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Zenith Bank (Ghana) Limited, one of the most reputable and innovative banks in the country has been ranked the second most credible Bank in Ghana for the year 2018, according to a recent survey conducted by Credmap Technology to identify the 20 most credible banks currently in the country.

According to a statement copied to Citi Business News, the assessment draws on an index of the banks using Credmap technology (www.credmap.com), a novel “credibility-rating” engine that is capable of combining crowdrating and data mining to generate “credibility scores” of individuals and institutions using pooled data about their track record, history, commentary, biography, popular sentiment and reputation.

All 30 of Ghana’s tier one/universal banks were subsequently benchmarked against Credmap’s measures, compared to each other, and then ranked in what became the Ghana Banking Credibility Index (GBCI), a process that was overseen by a team of senior technical analysts at Konfidants, a management consulting company based in Accra, Johannesburg and Geneva.

In this inaugural index, the primary focus was on the quality of bank boards and senior management personnel. The Konfidants team was of the view that in the wake of recent developments in the banking sector, corporate governance and management competence have emerged as, by far, the most critical factors in determining bank performance and success.

Some major criteria in the computation of the GBCI therefore included:

  1. Executive track record of the board & management membership.
  2. Educational qualifications of board members and senior management personnel.
  3. The emphasis on continuous professional development within the studied banks.
  4. Reputational factors.
  5. Degree of board independence from shareholder and management control and influence (this factor was analysed using a proprietary “relationship graph” and “insider connections” rating logic).
  6. Consistency and accuracy in board and management communications as ascertained from comments in the media, advertising, and publications, including official documentation and reports.


The automation of the data scanning, weighting, and visualisation activities using Credmap algorithms marks a major departure from the traditional methods of index design for rankings of this nature.

The Analysts were able to more rapidly doublecheck how traditional benchmarks such as “net interest margin”, “capital adequacy”, “asset quality”, “return on equity” and “return on assets” ratios conceal or reveal the most salient factors in bank governance and reputation, which in a period of tighter regulation and consumer apprehension become dominant weighting factors for all the traditional CAMEL rating indices of institutional health in the financial industry.

Michael Kottoh, Managing Partner of Konfidants, expressed the view that “because the recent banking crisis was fundamentally a failure of leadership – as opposed to the failure stemming from systemic risk in the wider economy — it’s crucial to throw more light on quality of leadership in the sector; as the country’s financial sector evolves and matures, the credibility of banks will increasingly depend on the credibility of their boards and management”.

He mentioned weak risk management cultures as adequately measurable when personnel competence and track record, and board autonomy and capacity, are used as predictors.

Commenting further, he said, “The analysis also revealed that not enough emphasis is being placed on Continuous Professional Education (CPE) for bank directors; this matters a lot for improving director competence and capacity to supervise management.

Zenith Bank has a strong internal culture, built from the strength of its people, commitment to service excellence, a solid technological backbone as well as a robust corporate governance system hinged on elements of honesty, trust, openness and accountability.

Credit: citibusinessnews.com


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 seven (37) business offices (branches and agencies) in Ghana. Other service delivery channels include the Bank’s 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.

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