By Dipo Olowookere

A final dividend of N4 per share has been proposed by the board of Zenith Bank Plc for the 2024 financial year, a statement from the lender has revealed.

The cash reward, which reached N5 per share for the year because of an interim dividend of N1 paid earlier in the year, is coming after the company improved its post-tax profit to N1.03 trillion from N676.9 billion as the profit before tax (PBT) increased to N1.32 trillion in 2024 from N796.0 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management.

As for the top-line of the results analysed by Business Post, the financial institution grew its gross earnings by 86 per cent on a year-on-year basis to N3.97 trillion from N2.13 trillion in the previous accounting year, driven by a 138 per cent rise in interest income, supported by investment in high-yield government securities, and growth in its loan book.

It was observed that net interest income jumped by 135 per cent to N1.7 trillion from N736 billion in 2023, reinforcing the bank’s strong core banking performance and ability to grow earnings despite macroeconomic headwinds.

Also, non-interest income grew by 20 per cent to N1.1 trillion from N919 billion, with total assets expanding by 47 per cent to N30 trillion in the period under review from N20 trillion a year earlier, supported by a strong liquidity position and effective balance sheet management.

In addition, customer deposits surged by 45 per cent to N22 trillion from N15 trillion, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits.

The increase in retail deposits was buoyed by customer acquisition and the company’s strategic focus on low-cost funding.

In the year, Return on Average Equity (ROAE) declined to 32.5 per cent on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1 per cent.

Zenith Bank’s cost-to-income increased slightly to 38.9 per cent from 36.1 per cent despite inflationary pressures, while the Non-Performing Loan (NPL) ratio stood at 4.7 per cent, with a coverage ratio of 223 per cent, underscoring the bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in its operations.

“This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.

By Adedapo Adesanya

Nigerian fintech unicorn, Moniepoint, is reportedly making an attempt to play in the highly competitive remittances market to serve Nigeria, with the pilot set to commence with the United Kingdom.

According to The Condia, formerly known as Benjamin Dada, the nine-year old firm is currently planning on launching its remittance product that will go by the name: MonieWorld.

The tech publication reported that the app is currently in beta phase ahead of a planned public launch.

Making a play for remittances will see Moniepoint compete with other players like Lemfi, JuicyWay, Africhange, and Kuda, among others.

One core attraction of remittances products is offering comparatively cheaper alternatives to win customers over, particularly at a time when the Nigerian foreign exchange market is experiencing volatility.

To be able to open a MonieWorld UK account, users will be required to be UK residents, aged 18 or older, with a valid mobile number.

It comes at a time the Central Bank of Nigeria (CBN) has set its sight on $1 billion in remittances monthly.

Last year, CBN Governor, Mr Yemi Cardoso, said Nigerians abroad were keen to invest and have already more than doubled the remittances they send home since the Bola Tinubu administration embarked upon monetary reforms in 2023.

According to available numbers, diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024.

The figure is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023.

Moniepoint processes about N30 trillion ($22 billion) monthly and will see further increase as the company continues to serve Nigeria.

Recall that in October 2024 Moniepoint achieved a “unicorn” status after securing $110 million in funding from investors, including Google and London-based private equity firm Development Partners International.

The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes, the company had noted at that time.

Now, it appears that one of its growth plans include capturing its share of the remittances market.

By Modupe Gbadeyanka

The sum of N11 million has been won by at least 131 women in the 5 for 5 promo of Wema Bank Plc at a highly anticipated women’s month draw held on Friday, March 21, 2025, in Aba, Nigeria.

Among the winners were Ogechukwu Patience Ani from Aba, Vanessa Chiamaka Ogbonna from Lagos and Mubarakaht Abisola Alowonle from Bodija, Ibadan, all of whom won N1 million.

Others included eight individual domiciliary account holders who won N250,000 each, 40 women who won 100,000 each and 80 who won N25,000 each.

The women’s month draw closed out excellently, financially empowering Nigerian women from across the country as the women’s month draws to an end.

“Wema Bank was founded on the precept of empowerment. Since 1945, we have carried on this legacy, promoting financial inclusion for the indigenous people of Nigeria and empowering our people with the resources they need to thrive. But for us, this journey has not been a one size fits all,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.

“In recognition of the gap that exists in gender equality, we have been intentional about creating tailored opportunities for women through our women-focused proposition, SARA by Wema, and our vast range of customised solutions and initiatives designed for women.

“We have simply leveraged the 5 for 5 Promo as one more way of supporting our women this women’s month. For us, it’s all about impact, and we are delighted to have put smiles on the faces of Nigerian women from all across the country. That is the joy for us,” he added.

“To the 131 women who emerged winners, I say hearty congratulations to you, and I take this opportunity to also thank you for choosing Wema Bank and continuing to trust our services. We do not take it for granted.

“For 80 years, we have pulled all stops to deliver the best quality of impactful banking to the people of Nigeria, and I boldly reaffirm that we will never relent in providing a rewarding, fulfilling and empowering banking experience for every customer of Wema Bank,” Mr Oseni concluded.

Introduced in 2021, the 5 for 5 promo is Wema Bank’s dedicated avenue for rewarding its customers for their active loyalty to the brand, its products, and its offerings.

For 3 seasons, the lender has disbursed over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, returning bigger than ever for season 4 with a N135 million cash prize.

Since the season kicked off in October 2024, Wema Bank has disbursed over N50 million to its customers across daily, weekly and monthly draws.

For the 5th monthly draw in March, the bank took a thoughtful step, disbursing the total N11 million cash prize to an all-women pool of winners.