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A new wave of digitization of financial services is going on in Ghana, and Zenith Bank, named three consecutive times as “The Bank That Best Promotes Cashless Transactions” in Ghana, is in the vanguard of the trend. On one count, the search for greater convenience, scale and lower cost in providing financial services to traditional clientele is spurring digitization. A second driving factor is recognition by regulators and players that new, dynamic channels are required to bring formal financial services to the doorsteps of the many in the population who are excluded or underserved. Thus banks, non-bank financial institutions, mobile network operators, and third-party entities are leveraging mobile phones, the internet and points-of-sale devices to offer faster and more convenient basic financial services to customers while facilitating financial inclusion.

The mobile phone is the new bank branch

Perhaps the most popular and transformational instrument of digitization in Ghana’s financial sector today is the mobile phone, which is powering mobile banking and mobile money services. Mobile banking is currently on the rise in Ghana. This is simply basic banking services—balance checking and fund transfers—which a customer can access through his or her mobile phone. Initially, when mobile phones were less sophisticated than now, Zenith Bank, before other banks took notice, developed a product, Z-Mobile, which gave customers access to their bank accounts using the basic handsets that were in vogue then. With the proliferation of smartphones and tablets, the bank has relaunched Z-Mobile, a smartphone-based mobile banking application. Indeed, Zenith Bank is among the first in the Ghanaian banking industry to launch an app-based mobile banking service (available on Play Store on android or App Store on iPhone). The Bank has further enhanced information security for users of the App, therefore, users are required to sign up for Zenith’s Internet Banking service and obtain login details which can be used to activate the Zenith Mobile App.

Z-Mobile, which is simple to use and very secure, enables customers access their accounts and conveniently carry out banking transactions from any part of the world via smartphones and tablets. The app’s notable features include allowing customers to check balances on their accounts, view transaction history, top up investments (within Zenith and other investment houses like Databank), set up beneficiaries, effect instant intrabank (Zenith-to-Zenith) and interbank (Zenith-to-other banks) transfers via the Gh-IPSS Instant Pay (GIP) service and pay bills, on the go.

Zenith Bank is also tapping into the opportunities and possibilities that mobile money presents to grow its own business. This is being done, for instance, through the bank’s Mobile Money Bank2Wallet Service. The service enables customers to link their mobile money wallets (MTN/Airtel) to their bank accounts, to transfer money between their accounts and wallets, and to make payments for goods and services remotely at any time of the day.

e-banking on a quieter but steady uptrend

In e-banking, as in other areas, Zenith Bank’s innovations have heralded new milestones not only for the bank but the whole industry as well. For instance, Zenith GlobalPAY, a secured web-based collection gateway that enables merchants to accept card payments in real time online from customers worldwide, is a first-rate e-banking product and service supporting merchants to set up shop on the internet and sell to global customers. With a one-time integration, merchants (businesses) on GlobalPAY can receive payments from a wide variety of locally as well as internationally issued cards.

Zenith Bank’s continued investment and upgrades have produced for the bank a robust digital banking infrastructure, complemented by the best card products on the market, covering debit, pre-paid and credit cards from Visa and MasterCard. It is worth mentioning that the bank can now issue MasterCard Corporate Cards (Debit and Prepaid) as well as the MasterCard Platinum Cards (Prepaid and Credit) specifically to cater to the needs of Corporates as well as High net worth Customers.

Zenith has also partnered with Gh-IPSS to provide the ACH Direct Debit platform, a simple, secure and reliable service that enables large and small organizations as well as individuals to collect funds from bank accounts. Direct Debit is an instruction from a creditor to its bank authorizing it to collect an agreed amount(s) from the bank account of the creditor´s customer so long as the customer has signed a mandate and has been given advance notice of the collection amount and date. This service can be used for recurring payments such as mortgages, utility bills, insurance premiums, loan re-payments, rent, subscription based service payments, etc. Amongst others, ACH Direct Debit offers improved control over payment timing, reduced time spent chasing unpaid or delinquent accounts, better accounting efficiency and excellent cash flow benefits from receiving regular payments.

The prospects for further growth in e-banking are excellent, with the regulator, the Bank of Ghana, prodding the industry to maintain innovation as it embarks on reforms to the payments system to make it more secure and diversified, but also integrated.

