Zenith Bank, a leading financial services group founded and partly owned by Nigeria’s richest banker Jim Ovia, has unveiled a strategic collaboration and investment in Niteon Inc. This marks a significant step in reshaping Africa’s export scene.
With backing from Zenith Bank, Nigeria’s leading lender, Niteon Inc. aims to emerge as Africa’s third-largest digital export infrastructure provider. The company will start in Nigeria and then expand its operations across the continent.
Niteon’s swift ascent in the export industry is credited to its innovative approach, harnessing advanced technology, and a steadfast commitment to redefine the export landscape. By leveraging advanced technology like AI shopping assistance and blockchain payments, Niteon simplifies export procedures, helping African manufacturers and exporters reach global markets effortlessly.
Zenith Bank invests in Niteon: Amplifying Africa’s economic growth
Zenith Bank’s decision to invest in Niteon underscores its dedication to fostering economic growth and innovation across Africa. Through this strategic partnership, Niteon will gain access to Zenith Bank’s extensive network of manufacturing and export customers, integrated within the Zenith mobile app utilized by over 30 million users. This collaboration is anticipated to magnify Niteon’s reach and influence globally, solidifying its position as a catalyst for Africa’s economic empowerment.
Beyond commercial ventures, Niteon has made significant strides in private infrastructure development, evident through its acquisition of the African Trade Center license and involvement in key initiatives such as the African Union and World Trade Organization’s digitalization initiative. These endeavors underscore commitment to fostering positive change across the continent.
Zenith Bank: A global banking force led by Jim Ovia’s vision
Founded in 1990 by Ovia, Nigeria’s wealthiest banker, Zenith Bank has become a top lender not only in Nigeria but also in Anglophone West Africa. With a robust operation spanning the Gambia, Ghana, Sierra Leone, the United Kingdom, UAE, and China, the bank, under Ovia, continues to deliver value to its shareholders.
Zenith Bank recently announced its expansion into France, demonstrating a commitment to diversify beyond Africa, as highlighted by its outgoing General Managing Director and CEO Ebenezer Onyeagwu at the Chartered Institute of Bankers annual dinner in November 2023.
The lender’s recent partnership with Niteon marks a significant step in Africa’s economic transformation, promising improved access to global markets and streamlined export processes for the continent’s manufacturers and exporters.
