Zenith Bank soars with record growth, digital leap under first female CEO

Zenith Bank Plc is making waves on the global financial stage as it records one of the most transformative years in its 35-year history, marked by explosive growth, sweeping digital innovation, and a groundbreaking leadership transition.

In its 2024 financial year, the bank posted an 86% surge in gross earnings, rising to ₦3.97 trillion (approximately US$2.47 billion), alongside a 67% increase in profit before tax, which soared to ₦1.3 trillion.

These numbers not only underscore Zenith’s dominance in Nigeria’s financial services sector but also highlight a pivotal era defined by strategic vision and aggressive modernization.

At the helm of this revolution is Dr. Adaora Umeoji, who, in June 2024, became Zenith Bank’s first female Group Managing Director and CEO.

Her appointment signaled a bold new chapter for the institution, catalyzing sweeping technological upgrades aimed at future-proofing the bank’s operations and service delivery.

Under Dr. Umeoji’s leadership, Zenith Bank has embarked on a digital transformation drive valued at over $100 million.

The bank has deployed world-class systems including Oracle FLEXCUBE for core banking, Kastle Universal Lending System for credit operations, Calypso for treasury management, and Oracle Banking Trade Finance for trade services.

A new enterprise service bus (ESB) now underpins these systems, ensuring seamless integration, scalability, and resilience.

“These innovations are designed to deliver exceptional customer experiences and faster go-to-market capabilities,” Dr. Umeoji explained.

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“Our goal is to empower staff with cutting-edge tools, enable operational agility, and position Zenith as a future-ready institution.”

The transformation extends beyond technology. Zenith Bank’s infrastructure overhaul is laying the groundwork for an open banking ecosystem, complete with API-driven innovation, streamlined risk management, and enhanced compliance capabilities.

Zenith’s corporate and investment banking division has particularly benefited from the upgrades, with clients now enjoying real-time transaction capabilities via integrated digital payment platforms, including online banking, mobile apps, and custom APIs.

The bank’s treasury operations have also been revamped, strengthening support for global trade and seamless cross-border transactions.

In parallel, Zenith has maintained a firm commitment to customer service excellence, prioritizing transparency, long-term relationships, and proactive engagement over transactional banking.

Its customer-centric model has cemented the bank’s reputation as a trusted partner to multinationals, large corporates, and institutional clients.

Support for small and medium-sized enterprises (SMEs) remains a cornerstone of Zenith’s inclusive growth strategy. The bank’s SME Grow My Business (SME-GMB) platform helps small businesses increase their digital visibility through Google listings, offers training to boost efficiency, and provides tools for digital asset development.

Through its collaboration with Google’s Business Profile program, Zenith enhances SMEs’ ability to track customer engagement and grow their online presence.

Additionally, the bank’s Z-Woman initiative reflects its ongoing commitment to gender empowerment, offering tailored loan products and support for women-led enterprises. These efforts are emblematic of Dr. Umeoji’s vision to promote diversity and inclusion across all levels of the organization.

“By adopting a holistic approach to inclusivity, we aim to transform gender equality from aspiration into reality,” she stated, highlighting policies such as flexible work arrangements, mentorship programs, and enhanced maternity leave.

Zenith Bank’s multi-pronged strategy—anchored on technology, inclusiveness, innovation, and superior service delivery—is redefining the future of banking in Nigeria. As it charts a confident course toward global relevance, the institution continues to set the benchmark for digital excellence and socially responsible leadership in Africa’s financial landscape.