Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.

Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years.

In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year.

Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management.

His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked.

The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide which signposts that the individual can effectively execute critical functions related to corporate liquidity, capital and risk management.

“We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc.

“His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry.

“Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK as well as a Bachelor’s of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student.

Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively.

“I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said.

Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success.

“His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues.

“I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

By Lukman Otunuga, Senior Market Analyst At FXTM

America has chosen Republican Donald Trump as its 47th president following a tight race for the White House!

As of writing, Trump has secured 277 electoral votes with Republicans taking control of the Senate. If the House comes under his control, this will be a “red sweep” scenario.

Assets tied to the “Trump trade” rallied during the Asian session after Trump took an early lead with his victory keeping bulls in the game. US futures are flashing green, Treasury yields have jumped while Bitcoin hit an all-time high.

Before election day, we thoroughly discussed a list of assets that could soar on a Trump win:

· US dollar: jumped 1.8% – its biggest 1-day gain since February 2023 on the prospects of slower rate cuts by the Federal Reserve.

· Bitcoin: rallied almost 10% to hit a fresh all-time high above $75,000 as crypto enthusiasts cheered a pro crypto president.

· S&P500 index: futures climbed 1.4% signalling that the S&P500 will open hitting fresh all-time highs. As mentioned in our week ahead report, the prospects of corporate tax cuts and a softer regulatory environment under Trump is good news for US equity bulls.

What does this mean for Nigeria?

Trump’s victory may pressure oil prices as he is seen pushing for a further increase in domestic oil and gas production, leading to increased supply in the long term.

In addition, his policies could see a boost in US growth – triggering inflationary pressures.

Should this prompt the Fed to keep interest rates higher for longer, a stronger dollar may drag oil prices lower as a result. This could be bad news for major oil producing countries who acquire most of their revenues from oil sales.

For Nigeria, the combination of lower global oil prices and a stronger dollar could add to its woes as it navigates a rough period.

Here are assets that could be burned by Trump’s return to the White House:

· Gold: dropped as much as 1.5% thanks to a stronger dollar and rising Treasury yields. The prospect of slower Fed rate cuts could limit upside gains.

· Chinese stock indices: slipped this morning amid renewed fears over US-China trade tensions.

· European stock indices: flashed red due to concerns over the impacts of Trumps proposed tariffs on Europe.

· Currencies of major US trading partners: Euro (EUR), Chinese Yuan (CNH), and especially Mexican Peso (MXN) have all weakened against the USD.

The bigger picture…

Trump’s return to the White House will most likely set the market tone for the next few years with the USD, Bitcoin and other assets tied to the “Trump trade” the biggest winners.

Investors with some skin in the game have already experienced how markets reacted under Trump between 2017 – 2021.

Trump’s unpredictability, policy uncertainty and tariff wars with China left investors on edge. This and other major themes triggered sharp moves on the Vix index during his term. Market volatility jumped over 60% during Trump’s previous administration, from 2017 until 2020. Since then, volatility fell about 10% under President Biden.

What does this mean?

And Trump’s return to the White House is likely to trigger fresh levels of volatility across the globe.

· Trump’s proposed tariff increases in Europe and China could spark a global trade war.

· If this pushes up the prices for American consumers, a return of inflation may spell higher interest rates – boosting the USD.

· An appreciating USD could hit gold prices along with emerging market currencies.

· On the geopolitical front, Trump has already vowed to “stop wars” and swiftly end the war in Ukraine. Any major shifts in US foreign policy that escalate tensions could trigger risk-aversion.

By the way….

With the US election done and dusted, the next market-moving event could be Thursday’s Fed rate decision.
As discussed in our week ahead report, US interest rates are widely expected to be cut by 25 basis points in November. But the election outcome is likely to determine what action the Fed will take in December and beyond.
Traders are currently pricing in a 67% probability of another 25-basis point cut by December.

Given how Trump’s victory could lead to rising inflationary pressures down the road, this may prompt the Fed to keep interest rates higher for longer.

It will be wise to keep a close eye on the US dollar and gold which remain sensitive to US rate expectations.

· A less dovish than expected Fed may push the US dollar higher while pulling gold further away from its all-time high at $2790.

· If the Fed confirms that a December cut is still on the table, this may limit the USD’s upside while supporting gold prices.