Digitization is facilitating financial inclusion

Besides enabling the traditionally banked to transact financial services with greater ease, digitization is also promoting financial inclusion. Digital channels afford the unbanked an opportunity to leapfrog barriers to brick-and-mortar banking—such as cost and infrastructure—that historically have excluded them from the financial system. A considerable number of Ghanaian adults that have mobile money accounts do not have a bank account, proving that mobile money is not just an enabler of cheaper and more convenient financial services for those who already have access, but is also spreading the net to reach those who were previously financially excluded.

On its part, Zenith Bank, as a major financial services provider in the country for more than a decade, has an approach to financial inclusion that is built on a deep appreciation of the reasons for, and costs of, financial exclusion and how banks can tailor their business models to promote inclusiveness.  Essentially, the causes of low financial inclusion can be explained by both demand and supply constraints. The demand constraints are the factors that limit demand for financial services from those who tend to be excluded, while supply constraints refer to the factors restricting supply of financial services by financial sector institutions to the underserved population.

On the supply side, the high cost of building and maintaining physical bank branches has been a major hurdle to extending financial services to remote communities. While Zenith Bank has been undertaking strategic physical branch expansion across the country, its frontline role in digitization to mitigate the cost and infrastructure obstacles to the spread of banking is contributing to financial inclusion. On the demand side, Zenith Bank recognizes that the kinds of financial products and services offered by providers, as well as their design, availability and how they are marketed, are important determinants of uptake by bankable but unbanked constituencies. Thus the bank has been prioritizing product and service innovation to suit the needs of varied market segments, including those frequently underserved.

Zenith Bank believes the momentum that digital finance has gained in Ghana will remain strong for years to come, driven by government and regulatory initiatives, innovation by service providers, increasing financial literacy, and an improving economy. The bank will stand ready to take advantage of both the opportunities and challenges this evolution will certainly present, by continuously investing in its people and infrastructure, innovating its products and services, exploring strategic partnerships, and putting the customer at the heart of everything it does. Being adjudged “The Bank That Best Promotes Cashless Transactions in Ghana” at the 16th Ghana Banking Awards, which is the third consecutive success, underscores the Bank’s leadership in digital finance in the Ghanaian banking industry.

Zenith Bank and Prudential Life Launch Innovative Insurance Solutions for Ghanaians

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Zenith Bank Ghana Limited, one of the most reputable and innovative banks in Ghana, and Prudential Life Insurance Ghana, one of the leading insurers in the country, have entered into a long-term partnership. They have subsequently launched four innovative bancassurance solutions to protect Ghanaians, namely the Zenith Life, Education, Farewell and Hospital Cash Plans. The launch will enable Zenith Bank’s customers to buy Prudential’s high-quality and innovative insurance products in the bank’s 36 business locations across the country

The launch follows Prudential Group’s acquisition of a majority stake in Zenith Life of Nigeria and an exclusive bancassurance partnership with Zenith Bank Nigeria in July 2017.

The Zenith Life Plan is a novel income protection product in Ghana with unlimited cover, guaranteeing 100% reimbursement of all premiums if customers outlive the term of the policy without making a claim.  Cover can be provided for as little as GHS 29 per month for between 5 and 52 years. The Zenith Life Plan also covers 10 critical illnesses and entitles customers to an innovative free annual health check.

The Zenith Education Plan enables parents to save for school or university fees. Parents can save as little as GHS 50 per month for between 8 and 25 years. The assurance provided by this policy is the continuous payment of premium on behalf of the parent in the event of death or permanent disability. It is one of the only education plans in Ghana to feature a unique 4% bonus which is awarded to parents at maturity of the policy.

The Zenith Farewell Plan provides protection against the financial pressures that come with funeral expenses following an unexpected death. The Farewell Plan comes in two options – Classic and Premier. Customers can pay as little as GHS20 per month to receive a lump sum of up to GHS20,000 for the Classic and GHS50,000 for the Premier. The Farewell Plans also have a unique ‘Never Lapse’ feature which guarantees policy holders their benefits throughout the policy’s term irrespective of missed premium payments.

The Zenith Hospital Cash Plan, is one of the first in Ghana, providing financial support to customers who suffer some form of income loss due to hospitalization. Customers can pay about GHS15 per month to receive up to GHS200 per day after being hospitalized. Customers can also receive a 25% refund when a claim is not made for 2 consecutive years.

