In what industry observers are calling a watershed moment for Ghana’s banking sector, Zenith Bank Ghana has secured the coveted ‘Bank of the Year Ghana, 2024’ award at the prestigious Banker Magazine Awards in London, marking a significant milestone for the country’s financial services industry.

The Banker’s ‘Bank of the Year’ award is among the most coveted and widely regarded awards in the banking industry, often contested by the world’s leading financial institutions. Winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

The award, bestowed by the Financial Times Group’s flagship banking publication, is the fifth time the Bank has won the award, having won previously in 2014, 2015, 2017 and 2018.

It is in recognition of the Bank’s strong financial performance, innovative products and services, excellent service, industry-leading state-of-the-art banking technology and professionalism.

It comes as a crowning achievement in what has been an extraordinary year for the Bank, which is a powerhouse in Ghana’s financial ecosystem.

Managing Director’s words

Henry Onwuzurigbo, Managing Director/Chief Executive Officer at Zenith Bank Ghana said the award is dedicated to the Bank’s customers without whom the award would not have been won. He further stated that the award is a testament to the solidity of the Bank and a much-welcome endorsement of Zenith Bank’s leadership in many spheres of banking in Ghana.

“This award shows that Zenith Bank Ghana is a leader in satisfying the benchmarks that have come to be expected with the Ghanaian banking industry. It recognises our financial performance, continued growth, significant value-creation for shareholders, innovative products and services, and our unique ability to satisfy the needs of our customers in a highly competitive environment,” the MD/CEO said.

Beyond Ghana’s borders

The success story extends beyond Ghana’s borders, with the parent company, Zenith Bank PLC, simultaneously clinching the Bank of the Year award for Nigeria at the same London ceremony. This dual recognition underscores the growing influence of the West African financial institution in the global banking sector.

Remarkable leadership brings success

Zenith Bank Ghana’s success story has been especially remarkable under the leadership of Henry Onwuzurigbo, whose guidance has driven the Bank to achieve notable successes, attracting considerable attention both locally and internationally. Mr. Onwuzurigbo’s impact was acknowledged to 2024 with two major personal accolades: the Banking Sector CEO of the Year -Multinational Award Recipient at the 2024 Ghana CEO Excellence Awards and Best Banking CEO of the Year at The European Awards 2024.

Consistency is critical

Industry insiders point to Zenith Bank’s consistently impressive financial performance and remarkable digital transformation as a key factors in its success. The Bank’s mobile application, ZMOBILE, has revolutionised how customers interact with their finances, earning it the Technology Driven Bank of the Year title at the 2024 Ghana Information Technology and Telecom Awards, Best Mobile Banking App Ghana, 2024 – Digital Banker Africa Awards and Best E-Banking Product: Mobile Banking App at The European Awards 2024.

“We are seeing unprecedented adoption rates among different customer segments,” noted a local fintech consultant, speaking on condition of anonymity due to client relationships.

Deepening financial inclusion

The Bank’s commitment to financial inclusion has been particularly impactful in local communities. Through its SME-focused initiatives and women empowerment programs, Zenith Bank Ghana has extended banking services to previously underserved segments of the population. This approach earned the Bank recognition as the Best SME Partner Bank and  Best Banking Brand for Women Empowerment at The European Awards 2024.

Local business owners have also particularly praised Zenith’s corporate banking services which saw the Bank being adjudged Best Corporate Bank – Ghana at the International Finance Awards 2024. “Their understanding of the local market combined with international best practices has made them an invaluable partner for businesses like ours,” shared a prominent Accra-based business owner who has banked with Zenith Bank for over a decade.

Digital is truly the present and future

The Bank’s innovative streak has been evident in its embrace of digital solutions. Recognition as Most Innovative Banking products and Services Provider – Ghana,  2024 (World Business Outlook Awards), Internet Banking Services Provider of the Year, an award bestowed on the Bank at the 2024 Global Excellence Awards) and Excellence in GhanaPay Customer Service at the GhanaPay Recognition Awards highlight its role in driving Ghana’s cashless economy agenda. Market analysts suggest these digital initiatives have been crucial in helping local businesses navigate the post-pandemic economic landscape.

More accolades

The string of accolades, which includes being named Premium Foreign Banking Brand of the Year and Premium Multinational Banking Brand of the Year by Entrepreneurs Foundation of Ghana and Premium Multinational Banking Brand of the Year at the 8^th Global Business Brands Summit and Awards reflect Zenith Bank’s unique position in Ghana’s banking sector. While maintaining strong international standards, the Bank has successfully adapted its services to meet local needs and preferences.

Outlook

Looking ahead, financial sector experts predict these recognitions could attract increased foreign investment into Ghana’s banking sector. Market watchers have stated that when a local bank receives global recognition of this calibre, it sends a strong message about the maturity and reliability of the domestic financial system. Other awards won by the Bank include Best Financial Inclusion Service Provider Ghana (Digital Banker Africa Awards) and Pensions Fund Custodian Brand of the Year at the Ghana Finance Focus Forum Summit and Awards.

Zenith Bank Ghana’s achievement at The Banker Awards, combined with its impressive haul of sixteen major awards across various categories, sets a new benchmark for excellence in Ghana’s banking sector.

The success story of Zenith Bank Ghana demonstrates that with the right leadership, innovation and customer-focused approach, financial institutions in Ghana can achieve global recognition.