z-news (zenith bank)

Z-Business NewsZENITH BANK (GHANA) LTD. Monthly Bulletin – March 2015

Shareholders of Zenith Bank Plc last week approved the 54.943 billion Naira dividends declared for the 2014 financial year and hailed the board and management of the bank for the impressive performance.The dividend translated into 1.75 Naira per share. Some of the shareholders, who spoke at the 24th annual general meeting (AGM) in Lagos, said in spite of the chal-lenging environment, the bank recorded improved performance.For instance, President, Nigeria Sharehold-ers Solidarity Association (NSSA), Chief Timothy Adesiyan, said, “We appreciate the board and the management for the dividend and the strategies put in place especially in area of training the staff which reflected in the result presented to us.”Speaking in the same vein, the National Co-ordinator, Independent Shareholders Asso-ciation of Nigeria (ISAN), Sir Sunny Nwosu

commended the bank on its performance and the dividend to shareholders. He en-couraged the management of the company to maintain its adherence to good corporate governance which he said impacted the bank’s profitability.In his address to the shareholders, the Chairman, Zenith Bank, Jim Ovia, stated that without any doubt, 2014 was another challenging year for operators in the bank-ing industry but the bank was able to exploit the opportunities within the environment.

S o u r c e : w w w . t h i s -daylive.com/articles/zen i th -bank-share -h o l d e r s - a p -prove-n54-9bn-divi-dend/205408/

The world economy is changing and since 2008 it is safe to say that change will be eternal. We can never get into the situation we were in then and with new restructuring measures, banks certainly won’t have the same freedom they once had. The world has become much more regulatory in nature and that has impacted on the economy in no un-certain terms.There is such a focus on moderation and limitation of the power of banks and while I believe that to be necessary I don’t think they should be restricted too much.Think back, before the crash there was al-ways a period of prosperity and I’m sure a lot of people would be willing to take a little risk for a potentially prosperous future.Removing all the risk from the banking sec-

ECONOMY

WORLD ECONOMY

Economy World Economy Zenith Bank Shareholders Approve 4.9bn Naira Dividend......................................................................1 A Basic Guide to the World Economy..........................1 Ghanaian Economy.....................................................2Financial markEts UpdatE Financial Markets Update............................................3 ExcErpts oF BoG BUllEtin..........................4ZEnith in FocUs Zenith Bank eases travel with prompt and efficient E-Ticketing and Travel Solution Service......................7 FAQ’s on Zenith Bank’s Customer Service Unit..........8 Zenith April Calendar...................................................8 Meet the Team Members.............................................8JokEs cornEr.......................................................9

In this Issue

PG1

Zenith Bank Share-holderS approve ₦54.9Bn dividend

a BaSic Guide to the World economy

chairman, Zenith Bank plc, Jim ovia

Z-BUSINESS NEWS Monthly Bulletin - March 2015 2

tor removes the chance of these welcomed economic booms, but that isn’t for me to say.

3 basic steps essential to understanding how the world economy works.

1. Re-LendingThis is the cycle that keeps the economy and lending afloat. When you deposit mon-ey into a bank, it doesn’t actually stay in the bank, only 1/5 of it does, the rest is lent out to other people in what’s known as the re-lending cycle. There are many reasons why this is but the simplest reason is that it

keeps the economy growing, the more mon-ey banks lend out, the more likely we are to see growth in the economy as more people are spending and investing etc.You may all think, where is my money going and what if I want to withdraw it all? Well it’s simple, if you want to empty your account, you can quite simply do that but the money will come from elsewhere.There is an element of trust involved in banks and the fundamental reason is because you don’t expect people to close their accounts. The rare case in which this happened was with Northern Rock and the result of that, as we all know was pretty horrific.

2. InvestmentPeople need to invest to keep the economy moving. Industry bosses such as Brett Lank-ester provide clients with investment advice to both ensure the economy keeps moving forward and personal wealth is maintained and enhanced.The whole banking industry has been in dis-repute since 2008 but due to restructuring

things are changing and regulatory mea-sures are ensuring banks don’t have too much power.Investment can be both lucrative and en-joyable, there are so many simple ways to move forward in the investment work, you just have to be a risk taker and keep up to date with current affairs and developments.

3. Interest RatesThe interest rate is set by a central bank and that is what keeps banks afloat, the interest we pay on the service they provide keeps them going and keeps them lending.It is very intricate and well-designed indus-try that really does work providing greed is removed and objectivity is applied to the de-cision making process.Cliff Thompson is an economist by trade but enjoys writing in his spare time. He really does know what he is talking about and he has been writing about various aspects of the economy for many years now.

GHANAIAN ECONOMY

Importers and marketers of petroleum products could be allowed to fix their own prices by the end of the year, Government has said. It is an idea that will form part of a deregulation policy aimed at bringing in more private sector players.Deputy Minister of petroleum, Honourable Ben Dagadu disclosed this at the annual general meeting of the chamber of bulk oil distribution. He says a committee has been set up to discuss the option.But Chief Executive of the Chamber of Bulk Oil Distributors Senyo Hosi says he is still skeptical about the implementation of this policy. According to him, the liberalization of

the pricing of oil has already began because the Central Bank no longer underwrites forex supply.He says the National Petro-leum Authority therefore, has no basis to determine prices. Over the years, Government has through the Bank of Gha-

na guaranteed the supply of forex for oil imports -- and has also underwritten forex under-recoveries that result from same.Mounting debt from such under-recoveries have however made government weary, and it is beginning to introduce tough mea-sures to disentangle itself.While the BoG is withdrawing from issuing guarantees for the supply of forex to the in-dustry, the Finance Ministry has also said it will no longer entertain claims for forex losses -- asking companies to claim such losses as allowable expenses under the in-come tax laws.

The oil importers are currently claiming some ¢2.1billion from government as un-der-recoveries or losses, while government claims to have settled all outstanding debts it owes them.The Bulk Oil Distributors have said they pre-fer a liberalised market regime, whereby the NPA would no longer intervene in pricing.Source: Myjoyonline.com

oil importerS could Set their oWn petroleum price By decemBer

LIvEtHE

ZENItHLIfE

Z-BUSINESS NEWS Monthly Bulletin - March 2015

Live the Zenith Life

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COMMODITIES Ivory Coast argued in an international tri-bunal that allowing Ghana to continue oil exploration in a disputed offshore area pending a ruling on their border line would do irreparable damage to its economy and energy policy. The two West African neigh-bours have asked the International Tribunal of the Law of the Sea (ITLOS) in Hamburg to rule on the location of their shared maritime boundary.

London-listed Tullow Oil is due to finish work on its TEN project in the disputed zone and start pumping oil by mid-2016. Ivory Coast has submitted a request to ITLOS for a suspension of Ghana’s ongoing exploration activities in the zone pending a final ruling, which could take three years. A decision on Ivory Coast’s request is expected next month. Tullow Oil has been hit by a down-grade to its debt default rating just weeks after the company reported its first loss in 15 years. Moody’s Investors Service downgrad-ed the corporate family rating and probability of default rating for Tullow to B1 from Ba3. The ratings on its $650m 2020 and $650m 2022 senior notes were downgraded to B3 from B2 following the downgrade of Ghana’s sovereign rating by Moody’s on March 19.

Ghanaian authorities are forecasting cocoa output for the 2014/15 season above the International Cocoa Organization’s (ICCO) forecast of 810,000 tonnes, the world co-coa body’s executive director said on Fri-day. “We had meetings with our partners at (Ghanaian regulatory agency) Cocobod who suggested that their estimates were higher than ours,” Jean-Marc Anga said during a news conference following an ICCO meeting in Ivory Coast.

BORROWINGGhana will seek bridge finance of between US$300m and US$1bn in the first half of this

year to redeem maturing domestic debt, ac-cording to a memo to parliament signed by Finance Minister Honourable Seth Terkper.

The government will also issue a Eurobond offering of up to US$1.5bn in the second half of the year to retire the bridge finance, refi-nance domestic and external debt and fund 2015 capital expenditure, according to the memo.Ghana’s bonds have sold off considerably in recent weeks even after reaching a US$940 million three-year deal with the IMF in late February to support the economy, which has been hit by falling commodity prices, espe-cially for cocoa. The sovereign’s due 2026 bonds have fallen by nearly 5 points since the deal was reached, to be quoted at a bid price of 92.75, according to Tradeweb.On Friday, Moody’s downgraded the sover-eign to B3 from B2 with a negative outlook to reflect Ghana’s increasing debt burden, large fiscal imbalances and a sharp weak-ening of the cedi currency.

