Ebenezer Onyeagwu: Delivering Satisfaction to Zenith Bank Customers

Donatus Eleko

Delivering superior service to customers in today’s banking sector is crucial and necessary due to the stiff competition in the market. Customer satisfaction is the lifeblood of the banking industry and has direct impact on trust and reputation.  This is because a satisfied customer is more likely to trust his or her financial institution and recommend it to friends and family.

High levels of customer satisfaction reduce the likelihood of customers seeking alternative banking options. Zenith Bank Plc under the leadership of its Managing Director/Chief Executive Officer, Mr. Ebenezer Onyeagwu, is a leading financial institution in terms of customer satisfaction and has continued to take steps to retain and attract more customers.

Since his appointment as the Managing Director/Chief Executive Officer in 2019, Onyeagwu has continued to lead the financial institution on a positive trajectory. This has seen Zenith Bank surpass its peers in all metrics with the bank carting away numerous awards.

Onyeagwu, a strategic thinker, an inspirational leadership, an energetic banker who possesses entrepreneurial skills, is a vastly experienced banker and financial expert. He was trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America and has about 35 years industry experience.

Onyeagwu is also the Chairman of the Body of Banks’ Chief Executive Officers in Nigeria. A graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987, he qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post-graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

Onyeagwu, joined Zenith Bank Plc in 2002, as a Senior Manager, in the Internal Control and Audit Group of the bank.  His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank.  In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.

As Deputy Managing Director, Onyeagwu had oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

He was recently named the ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards.

In line with its efforts to ensure customer satisfaction, the bank has been recognised for introducing several cutting-edge offerings. These innovations include the deployment of the first offsite automated teller machine (establishing an ATM in a location outside the bank’s premises in 2003), real-time online banking across its entire branch network, transaction notifications via SMS (Short Message Service) and email, an online payment gateway and QR (quick-response) code payment system.

Today, some of its internet banking solutions include the *966# Banking, which is a convenient, fast, and secure way for its customers to access their bank account and perform banking transactions via non-smartphone without internet connectivity. This service is available to all individual account holders with any feature phones that run on the GSM platform.

Also, the Zenith Bank Mobile App enables customers to get access to their accounts 24 hours a day from wherever you are. A quick download of the mobile banking app can transform customers’ smartphone into a powerful banking tool. The Zenith Bank’s Mobile App is a dual functionality app which bundles Mobile Banking and eaZymoney.

The bank has also made it easier for customers to request cheque books, transfer funds between accounts, pay utility bills and lots more.

Additionally, the ZenithDirect is the financial institution’s 24/7 Interactive Solution Centre that provides customers world-class service and an excellent banking experience. Its services are offered through a menu-driven self-service, phone interactions, social media platforms and via live interactions (chat) with well-trained customer service executives.

Another digital solution offered by the bank is the ZENITH e-Token App, a mobile application that generates One Time Passwords (OTPs) used in the authentication of electronic transactions.

Zenith Bank had also introduced an Artificial Intelligence (AI) powered Chatbot on WhatsApp named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones.

Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.

As Group Managing Director/CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability.

These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.

Also, Zenith Bank under Onyeagwu was recently named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023. Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.

In terms of its financial performance, Zenith Bank remains an industry leader in most of the indices. While Zenith Bank’s full year 2023 financial performance is being awaited, its unaudited results for the third quarter (Q3) ended September 30, 2023, showed that it recorded a remarkable triple-digit growth of 114 per cent from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. The performance demonstrated the Group’s resilience and strong market share despite a very challenging macroeconomic environment. It also reflected the leadership direction Zenith Bank has been enjoying under its Chief Executive Officer/Managing Director, Ebenezer Onyeagwu.

According to the bank’s unaudited Q3 financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the top-line also enhanced the bottom line, as the Group recorded a 149 per cent year-on-year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.

Under Onyeagwu, Zenith Bank’s profit after tax also grew remarkably by 149 per cent from N174.3 billion to N434.2 billion in the same period. The growth in the top-line arose from both interest income and non-interest income. Interest income grew in the current period by 72 per cent to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent, from N212 billion to N607.2 billion. The growth in profit was similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.

Indeed, under Onyeagwu’s transformational leadership, Zenith Bank remains committed to prioritising customer satisfaction, which continues to give the financial institution competitive edge in the market, just as it continues to attract new customers and retain existing ones.