Henry Oroh, Managing Director/Chief Executive Officer of Zenith Bank, said: “We are delighted to be launching these amazing life insurance solutions with one of the world’s leading life insurance companies. Delivering desirable products and services to our customers is at the heart of our success. This partnership offers our customers a great way to buy an array of innovative insurance products that would help them live a better quality of life by planning adequately for life’s uncertainties. We look forward to working with Prudential over the coming years as we grow our insurance portfolio.”

Emmanuel Aryee, Chief Executive Officer of Prudential Ghana, said: “Our partnership with Zenith Bank will add to the growth we have already achieved and brings us closer to our goal of becoming the life insurer of choice for Ghanaians. We are proud to partner with Zenith Bank, one of Ghana’s leading banks, and we look forward to helping its customers plan for the future with innovative insurance products.”

About Zenith Bank

Zenith Bank (Ghana) Limited, a subsidiary of Zenith Bank Plc, was incorporated in April 2005 under the Banking Act 2004 (Act 673) as a private limited company and commenced universal banking operation in September 2005. The bank’s parent, Zenith Bank Plc, has built a reputation as one of Nigeria’s strongest banking brands and one of the country’s largest banks by market capitalization, profitability and total assets.

Zenith Bank Ghana has followed sturdily in the footprints of its parent and is currently one of the strongest and most profitable banking brands in Ghana. Zenith is also one of the largest banks by asset size in the country. The Bank’s branding has been anchored on continuous investment in people, technology, and excellent customer service.

The Bank currently has thirty six (36) business offices (branches and agencies) in Ghana. Other service delivery channels include the numerous ATMs and Points of Sale terminals strategically located in various cities and towns countrywide. The bank also offers mobile and internet banking services which enable customers to access banking services on-the-go. Zenith’s main objective for deploying these state-of–the-art delivery channels is to bring banking services closer to its customers while ensuring the service is faster, easier and better than anything customers have ever experienced.

Over the last thirteen years, Zenith has improved its capacity, size, market share, and industry rankings in all parameters. The Bank has built financial, structural and technological muscle and has established its presence across the country.

Zenith Bank is a customer focused bank that places utmost priority on the satisfaction and delight of its customers. Recognising that the Bank is in business because of the invaluable support and patronage of customers, Zenith Bank has ensured that excellent customer experience is at the centre of its customer service strategy.

Zenith Bank’s goal is to be THE MARKET LEADER, in the next five (5) years with its key focus areas centred on Customer Service delivery, financial performance and brand repositioning.

 About Prudential Ghana

Prudential Life Insurance Ghana is one of the top five life insurance companies in Ghana. It employs approximately 100 staff and more than 1,000 agents and has over 1.8 million customers. Prudential is a wholly owned subsidiary of Prudential Plc and is committed to building a leading life insurance business in Ghana. For more information visit

 About Prudential Plc

Prudential Plc and its affiliated companies constitute one of the world’s leading financial services groups, serving around 24 million insurance customers, with £635 billion of assets under management (as at 30th June 2017).  Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.


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MD-VZenith Bank Ghana, a market leader in the banking industry and Vodafone Ghana, a leading telecommunications company, have entered into a mutually-beneficial partnership to bring unmatched benefits to their customers.

The collaboration is to harness significant synergies from both institutions – with Zenith Bank’s Platinum Banking service offering Vodafone Black customers a highly personalized level of banking service and a bespoke financial plan to complement their lifestyles.

Additionally, through  this service, customers will enjoy extended banking hours;  Visa Lounge Key access (that provides complimentary airport lounge visits with access to more than 850 airport lounges across the world); access to all Zenith Bank’s exclusive Platinum Banking halls; wealth & portfolio management; investment advisory services; networking activities; and concierge services, amongst others.

The partnership will, additionally, offer Vodafone Customers dedicated Relationship Managers and Platinum advisors.

Zenith Platinum Banking customers will enjoy the exclusive Vodafone Black proposition with all its amazing benefits such as dedicated Vodafone Relationship Managers; Vodafone’s super-fast Fibre to the home Internet, exclusive service from Vodafone’s benefit partners amongst many others.

Chief Executive of Zenith Bank Ghana, Henry Oroh, said:

The Bank’s collaboration with Vodafone is yet another relationship geared at giving the customer optimum solutions. The Zenith Platinum Banking Service will enhance the lifestyles of our customers as well as those on the Vodafone Black Service by offering customized solutions and strategic advice to help them meet their personal and business objectives.