Ghana accepted 201.8 million cedis ($53.24 million) worth of bids and paid a yield of 21 percent in an oversubscribed five-year bond sale on Thursday, the central bank said. The 440 million-cedi bond, open to offshore in-vestors, was the second in a series of me-dium-term auctions planned for the first half of this year to roll-over maturing debts and boost government finances. The bank said a total of 610.37 million cedis worth of bids were tendered.

PRODUCER PRICE INFLATIONGhana’s annual producer price inflation slowed to 21.8 percent in February from a revised 23.6 percent year-on-year the month before, driven by declining prices of gold and refined petroleum, the national statistics of-fice said on Wednesday. The figure, which is high compared to average inflation in the region, is an indication of fiscal challenges facing Ghana.

The statistical office said producer inflation for the Mining and Quarrying sub-sector decreased most by 7.1 percentage points, driven by gold prices. Manufacturing, which comprises petroleum refining, fell one per-centage point. “Overall, the pull-down fac-tors in the producer index for all industry in February were declining gold prices and a

decrease in the cost of refined petroleum,” government statistician Philomena Nyarko said.

The month-on-month change in PPI be-tween January and February was 1.4 per-cent, Nyarko said.Producer price inflation is an advance in-dicator of consumer price inflation which inched up to 16.5 percent February, from 16.4 percent the month before.

INTERNATIONAL MONETARY FUND (IMF) PROGRAMMEGhana wants to use a financial assistance deal with the International Monetary Fund (IMF) to fuel a deep transformation of its economy rather than simply to restore fiscal balance, Finance Minister, Honourable Seth Terkper told Reuters. The government em-barked on its shake-up of the economy even before the $940 million agreement with the IMF and its aid will help the programme to endure beyond elections in 2016, when His Excellency President John Mahama will like-ly run for a second term. The vision includes enhancing a ‘local content’ law passed last year to ensure Ghanaian participation in the oil and gas sector, more petroleum deals for the national oil company and a more rigor-ous approach to debt management, Honour-able Terkper said in an interview. “What can we (the Finance Ministry) do to complement that transformation? We are actually follow-ing the president’s lead, calling for trans-formation in a deep way of the economy,” Terkper said. In other measures, the govern-ment has set up a ‘sinking’ fund to manage debt redemption which uses revenue from the country’s growing petroleum resources. In addition to Bank of Ghana’s monetary tightening, the government will also use its Oil Stabilisation Fund as well as petroleum hedging to manage foreign exchange vol-atility in support of the local cedi currency, which has depreciated 8 percent this year, Honourable Terkper said. Government over-spending on public sector wages is the im-mediate cause of the country’s fiscal prob-lems that have blotted its reputation as a star African economy and forced it to turn to the Fund. The IMF aid will not deter Ghana form seeking external financing and Ghana plans to issue a Eurobond worth around $1 billion this year mainly to refinance debts maturing in 2017, Terkper said.

fINANCIAL MARKEtS UPDAtE - MARCH 2015


US growth revised down to 2.2% The slowdown in the US economy at the end of last year was more pronounced than previously thought, official figures have shown. The world’s largest economy grew at an annual pace of 2.2% between October and December, against a previous estimate of 2.6%, the Commerce Department has said. The US economy grew at an annual pace of 5% in the previous quarter. (www.bbc.co.uk 27/02/15)

China lowers key rates China’s central bank has announced its de-cision to lower its key rates. The bank cut its one-year lending rate by 0.25 percentage points to 5.35%. It reduced deposit rates by 0.25 percentage points to 2.5%. This is ex-pected to simulate the world’s second-larg-est economy amid concerns of slowing economic growth. The cut in rates came into effect on Sunday. Previously, the bank cut its rates in November. (www.rttnews.com 01/03/15)

Despite Greece, Eurozone is turning the corner The latest episode of Greece’s debt crisis has revived doubts about the long-term survival of the euro. The heightened risk of a Greek default and/or exit comes just as there are signs that the Eurozone is turning the corner after seven years of financial and economic crisis and that its perilous imbal-ances may be starting to diminish. (www.reu-ters.com 01/03/15)

German consumer prices unexpectedly rise Germany’s consumer prices in February rose unexpectedly from a year ago, after declining for the first time in more than five years in the previous month. The consumer price index rose 0.1% year-on-year follow-ing 0.4% fall in January. (www.rttnews.com 27/02/15)

