Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Financial Services

Guaranty Trust Bank is Nigeria’s best digital bank in 2020 – Agusto & Co

Agusto & Co has declared GTBank, the best digital bank in its 2020 Consumer Banking Satisfaction Index report.

Published

on

Agusto & Co Upgrades Axxela Limited’s corporate credit rating

Agusto & Co,  a leading research and credit rating agency, in its third edition of Consumer Banking Satisfaction Index report, has disclosed that Guaranty Trust Bank ranked highest in user experience.

This information is contained in the report which was made available by the rating agency on Monday 9th November 2020.

The statement which is in line with the findings of the report provided insights into improved customer experience in the banking industry.

READ: Moody’s Investors Service explains why Nigeria has low growth rate

The Consumer Banking Satisfaction Index dissects the level of customer satisfaction towards digital banking channels in Nigeria.

However, the objective of the Index was to create an independent appraisal of ease of using digital banking platforms by the Nigerian public, following increased competition by banks on digital platforms, as well as, the growing quest for higher electronic banking income by Nigerian banks.

READ: Exploring branchless, other digital forms of banking in a crisis

The index revealed customers’ preferences towards digital banking channels in some selected banks in Nigeria.

  • GTBank emerged the Best Digital Bank in Nigeria with a user experience score of 74.2.
  • FirstBank scored the second highest (72.3)
  • Access Bank was a close third with a user experience score of 71.1

READ: Agusto & Co appoints Yinka Adelekan as new CEO, as Vivien Shobo retires  

What you should know

In the 2019 edition of Consumer Banking Satisfaction Index report, Zenith Bank emerged the highest-ranked bank, with a score of 74.2.

In the third edition, Zenith Bank fell from highest ranked in 2019 to the 4th place, according to the index this year, with a score of 70.9, owing to lower ratings in transaction success rates, troubleshooting & IT support.

READ: Understanding the risks in bond investing

bitcoin train

What they are saying

Binance

Commenting on the report, Mrs. Mariam Dabiri, Senior Analyst, Financial Institutions Ratings, Agusto & Co said,

The 2020 Consumer Digital Banking Satisfaction Survey targeted a focus group of respondents drawn from the formal and informal sectors of the economy. The coverage banks indicated in the survey are also top 10 commercial banks based on the value of total assets and contingents as at 31 December 2019.

Jaiz bank ads

READ: Petrol supply drops by over 23% due to decline in consumption

As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved upon for customers. We believe findings from this Index will provide good insights and suggestions to enhance customer experience.”

Finally, she called on the banks to make more investment in customer service and relationship management,

Coronation ads

Generally, we believe that there is a need for more dedicated investments in customer service and relationship management to support the growing traffic across digital banking channels,” she said.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

2 Comments

2 Comments

  1. Anonymous

    November 11, 2020 at 10:31 am

    But why are they not opening some of their branches for banking if truly they are best, just like kano road in kaduna

  2. Anonymous

    November 11, 2020 at 1:59 pm

    And yet my debit card was stolen and over 200k was stolen from my account.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Financial Services

Jim Ovia is set to earn N9.58 billion in dividend for FY 2020

The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock.

Published

on

Jim Ovia: From a clerk to founder of Nigeria's most profitable bank

The founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia is expected to earn a massive sum of N9.575 billion in dividend for the financial year ended December 2020

The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock out of the 31,396,493,787 ordinary shares available. This gives him an 11.29% direct interest in the Tier -1 bank.

It’s however important to note that such dividend is subject to a 10% withholding tax in Nigeria.

READ: Is Zenith Bank thriving on the strength of sound financial indices?

Recall that about a day ago, the Board of Directors of the bank in a statement released via the Nigerian Stock Exchange proposed a final dividend of N2.70, amounting to a total payout of N3.00 per share for the financial year 2020 (interim: N0.30).

This proposal reflects the past year’s robust performance and appears to signal that Zenith bank remains well-positioned to perform in the current financial year. However, there was a lower payout ratio at 40.9% compared to FY’19 (42.1%).

  • Key earnings drivers to the financial year performance under review were a 90 basis points drop in the cost of funds to 2.1%, which propelled net interest income (+12.2% YoY) and a 3.8x jump in revaluation gains to N43.4 billion.
  • These offset pressures from operating costs (the cost to income ratio rose 1.2ppts to 50.0%) and impairment charges (cost of risk rose 40basis points to 1.5%)

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

Described as the ‘Godfather of banking in Nigeria’ by Forbes Africa, Jim Ovia is quite popular for his business dexterity and leadership skills, especially in the banking sector.

His early interest in technology was the reason Zenith Bank became the first Nigerian company to have a functional website in 1995 and was able to smoothly migrate its operations from analog times to a digital era.

From a single branch in a residential building, Zenith Bank now has hundreds of branches all over Nigeria and several subsidiaries in other countries. The bank became a Public Limited Company in 2001 and was listed on the Nigeria Stock Exchange (NSE), and later on the London Stock Exchange (LSE).

On the 27th of April 2007, Zenith Bank Plc became the first Nigerian bank in 25 years to be licensed by the UK Financial Services Authority (FSA), giving rise to Zenith Bank UK Limited.

Continue Reading

Financial Services

Zenith Bank declares final dividend of N84.8 billion for shareholders

Zenith Bank declares final dividend of N84.8 billion for shareholders for 2020.

Published

on

Zenith Bank Plc

The Board of Directors of Zenith Bank Plc has announced the payment of a final dividend of N2.70 for every share of 50k held by shareholders, amounting to a total of N84.8 billion for the year ended 2020.

This is according to a disclosure signed by the company’s secretary, Michael Osilama Etu and sent to the Nigerian Stock Exchange.

According to the notification, the final dividend will be paid electronically to shareholders on the 16th of March, 2021, subject to appropriate withholding tax and approval from the Company’s Annual General Meeting. Other pre-requisite conditions for payment are;

  • Only shareholders whose names appear in the registrar of members as at the close of business on 8th of March, 2021 will be considered.
  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Veritas Registrar Limited) to pay their dividends directly into their bank accounts.
  • In lieu of this, it is pertinent to note that the register of shareholders will be closed on 9th of March, 2021.

Zenith Bank Plc had earlier paid an interim dividend of 30k to its qualified shareholders on 22nd of September, 2020, thereby raising the total dividend declared by the financial giant in 2020 to N3.00, indicating an increase of about 7.1% when compared to the total dividend of N2.80 declared in 2019.

What you should know

  • Zenith Bank reported a profit before tax of N255.9 billion for FY 2020, indicating a growth of 5.2% YoY
  • It also posted a Profit After Tax figures of N230.6 billion for the period under review, indicating a growth of 10.4% YoY.
  • It has total shares outstanding of 31,396,493,787 and officially closed trading today with a share price of N26.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings