Banking
Zenith Bank Maps Out Strategies to Achieve 5% Deposit Growth in FY 2018
By Modupe Gbadeyanka
One of the big players in the banking sector in Nigeria, Zenith Bank Plc, is planning to increase its deposit base by 5 percent before the end of the 2018 financial year.
Chief Financial Officer (CFO) of the financial institution, Mr Mukhtar Adam, made this disclosure recently while addressing an analysts’ call after the release of the lender’s HY 2018 results, which was monitored by Business Post.
He noted during the conference call that the bank plans to increase its savings deposits, while reducing its fixed deposit.
According to him, Zenith Bank wants to expand its market share in the retail market and that strategies have been mapped out already to achieve this goal.
“On the balance sheet, you can see that our deposit declined by 8 percent as a result of our deliberate strategy to change our deposit mix in other to reduce our cost of funds, which was achieved successfully.
“Fixed deposit reduced, while savings account increased, reflecting Zenith Bank increasing its market share on the retail business.
“We will continue to grow our deposit along this line and we plan to close the financial year with a 5 percent deposit growth when compared with FY 2017,” Mr Adam said.
Also commenting on the drop in recorded in the balance sheet of the firm in H1 2018, the Group Managing Director/CEO of Zenith Bank Plc, Mr Peter Amangbo, echoed Mr Adam’s assertion that this was deliberately done.
According to Mr Amangbo, “If you look at our balance sheet, you will note that [it] dropped marginally. It is actually deliberate because we’ve adopted a smarter way of managing our balance sheet.
“Our focus is on efficiency and not just size and that is why you will find out that liquidity management is now at the core of our strategy going forward.
“We will continue to look at ways of improving our performance, increasing our deposit base, essentially from the retail size. Emphasis is on demand deposit and also low cost based deposit.”
He further said, “Barring any unforeseen circumstances, we believe that the second half of the year should witness a slightly higher growth than what we had in the first half of this year.”
In the HY earnings of Zenith Bank, there was a drop in turnover from N380.4 billion in HY 2017 to N322.2 billion in HY 2018.
However, the bank’s profit before tax appreciated by 16.5 percent to N107.4 billion compared with the N92.2 billion reported in the first half of 2017.
Also, the profit after tax of the company went up by 8.5 percent to N81.7 billion from N75.3 billion in H1 2017.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