Fed’s Fischer says rate rise probably warranted by end-2015 US Fed Vice Chairman Stanley Fischer has said raising interest rates from near zero “likely will be warranted before the end of the year” and subsequent increases probably won’t be uniform or predictable. “A smooth

path upward in the federal funds rate will al-most certainly not be realized” as the econo-my encounters shocks such as the surprise plunge in oil prices, he said. (www.bloomberg.com 23/03/15)

Loretta Mester says June is a ‘viable op-tion’ for Fed rate increase The US economy is strengthening and an interest rate increase in June remains a possibility, Fed Bank of Cleveland President Mester says. She said she’s “more optimis-tic” about the outlook. “The headwinds we have been suffering through are abating; financially consumers and business balance sheets look good, banks are recapitalized,” she said. (www.bloomberg.com 23/03/15)

Britain’s inflation nears zero Britain’s inflation rate is close to zero, offi-cial data will reveal this week, intensifying the debate on interest rates and putting the economy on track for its first spell of defla-tion in more than 50 years. The annual rate of consumer price inflation likely fell to 0.1% or 0.2% in February. (www.thesundaytimes.co.uk 22/03/15)

UK factory orders stagnate in March British factory orders failed to grow in March as foreign demand eased, survey data from the Confederation of British Industry show. The total order book balance dropped to

zero from +10 in Feb. Economists had ex-pected a balance figure of 9. (www.rttnews.com 23/03/15)

Eurozone economy picks up speed as retail sales rise Eurozone retail sales rose for a fourth con-secutive month in January, indicating the zone’s economy may be picking up. Retail sales rose 1.1% from December and by 3.7% compared with the previous January. It is the biggest monthly increase since May 2013 and marks the highest annual increase since August 2005. (www.bbc.co.uk 04/03/15)

ECB to embark on final leg of QE The European Central Bank is set to detail its historic $1.1tr quantitative easing plan announced in January. ECB President Mario Draghi will announce the details of the ‘ex-panded asset purchase programme’ under which the central bank will buy €60bn as-sets, including euro area government debt, a month. (www.rttnews.com 04/03/15)

Europe will fight for own standards in US trade talks: Merkel Europe will insist on upholding its own stan-dards in free trade talks with the United States, German Chancellor Angela Merkel has said. The European Union is in talks with the United States over a Transatlantic Trade and Investment Partnership deal which would eliminate tariff barriers. Germany is,

however, worried about investor protection and the way cross-border disputes between investors and states are settled.(www.reuters.com 04/03/15)

eXcerptS From Bank oF Ghana Bulletin

GOING CASHLESS


Banks brace for US Fed inspection The largest US banks and their foreign rivals are facing a tough two-step check-up of their financial health by the Federal Reserve. In its annual “stress tests”, the Fed gauges whether banks have enough sharehold-er capital to withstand a severe economic shock like that of the 2007-09 crisis. (www.reuters.com 05/03/15)

US service sector activity ticks up in Feb-ruary A gauge of growth in the US services sec-tor was modestly stronger than expected in February, helped as an index on employ-ment rebounded from recent weakness. The Institute for Supply Management said its services index was 56.9 in February, up slightly from 56.7 in January. The survey’s employment index jumped to 56.4 from 51.6. (www.reuters.com 04/03/15)

China sets 2015 growth target at 7% China, the world’s second-largest economy, has set its growth target at about 7% for this year, the government has said. The target is lower than 7.5% set last year, which was missed after China grew at its slowest pace in 24 years. (www.bbc.co.uk 05/03/15)

BoE liquidity auctions probed by fraud office The Serious Fraud Office (SFO) is investi-gating liquidity auctions held by the Bank of England during the financial crisis, the Bank has said. The Bank commissioned its own inquiry last year and then referred the matter to the SFO. The Bank confirmed details of the investigations but said it was “not appro-priate” to comment further. (www.bbc.co.uk 05/03/15)

ADB sees steady growth for developing Asia Developing Asia will see a steady growth

this year and next year, underpinned by soft commodity prices and recovery in major in-dustrial economies, the Asian Development Bank has said. It predicts 6.3% growth for developing Asia in 2015 as well as 2016. The region expanded 6.3% in 2014. In December, the ADB had estimated 6.1% growth for 2014 and 6.2% for 2015. (www.rttnews.com 24/03/15)

China leading index climbs 1.5% in Feb A leading economic index for the Chinese economy jumped 1.5% in February. to 317.6, the Conference Board has said. That followed 0.5% increase in January. and 0.9% gain in December. The current economic conditions deteriorated further in February, led by significant weakening in electricity production,” the Conference Board said. (www.rttnews.com 23/03/15)

EU signals further divergence from glob-al banking rules The European Union will continue to diverge from global banking regulations where necessary to avoid overburdening smaller lenders, the bloc’s financial services chief has said. European commissioner Jonathan Hill said he would extend his predecessor’s policy of tailoring global banking rules where justified. (www.reuters.com 26/03/15)

Eurozone private sector loans decline Lending to the Eurozone private sector de-clined modestly in February, suggesting a gradual revival in euro area bank lending. Loans to businesses and households fell 0.1% annually, following a 0.2% drop in Jan-uary, which was revised from a 0.1% drop that was reported earlier. (www.rttnews.com 26/03/15) ECB’s Draghi says money printing will help recovery Bond-buying by the European Central Bank will reinforce the Eurozone’s economic re-covery, its president, Mario Draghi, has said. Draghi told lawmakers in Italy’s parliament

that recent data “are comforting about the contribution that monetary policy is supply-ing to reinforce the cyclical recovery”. (www.reuters.com 26/03/15)

US March services sector activity index rises to highest since September: Markit The US services sector expanded in March at its fastest pace since September Markit said the preliminary reading of its Purchas-ing Managers Index for the service sector rose to 58.6 in March from a final reading of 57.1 in February Markit’s reading of new business at service companies in March rose to 58.3 from 57.1 in February. (www.reu-ters.com 26/03/15)

US consumer watchdog unveils plans to regulate payday loans The US consumer financial watchdog has outlined its plans for cracking down on the payday lending industry and ensuring that borrowers can repay their loans. The framework unveiled by the US Consumer Financial Protection Bureau was a key step toward new rules for various types of loans that regulators say trap borrowers in debt. (www.reuters.com 26/03/15)

UK retail sales rise helped by housing market recovery UK retail sales grew more strongly than ex-pected in February, up 0.7% compared with the previous month, according to the Office for National Statistics. Compared with Feb-ruary 2014, sales were 5.7% higher, boost-ed by the recovery in the housing market. Average store prices fell for the eighth con-secutive month, falling by 3.6% in February. 2015 compared with a year earlier. (www.bbc.com 26/03/15)

China January - February industrial profits fall China’s industrial profits dropped in the first two months of the year. Industrial profits fell 4.2% year-over-year in the January to Feb-ruary period to CNY 745.24bn. The rate of decline moderated from the 8% fall seen in December. (www.rttnews.com 27/03/15)

Japan nears deflation as consumer prices stop rising Annual core consumer inflation in Japan, the world’s third-largest economy, stopped rising for the first time in nearly two years in February. The latest figures are moving fur-ther away from the Bank of Japan’s inflation


target of 2%. The headline core CPI rose 2% from a year ago. (www.bbc.com 27/03/15)

Czech maintains rate, FX commitment The Czech National Bank (CNB) has main-tained its benchmark two-week repo rate at 0.05%. CNB reiterated its commitment to in-tervene in foreign exchange market to keep the koruna currency below 27 to the euro, as largely expected. The koruna has firmed since mid-January. with financial markets seen testing the CNB’s resolve to maintain its exchange rate cap. (www.centralbanknews.info 26/03/15)

Fiji maintains rate, sees robust econ in 2015 Fiji’s central bank has maintained its Over-night Policy Rate at 0.5%, saying economic activity is robust – resulting in buoyant credit

growth, higher consumption and invest-ment activity. The bank, which has held its rate steady since November 2011, said this positive economic trend had put some pres-sure on the balance of payments situation through a larger trade deficit, but stronger tourism and remittance receipts had coun-tered this impact. (www.centralbanknews.info 26/03/15)

Taiwan maintains rate, low oil spurs con-sumer spending Taiwan’s central bank has maintained its benchmark discount rate at 1.875%, as

expected, saying the current rate will help maintain price and financial stability while fostering economic growth at a time of con-tinued uncertainties surrounding the global economic recovery. Taiwan’s consumer price inflation rate has been trending down-ward since Sept. last year and fell to minus 0.19% in February. (www.centralbanknews.info 26/03/15)

