FirstBank Host Fintech Summit 6.0, Launches Fintech Innovators Pitch Programme

Lagos, Nigeria – November 6. FirstBank, the premier West African financial institution and financial inclusion service provider is excited to announce its 6th annual Fintech Summit, themed “Banking on Partnerships,” scheduled to hold on November 13 and 14, 2024. This year’s edition will bring together renowned subject matter experts, innovators, and industry leaders from around the world to explore the latest trends and advancements in financial technology.

Since its inception in 2016, the FirstBank Fintech Summit has established itself as a premier event, attracting top subject matter experts in digital innovation from Nigeria and around the globe. While the Summit transitioned online in 2020 due to the COVID-19 pandemic, this year’s event will be hosted as a hybrid affair, enabling participants from around the world to engage with renowned speakers and insightful discussion.

A key highlight of this year’s summit is the launch of the Fintech Innovators Pitch Programme, designed to empower early-stage fintech startups and cultivate innovation within the financial services ecosystem. Selected startups will benefit from intensive training and mentorship, culminating in an opportunity to pitch their groundbreaking solutions to FirstBank, prominent investors, and industry experts.  Winning Startups will receive essential support from FirstBank to propel their products to market, including strategic guidance, resources, and access to a vast network.

The FirstBank Fintech Summit 6.0 promises a dynamic lineup of sessions and invaluable networking opportunities, positioning it as a must-attend gathering for industry leaders and innovators. The two-day Summit will feature expert keynote addresses and panel discussions, regulatory roundtable, investor roundtable, fireside chats and masterclasses.

Emmanuel Daniel, the founder of TAB Global—a research, publication, and consulting firm known for platforms like The Asian Banker, Wealth and Society, The Banking Academy, and TAB Insights—will be a key speaker at the upcoming event. He will be joined by Olusegun Alebiosu, the Managing Director and CEO of FirstBank Group, along with a lineup of distinguished guest speakers and panellists which include Dr. (Mrs) Markie Idowu, GMD/CEO of Xpress Payment Solutions Limited; ’DeRemi Atanda, Managing Director of Remita; Tomilola Majekodunmi, Co-Founder and CEO of Bankly; Obi Emetarom, Co-Founder and CEO of ZONE; Oladipo Alabede, Regional Managing Director, West Africa (Acquiring) Network International; Obianuju Odukwe, VP of Digital & API Ecosystems at Interswitch Group; Ashley Immanuel, Co-Founder and COO of SemiColon; Chijioke Dozie, Co-Founder of Carbon; Yewande Sulaiman, Managing and Product Consultant at ProduqtEdge.

With its hybrid format, participants from around the world can access the same quality of discussions and speakers. To register for the Fintech Summit, interested participants can click on https://fintech.firstbanknigeria.com/#/?lang=en

Speaking on the Summit, the CEO FirstBank Group, Olusegun Alebiosu said “This year’s summit provides a platform to unite industry leaders, innovators, regulators, and thought leaders to explore how collaboration and partnerships can shape the future of financial services and technology. As FirstBank continues to lead in innovation, this event presents another unique opportunity to engage with key stakeholders and deepen our understanding of emerging trends in the Fintech landscape emphasizing our role not only as a participant but also as a leading and preferred partner in the Fintech domain.”

The FirstBank Fintech Summit is one of the initiatives that the Bank has established to drive innovation and foster growth in the financial technology sector. By bringing together thought leaders and disruptors in the field, the Summit serves as a catalyst for transformative ideas and collaboration.

“Our Technology Infrastructure Now Best in Class, Thanks for Your Understanding”, Zenith Assures Customers

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.