-of-the-art 24 hour dedicated call centre, active social media platform and in-branch feedback mechanisms – allowing for a continuous review of service delivery and the removal of potential bottlenecks as soon as they appear. The unwavering dedication to customer service has seen the bank recognised by numerous sector-leading publications on a yearly basis. MEA Markets’ recognition is merely the latest in a long line of accolades. Zenith Bank accepts nothing short of excellence in all its services. This standard is evidenced in its employees; the Bank uses rigorous methods to select only the very best individuals who subscribe to a world view that compliments Zenith’s ambitions. These individuals must have a passion for achievement, and dedicate themselves to pursuing innovation – creating value for customers, delivering results and, above all, working with integrity. In return, Zenith provides ample opportunities for growth through its development programmes, recognising those that go above and beyond what is expected, and exemplify qualities that the bank is hoping to nourish - an outstanding work ethic and the pursuit of excellence. Zenith considers its best asset to be its human capital; those it recruits and those who work every day to meet the highest standards. The recapitalisation of banks is currently a worldwide trend in finance, brought about by the need for reinvigorated consumer confidence and a need for a robust capital framework. In Ghana, the Central Bank through a regulatory directive revised the minimum capital requirement for all universal banks. Zenith took immediate steps to ensure compliance within six months. Moreover, Zenith Bank was the first under these new guidelines to 1806ME02 publish its financial results for the first quarter of 2018, showing the new minimal capital eight months ahead of the deadline. This was achieved in competition with long- established banks, and served as testament to Zenith’s long-term commitment to both its customers and to the Ghanaian economy. One of the latest trends in modern banking and finance is a move to digitisation – particularly an increase in the use of e-payments. As emerging fintech companies continue to move in on traditional banking’s territory, there is a very pressing demand for those banks to have a mindset of early adoption, for fear of falling behind. As a result, banks around the world have been split into two categories; those who are weary of the potentially transient nature of these trends, seeing long-term investment as a gamble, and those that have embraced it. Zenith Bank falls into the latter category, championing technology as the key to quick expansion. To this end, it remains at the very forefront of both e-payment and e-commerce, with strategies in place for further development in e-business and agency banking capabilities. This becomes particularly important when framed in the perspective of Ghana’s economy – where sectors such as renewable energy, manufacturing, and telecoms are experiencing an unprecedented boom. The future of Zenith Bank is defined by further commitment to customer service and an ongoing drive for innovation. In many ways, this is merely a continuation of what Zenith has achieved – something that speaks volumes about the goals that were established at the institution’s onset. Zenith Bank’s focus over the next five years will mainly be on Customer Service Delivery, Financial Performance, Digital Banking, a Robust Retail Banking Structure and Brand amplification. It will continue to drive innovativeness in the delivery of its products and services, while creating value for its customers and shareholders, focus on initiatives and maximise opportunities that are expected to emerge from increased infrastructural spend, developments in the oil and gas sector and private sector growth, as well as keeping engaged with its customers. For all these reasons, and many more besides, Zenith Bank was the only choice for the accolade of ‘Most Outstanding Bank’ in Ghana in MEA Markets Magazine’s Business Elite programme. Zenith Bank is simply defined by innovation and a dedication to outstanding customer experience, making it an institution that stands head and shoulders above competition.