Philippine keeps key rates unchanged The Philippine central bank has kept its key rates unchanged as the policy board assessed the current monetary settings as appropriate. It maintained the overnight bor-rowing rate at 4% and the overnight lend-ing at 6%. The reserve requirement ratios were also left unchanged. (www.rttnews.com 26/03/15)

Norway unemployment rate rose in January Norway’s unemployment rate rose unex-pectedly at the start of the year. The season-ally adjusted unemployment rate rose slight-ly to 3.9% in January from a revised 3.8% in December. A year earlier, the jobless rate was 3.5%. (www.rttnews.com 26/03/15)

Swedish producer price inflation at 4-month high Sweden’s producer price inflation accelerat-ed to its highest level in four months in Feb-ruary. The producer price index rose 1.9% annually following a 0.2% gain in January. In

December, prices dropped 0.1%. The latest increase was the highest since October last year, when producer prices climbed 1.3%. (www.rttnews.com 26/03/15)

S. Korea decides to join China’s AIIB South Korea has decided to join the Chi-na-proposed Asian Infrastructure Invest-ment Development Bank (AIIB) as one of prospective founding members. The AIIB is expected to be formally established by the end of 2015, with an initial subscribed capital of $50bn and an authorized capital of $100bn. (www.xinhuanet.com 26/03/15)

Africa’s largest trading bloc resolves 80% trade restrictive tariffs Africa’s largest trading bloc has said it has resolved about 80% of Non-Tariff Barriers (NTBs) restricting trade. The Common Mar-ket for Eastern and Southern Africa said 385 out of 476 NTBs identified as most restrictive to trade in the region have been resolved while seven were considered non-action-able. (www.xinhuanet.com 26/03/15)

South Africa warns of higher rates The South African Reserve Bank has kept borrowing costs unchanged, while warning it may tighten policy because of looming in-flation threats from rising energy costs. The repurchase rate was left at 5.75%. Investors have reversed expectations of interest-rate cuts as a weaker rand threatens to stoke in-flation. (www.bloomberg.com 26/03/15)

Ghana: producer price inflation (PPI) re-cords 21.8% The year-on-year producer inflation for all industry was 21.8% in February 2015. The monthly inflation rate was 1.4%. The month-ly changes in the producer price index show mining and quarrying recorded the highest inflation rate of 2.2% while manufactur-ing recorded 1.5%. The utilities sub-sector recorded the lowest monthly rate of 0.2%. From February 2014, the PPI began an up-ward trend and increased consistently over six months to record 48.6% in August 2014. (www.dailyguideghana.com 26/03/15)

LIvE tHE ZENItH LIfE


Zenith Bank Ghana’s unmatched payment services efficiency has drawn more local and international airlines into its E-Ticket-ing and Travel Solutions platform, bringing the benefits of the Bank’s highly convenient pay options to more travellers. Zenith pres-ently collects payments for six international airlines and all three domestic carriers. The

list of international airlines is made up of KLM, Tap Portugal, Gambia Bird, Kenya Airways, Arik Air and Med View Airline. These airlines fly directly or connect to most cities in the world. The domestic carriers are Africa World Airlines, Antrak Air and Starbow which cover the main Accra-Ku-masi and Accra-Tamale routes.

The convenience which Zenith Bank offers is that customers of these airlines can book their flights online and pay at any of the Bank’s 29 business locations nationwide. The airlines receive instant notification of the payments and quickly dispatch custom-ers’ flight tickets (e-tickets) to them through the e-mail address they provided when booking.

The service thus eases the booking pro-cess for flights to various destinations and the general travel experience, saving cus-tomers the time they would otherwise have

spent looking for an airline’s specific office location to book and pay for their flights.Additionally, Zenith Bank has formed a part-nership with Wakanow, an online booking platform where travellers can book flights and hotels for corporate and business trav-el, themed vacations and holiday packages. After booking flights and hotels through this

platform, travellers can pay at any of Zenith Bank’s business locations across the coun-try. Wakanow also assists travellers with visa applications.

