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Zenith Bank – Making life happen for millions of Nigerians

By Zenith Bank
20 March 2022   |   11:29 am
Folayemi Okechuchukwu has one shop at Oke-Arin on Lagos Island where she sells groceries. She has a dream of opening a chain of grocery shops in and around Lagos in the near future. For many businesses like hers, lack of access to financial services that meet their needs is the reason they are not able…

Folayemi Okechuchukwu has one shop at Oke-Arin on Lagos Island where she sells groceries. She has a dream of opening a chain of grocery shops in and around Lagos in the near future. For many businesses like hers, lack of access to financial services that meet their needs is the reason they are not able to scale. This limits their ability to contribute to the growth of the economy.

Many businesses in the informal sector of the Nigerian economy face this problem. Okechukwu’s problem may be compounded if she is unbanked and does not have access to sound financial advice.

Millions of Nigerians have similar problems – unbanked and financially excluded.

In June 2021, the Enhancing Financial Innovation and Access (EFInA) has reported that 36% of Nigerians do not have access to basic financial services. According to the EFInA report, financial education and inclusion directly affects the growth of the economy and its people.

The report also showed that people within the 18-25 age bracket are more likely than older adults to be financially excluded.

Nigeria’s largest financial institution Zenith Bank is renewing its drive to help people like Folayemi Okechukwu with an array of products and services that can make life happen for them.

For millions of undergraduates in universities across the country, Zenith Bank makes banking easy and enjoyable. They offer interest on savings, personalised Mastercard debit cards that mirror the youthful lifestyle, cashless banking, exclusive discounts and periodic promotions from Zenith Bank’s partner merchants.

Holders of Zenith Bank cards enjoy more benefits such as high credit spending limits at competitive rates, emergency replacement assistance in cases of lost or stolen cards, priority pass access to over 600 of the world’s most exclusive airport lounges/concierge services, supplementary cards for family members and 3D online security.

The Bank is also dismantling the unfounded myth that it caters to the needs of the rich with its zero opening balance policy. Customers can now open new regular current and savings accounts without immediately depositing funds in them. For the unbanked willing to have a bank account, this zero naira opening balance feature makes it easier to achieve that aim.

Related to the zero opening balance is the zero balance policy, which allows customers to withdraw all their funds from their accounts via electronic channels, including *966# USSD banking and Z Money agents.

Z money agents are registered by Zenith Bank under its agent banking program to render basic financial services on behalf of the bank to deepen financial inclusion. Agents operate everywhere in the country and particularly offer important services where physical branches are not available. Services rendered by Z Money agents include account opening, cash withdrawal and deposit, funds transfers, bills payment and airtime purchase. They can also provide accurate banking information to customers when needed.

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