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KPMG Names Zenith Bank “Most Customer-Focused Bank”

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Zenith Bank Plc has been named “Most Customer-Focused Bank in Nigeria” by KPMG, international management consulting firm.

In a declaration in its 2013 Banking Industry Customer Satisfaction Survey (BICSS) KPMG, said Zenith Bank is best-in-class service delivery and ranked the top most in both the retail and corporate banking categories on the basis of a Customer Satisfaction Index (CSI), which took into account key factors like convenience, product/service offering, transaction methods and systems, pricing and customer care.

The survey covered more than 14,000 retail customers, 3,000 SMEs and 400 corporate/commercial organisations across Nigeria.

 The retail customers surveyed mentioned excellent customer service (35 percent), financial stability (26 percent), image and reputation (11 percent), employer requirements (10-percent) and proximity of branches (10 percent) as their top reasons for maintaining banking relationships.

On the other hand, the corporate/commercial organisations mentioned excellent service (29 percent), financial stability (27 percent), image and reputation (eight percent) banking support of business (seven percent) and efficiency of credit processing (eight percent) as the top reasons for maintaining banking relationships.

In the current edition of the survey, KPMG introduced a survey to understand the perception of young professionals on how they intend to interact with their banks in the future – about 50 percent preferred not to visit a branch. This fits into Zenith Bank’s current disposition as a leading technologically advanced financial services provider in Nigeria.

Just last week, Zenith Bank consolidated its position in Nigeria’s banking industry with an impressive operating result that indicated excellent performance in all parameters and gives credence to an increasing market share and acceptance of the brand by the Nigerian and international banking public.

The result confirms Zenith’s leadership position in the industry as it became the first to cross the N100 billion Profit After Tax mark in a financial year.

Evidently, Zenith Bank places high premium on exceptional service delivery in its drive to consistently exceed customer expectations and the bank’s well articulated strategy to meet and surpass customer expectations has continued to pay-off hugely.

With its clear understanding of its market and environment, the bank is well positioned to continue to create value for its teeming customers.

In 2012, Zenith Bank was named Best Commercial Bank in Africa by Cfi group in view of its sterling work at home over the years and given the excellent progress already made in distant markets within Africa and far further afield.

The bank has built a brand as a reputable, international financial institution – recognised for innovation, superior customer service and performance, while creating premium value for all stakeholders.

 Today, the bank is known for its innovation, solid financial performance, stable and dedicated management, highly-skilled personnel, cutting edge ICT, strategic distribution channels and asset quality.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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