Banking
Gbajabiamila Urges Banks to Set Realistic Targets for Marketers
By Dipo Olowookere
Deposit Money Banks (DMBs) operating in Nigeria have been advised by the Speaker of the House of Representatives, Mr Femi Gbajabiamila, to set realistic targets for their marketers.
The number four citizen of the country gave this advice when he received the board and management of Standard Chartered Bank, led by the Chief Executive Officer, Mr Lamin Manjang, in his office in Abuja recently.
The lawmaker from Lagos State lamented the current situation where commercial banks send out their employees to get new customers who must deposit a huge among of money within a specific period of time.
In some cases, these banks workers, especially the females, end up having romantic affairs with potential customers in order to meet their targets. This has made several people view female bankers, especially marketers, as corporate prostitutes.
Business Post recalls that some years ago, Mr Gbajabiamila sponsored a bill to put an end to corporate prostitution but it did not see the light of the day.
So, when he received the executives of Standard Chartered Bank in his office a few days ago, he used the opportunity to appeal to the lender and others in the sector to come up with creative ways of selling their products and services and not be exploitative with their marketing styles.
“You have corporations in the UK and other parts of the world. What is obtained here in banking, in terms of marketing, sending people to go and knock at people’s offices and all that; does it obtain in those places?
“If it doesn’t obtain in those countries, it is not international best practice; why should it obtain here?” the Speaker queried.
He advised that, “We have to set realistic targets for the marketers. We have the responsibility to protect Nigerians and we also have the responsibility not to kill your business. So, it is a delicate situation. We need to know the kind of marketing that takes place. Is it digital marketing?”
Also, Mr Gbajabiamila pointed out another issue in the banking sector in Nigeria, bank charges, noting that there have been allegations of hidden charges.
“We have issues that come up in your industry, so this visit is a welcome development.
“One of the issues at stake is the rate at which banks charge customers.
“There are claims that banks have hidden charges. This has come up a couple of times on the floor of the House. This is something that we should look into,” he said.
According to him, this situation has made many bank customers helpless, urging players in the industry to quickly address the issue.
“We are here to support you. Whatever we need to do, we should do it to support you,” he assured.
In his remarks, Mr Manjang assured that the issues raised by the Speaker would be looked into, noting that for the marketing point, “It is not peculiar to Nigeria, but it has to be ethical.”
“Teams usually go round, but the ethical conduct has to be there. You need to market your products for people to know what you offer. If there are any abuses or conducts that are not ideal, they should be called out and addressed,” he noted.
He stated that Standard Chartered Bank operates in Nigeria in line with international best practices, noting that the bank will also carry out its operations to make all stakeholders happy.
By Modupe Gbadeyanka
Over 4,000 members of staff of Zenith Bank Plc have been promoted, with salaries increased by 20 to 30 per cent across various employee grades.
The number of the persons elevated by the company is about 50 per cent of the workforce, as Zenith Bank boasts over 8,000 workers on its payroll.
The decision of the bank to promote its staff reflects its belief that its workforce is its most valuable asset.
A statement from the lender disclosed that the salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery.
Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.
The chief executive of Zenith Bank, Ms Adaora Umeoji, expressed confidence that this development would boost staff morale and productivity, emphasising the importance of maintaining a motivated workforce.
She stated that the bank’s dedication to its employees would translate into superior service experiences for customers, highlighting the organisation’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.
Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.
By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.
As a major player in Nigeria’s financial landscape, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.
At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.
The financial institution’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.
Its growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.
As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.
In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.
The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.
It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS.
By Aduragbemi Omiyale
The chief executive of Wema Bank Plc, Mr Moruf Oseni, assured shareholders and other stakeholders that putting money in the company would not lead to biting of fingers.
Speaking ahead of the planned raising of about N200 billion in the second quarter of this year, he boasted that Wema Bank has everything to put smiles on the faces of investors.
The lender intends to commence its rights issue and special placement for about N200 billion on April 1, 2025, to complete the recapitalisation requirement of the Central Bank of Nigeria (CBN).
Last year, in the first tranche, Wema Bank raised N40 billion, with the second phase expected to surpass the minimum capital base of the regulator.
“We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank.
“Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel. I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations.
“Indeed, we are building Wema Bank into a formidable force in the African financial services landscape.
“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward.
“This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you,” Mr Oseni said.
With the deadline for CBN’s recapitalisation exercise set for March 31, 2026, this move by Wema Bank will undoubtedly ensure the bank retains its national banking license way ahead of the deadline
Reaffirming its stance as a bank committed to transparency and adherence to regulatory standards, Wema Bank is working to secure all necessary approvals from relevant regulatory authorities to ensure the process is conducted in full compliance with applicable guidelines.
By Adedapo Adesanya
Global financial payments giant, Visa, has made a strategic investment of $10 million in Nigerian fintech unicorn, Moniepoint, to expand its services and deepen financial inclusion on the African continent.
This development comes three months after Moniepoint raised $110 million in a Series C funding round that made the company a unicorn.
With the new play, Visa joins other investors, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst as equity partners.
This partnership will combine Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities to offer payment solutions to businesses and entities.
Moniepoint provides banking and payment services to small and medium businesses and retail banking. It is one of the market leaders in Nigeria’s agent banking space, with over 300,000 POS agents and has processed billions of transactions since it was founded in 2015.
The new Visa’s investment will further help Moniepoint expand its services and deepen financial inclusion on a continent that still has a comparatively low rate of financial services adoption.
Moniepoint will leverage Visa’s Cybersource system to gain better visibility into transactions. Additionally, it plans to integrate with Visa Direct for remittances and money transfers as it looks to expand into markets within and outside Africa.
Speaking on the move, Mr Tosin Eniolorunda, Founder and Group CEO of Moniepoint said, “Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale.
“We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
On his part, Mr Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, noted that, “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
”By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond.
“We are excited to support their next phase of growth and innovation,” he added.
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