Tier-one lender Zenith Bank has highlighted its commitment to technological innovation in financial services as it hosted the fifth edition of its flagship technology fair, Future Forward 5.0, at Eko Hotels & Suites in Lagos.
The event, held recently, featured a hackathon, product exhibitions and a start-up pitch competition, with finalists expected to proceed into a mentorship and incubation programme to help refine and scale their solutions.
Founder and Chairman of Zenith Bank, Dr Jim Ovia, CFR, said the annual fair aligns with his long-term vision of empowering young people through technology. He said his hope is for Nigeria’s youth to continue redefining the future of innovation and positioning the country among global technology leaders. He commended the management and staff of the bank for sustaining the culture of innovation and driving growth despite economic challenges.
Group Managing Director and Chief Executive Officer, Dame Dr Umeoji, said the theme of this year’s fair — Tech for Success: Innovate, Adapt, Accelerate, underlined the bank’s commitment to embracing technologies shaping the future of financial services.
She said Nigeria was witnessing an era where innovations such as digital platforms, robotic-assisted surgeries, virtual learning, autonomous vehicles, electric cars and drones had become part of everyday life. “What once seemed distant,” she added, “is now the global standard.”
Founder and Chairman of Zenith Bank, Dr Jim Ovia, CFR, was credited by Group Managing Director and Chief Executive Officer, Dame Dr Umeoji, for laying the foundation of the bank’s technology culture since the early 1990s. She recalled that under his leadership, the bank introduced many advancements now common across the industry, including ATM galleries, off-site ATMs in supermarkets, early internet banking, transaction alerts via SMS and email, and modern POS machines. She also highlighted the support of the Central Bank of Nigeria and the Federal Government in enabling the bank’s digital strides.
The executive noted that technological growth is accelerating at an unprecedented pace. She referenced industry data showing that most of the world’s data has been generated within the last two years and that artificial intelligence is projected to grow at a rate exceeding 28 per cent annually through 2030.
She also pointed out the rising interest in renewable energy technologies, expanding globally, and the continued push towards blockchain innovations, predicted to surpass hundreds of billions of dollars in global value by the end of the decade.
Group Managing Director and Chief Executive Officer, Dame Dr Umeoji, warned of the risks accompanying rapid digital growth, citing the increasing threat posed by deepfakes and other forms of online manipulation. She referred to a recent incident in which a doctored video of her was circulated without consent, describing it as a reminder of the urgent need for stronger digital protections. She urged innovators to develop technologies that solve real human problems while protecting users from emerging dangers.
The Zenith Bank CEO emphasised the centrality of technology to the bank’s strategy.
She noted that the institution’s sustained investments in youth empowerment, construction of ICT centres across Nigeria, and support for university digital transformation projects underline its commitment to the country’s tech ecosystem. She added that the bank’s evolution from Zenith 2000 to Phoenix, T24/Mysis and, most recently, Oracle Flexcube demonstrated its ongoing pursuit of operational excellence.
Group Managing Director and Chief Executive Officer, Dame Dr Umeoji, encouraged young innovators to continue building solutions capable of competing globally. She referenced previous winners of the fair, including Jump & Pass and Credit Check, who have used the platform to attract investment, expand operations and launch new products.
Governor Babajide Sanwo-Olu of Lagos State, who was represented at the event, commended Founder and Chairman Dr Ovia for being among the first to champion technology adoption in Nigeria’s financial sector. He said many young people may not realise that several digital innovations they now enjoy were introduced under his leadership.
The governor also praised Group Managing Director and Chief Executive Officer, Dame Dr Umeoji, and the bank’s board for creating opportunities for young innovators through the hackathon and pitch competition, noting that such platforms are essential for discovering solutions addressing real societal needs.
In her keynote presentation titled From Possibility to Practice: Unleashing GenAI and Agentic AI Full Potential, Chief Technologist for the Middle East, Turkey and Africa at Amazon Web Services, Dr Shivagami Gugan, examined how organisations worldwide are adopting generative and agentic artificial intelligence.