He added that through exclusive events and the unique product and service offerings, a network of great minds that play a pivotal role in Ghana’s economic growth will be enriched. Partnership with Vodafone could not have come at a better time and both organizations will leverage on this synergy in the best interest of our customers.

Commenting, Chief Executive of Vodafone Ghana, Yolanda Cuba said:

“Our partnership with Zenith Bank represents a huge stroke of inspiration for our brand –and for our Vodafone Black product. This innovation was borne out of the yearning to give our high-value customers the right mix of products to meet their needs. A Bank such as Zenith gives our product access to a wider pool of clientele and resources to elevate us to the next level.”

The win-win partnership is expected to bring innovative experiences that will entrench the customer base of both Vodafone and Zenith Bank, whilst consolidating their market share

About Zenith Platinum Banking:

Zenith’s Platinum Banking service offers high net-worth individuals a complete suite of personal banking services, complimented by e-banking products, with a view to providing a first class banking experience.

About Vodafone Black:

Vodafone Black is the first personalised unlimited experience exclusively designed for ultra-high value customers. It commits to delivering specially designed products and customer experiences to invited members

Zenith Bank Relaunches Platinum Banking

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headline title-01Zenith Bank (Ghana) has staked a strong claim to being the financial services provider of choice for High Net Worth (HNW) individuals with the relaunch of its Platinum Banking service, which has been refreshed and upgraded to provide more benefits and rewards for its exclusive clientele.

Iplatinum -tv screen-01_fmtn an era when the High Net Worth (HNW) customer is looking for a one-stop shop where his/her desires are satisfied unreservedly, Zenith Bank’s private banking assures of personalized banking products and services that fully cater to a High Net Worth customer’s exceptional needs.

The Bank’s Platinum Banking service has been designed and upgraded with the High Net Worth individual in mind, providing a personalized financial solution to the complex banking demands of today’s prestigious clientele. The Bank offers a complete suite of personal banking services, complemented by a range of electronic banking products, with a view to providing a first-class and efficient private banking service to customers.

Amongst others, Zenith Bank’s Platinum Banking Service guarantees High Net Worth individuals (such as Chief Executives, Managing Directors, Chief Financial Officers, leading entrepreneurs, Diplomats, etc.) confidentiality, Read More

Zenith Bank is leading digital banking in Ghana – World Finance

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zenith heights 1

Thanks to an expanding middle class and a nationwide embrace of smartphones, digital banking in Ghana is pushing new frontiers for individuals and the economy.

The digitalisation of financial services is afoot in Ghana, and Zenith Bank, winner of World Finance’s Best Banking Group award three years in a row (2015 to 2017), is in the vanguard of the trend. The demand for greater convenience and scale, together with lower costs, is currently spurring digitalisation at an exponential rate.


Zenith Bank is Bank of the Year Ghana 2017 – The Banker

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Banker awards 2017-webThough Ghana’s economy has improved over the course of 2017, it registered gross domestic product growth of just 3.5% in 2016, its lowest level in two decades. But if the market as a whole was depressed over this period there is little evidence that it troubled the 2017 country winner, Zenith Bank Ghana, at all.

The lender’s net profits increased by 76% in 2016 while its total assets and Tier 1 capital grew by 34% and 32%, respectively. Beyond this, Zenith Bank Ghana’s return on equity increased to 40% from 29% year on year, while its cost-to-income ratio fell to 40% from 44%.

“The bank prides itself with the creation of a reputation for excellent customer service and a respectable corporate governance culture. Consequently, our balance sheet has grown by 45% year on year and we have maintained a customer retention rate of 99.97%. These have resulted in the bank winning notable awards across the globe,” says Henry Oroh, managing director and chief executive of Zenith Bank Ghana.

Over the 2016 review period, the bank pursued a number of strategic initiatives. These included a greater emphasis on retail banking to minimise the reliance on volatile corporate deposits, the development of innovative products and services to cater to the unbanked population, and the development of a state-of-the-art 24/7 customer contact centre.

“The bank will continue to stay engaged with customers and focus on initiatives that will position it as a market leader in the Ghanaian banking industry. Opportunities are also expected to emerge from increased infrastructural spend, developments in the oil and gas sector, and expansions in trade services for private sector growth,” says Mr. Oroh.

Source: The Banker Magazine, 2017