Zenith Bank Nigeria Plc has recorded an impressive 30.8% and 76.4% YoY rise in its USSD banking transaction value and volume respectively, for the year ended 2019.
This is according to the bank’s recent report tagged “Zenith Bank Plc – 2019 Sustainability Report,” made available on the Nigerian Stock Exchange platform.
Based on the report, the bank’s USSD transaction value grew from N380.25 billion in 2018 to N497.29 billion, indicating a 30.8% rise.
Also, its USSD transaction volume rose from 29.65 million in 2018 to 52.30 million in 2019, indicating an increase of 76.4% Y-o-Y.
Other financial inclusion highlights
The bank deployed additional 118 Automated Teller Machines (ATMs) from 1,817 in 2018 to 1,935 in 2019.
The bank increased its physical branches by 76, from 529 branches in 2018 to 605 branches in 2019.
It also increased its POS terminals by 95% from 16,425 in 2018 to 32,027 in 2019.
The bank increased the number of its branches accessible to physically challenged persons from 30 in 2018 to 35 in 2019.
In 2019, the bank facilitated financial literacy workshops in 35 schools across the country, impacting 13,418 students which comprises of 6,601 boys and 6,817 girls.
Between 2018 and 2019, the bank recorded a positive growth in its retail accounts product by an additional 1,457,581 indicating an increase of 144.4% Y-o-Y.
What this means
The growth in the bank’s USSD transaction value and volume is a positive indicator of a surge in mobile banking and financial inclusion, especially for under-banked and unbanked individuals.
Corroborating this assertion is a part of the report which explicitly stated that the bank recorded a 36.87% increase in the number of unbanked individuals who received financial services from Zenith Bank in 2019. From 538,910 individuals in 2018 to 737, 628 in 2019, indicating a growth of 36.87% Y-o-Y.
What you should know
Unstructured Supplementary Service Data (USSD) allows users without a smartphone or data/internet connection to use mobile banking at a cost-effective rate.
It is similar to SMS (Short Messaging Service) – but unlike SMS, USSD transactions are effective when a particular code is dialed on the phone and instructions are promptly followed.
Zenith Bank Nigeria Plc disclosed that it has spent over N12 billion in five years (2014-2019) on Corporate Social Responsibility (CSR) investments in Nigeria.
This is according to its recently released report tagged “Zenith Bank Plc-2019 Sustainability report,” made available on the Nigerian Stock Exchange platform.
The bank stated that it does not consider CSR as a branding tool, rather as a must-have and an opportunity through which it contributes to a society that it is part of.
Nairametrics gathered that the bank’s CSR can be broadly categorized into five (5) broad areas namely; Health, Education, Sports/youth, Empowerment, Government/public infrastructure and policy and other projects/support.
Healthcare
The Bank’s healthcare initiatives are centred on providing maternal healthcare and medical support to members of its host communities.
In 2019, it spent the sum of N345 million to provide medical support to low-income individuals in critical need of medical attention.
Some of the highlights of the healthcare initiatives executed by the bank includes Donation to Private Sector Health Alliance of Nigeria, supporting Iga-Idunganran primary healthcare centre with medical supplies for 12 months and spearheading the O’Five charity initiative.
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Education
Zenith Bank’s policy on education is aimed at achieving free, equitable and quality education at various levels, such as primary and tertiary.
In 2019, the bank spent N210 million in educational interventions and human capacity development.
Other key spending on education by the bank include; Construction of a 500-capacity hostel for St. Finbarr’s college, Supported St. Saviour’s school with the sum of ₦20million as annual sponsorship, Upgraded St. Francis Catholic school’s e-library, laboratories, wellness centre and classrooms amongst others.
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Sports/Youth and women empowerment
The bank stated that the reason it embarked on this initiative was to create additional livelihood options and decongest the corporate sector.
In the most recent year, 2019, it spent N238 million on investment in sports/youth and women empowerment. In terms of sports, the bank is a major sponsor of the Women Basketball League in Nigeria.
READ: Is Zenith Bank thriving on the strength of sound financial indices?
Government/Public infrastructure and policy
The bank noted that the majority of its social investments goes into this category. The bank complements the effort of the government in securing lives and properties and providing development infrastructures.
In 2019, the bank invested N1.42billion to support government and agencies of the government at different levels.
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Other projects/support
This category is unique and is equally beneficial to the society just like others.
The bank invested N516 million to projects in this category in 2019.
Some of the highlights of these initiatives include; sponsorship of financial literacy training for over 2000 participants across Kano, Gombe and Bauchi states. It also sponsored the 2019/2020 CFA Institute Research Challenge among others.
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It was gathered that Seplat Petroleum had spent the aforementioned sum on five key areas – Education, Healthcare, Economic Empowerment, Infrastructure Development, and Environmental Stewardship.
The breakdown of CSR spending across the aforementioned areas is as follows:
Education: Seplat petroleum in 2019 awarded 201 university scholarships and bankrolled over 860 schools in the PEARL QUIZ competition, spending over N11.9 million as prize money to winning schools and students.
Healthcare: In the last one year, Seplat Petroleum performed over 615 cataract eye surgeries, distributed 5,400 reading glasses, treated 15,690 patients with eye diseases and impacted 3,500 pregnant women.
Economic empowerment: Seplat trained over 133 youths on various skills, engaged community vendors and built/renovated market stalls to encourage women in commerce.
Infrastructure Development: Seplat Petroleum had invested in 55 community development projects in 2019, with 31 projects completed and 24 projects ongoing.
Environmental stewardship: The firm developed a new HSE policy for the company to reflect this focus. It also worked on initiatives aimed at reducing flaring and GHG emissions.
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Why it matters
CSR provides an avenue for the firm to compensate the society for the privilege and opportunity it was provide with. It is an essential inequality tool aimed at improving the social welfare of the people, boosting the brand’s reputation and ensuring the overall maximization of pleasure and benefit for the people.
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