Managing Director/Chief Executive Officer of Zenith Bank Ghana, Daniel Asiedu, said the E-Ticketing and Travel Solution Service has been expanded to further enhance the convenience that is being experienced by travellers within Ghana as well as those go-ing abroad for business or leisure. “As a service- and innovation-driven Bank, the stupendous expansion of Ghana’s avi-ation industry has not escaped our radar. We know very well that as travel booms and Accra is positioned as a hub in West Africa, payment flows between airlines and passengers will increase. That is where we come in as a Bank to deploy our infra-structure and services to facilitate these payments and make travel simpler and less

stressful,” he said.He further stated that the notable qualities of the E-Ticketing and Travel Solution ser-vice are promptness and efficiency, which are hallmarks of banking and doing busi-ness with Zenith.“This service also speaks to our customer care credentials, because when you care and think about your customers and the wider banking public, you anticipate their needs and adopt convenient solutions to

bring comfort to their lives. That’s the Zenith culture,” the Managing Director / Chief Ex-ecutive Officer added. Currently in its tenth year of operation in Ghana, Zenith Bank has fast become the czar of innovation in the Ghanaian banking industry, and continues to distinguish itself through a high service quality and the ability to serve an unrivalled customer experience.Zenith Bank Ghana is The Banker’s Bank of the Year Ghana 2014 and won the Best Bank in Customer Care at the Ghana Banking Awards held in 2014.The Bank is a subsidiary of Zenith Bank Plc of Nigeria, ranked by The Banker Magazine as West Africa’s number one Bank and among the world’s top 300 banks. Zenith Bank Plc is listed in Nigeria and the UK with subsidiaries in Ghana, The Gambia and Si-erra Leone as well as representative offices in China and South Africa.

ZENItH IN fOCUS

Zenith Bank eaSeS travel With prompt and eFFicient e-ticketinG and travel Solution Service


1. Can I request for a cheque book on my savings account? • No.

2. How much do I get charged for my cheque book? • Individual 25 leaves = GHS 4 • Individual 50 leaves = GHS 7 • Corporate 50 leaves = GHS 7 • Corporate 100 leaves = GHS 12 • 2 books of individual 25 leaves = GHS 8 (2X4) • 2 books for corporate 50 leaves = GHS 14 (2X7)

3. Can I order a 50 leaf cheque book on my cheque & save account? • No. cheque & save accounts cheque books only come in 25 leaves. You will get 2 books of 25 leaves of you request for 50 leaves.

4. Do I need to request for a cheque book when I open an account? • No. when an account is opened

and immediately funded, a cheque book is automatically ordered on the account.

5. Can I order a cheque book on my unfunded account? • No. Charges are debited on the day of the request; hence the account should be funded before a request can be made.

6. How do I request for a cheque book on my old account or if I delay in funding my new account? • You can request for a cheque book in the following ways: • By submitting the re-order slip • By walking to the bank to com plete a manual re-order slip • By submitting a request via inter net banking • By submitting a letter as a form of requisition.

7. Do I add the cash to the requisition slip when I make the request? • No. Your account will be debited with the charge.

8. Do I need to make the request at my do micile branch? • No. Requests can be made at any of the Zenith Bank branches.

9. Will my cheque book be delivered to my domiciled branch when I make the request? • Yes. Unless otherwise requested by the customer.

10. Can I have by cheque book transferred to any Zenith Bank branch closer to me? • Yes. This can be done through writing on a corporate letter head for corporate customers and on a plain A4 sheet for individual customers. Individual customers can also fill a transfer instruction form at any of the branches.

theme for the month: you are the reaSon

We innovatecuStomer Service day

tuesday april 7, 2015

contact centre and Social media launch

tuesday april 7, 2015

Zenith calender For the month oF april

knoW the team memBerS - mr. henry oroh (eXecutive

director, Zenith Bank (Gh) limited)

Mr. Henry Oroh is an Executive Director of Zenith Bank (Ghana) Limited and supports the MD/CEO in managing the affairs of the Bank. With a Legal qualification and a Chartered Account by profession, Mr. Oroh

has over 20 years working experience spanning from Auditing, Banking Opera-tions, Treasury, Marketing and Relationship Management.

Mr. Oroh is a Motivational Speaker, a Busi-ness Coach and staunch Christian. He is married and has four beautiful children.

FreQuently aSked QueStionS on Zenith Bank’S cuStomer Service unit (SerieS 2)

Z-BUSINESS NEWS Monthly Bulletin - March 2015

Live the Zenith Life

9

A young boy enters a barber shop and the barber whispers to his customer, “This is the dumbest kid in the world. Watch while I prove it to you.”The barber puts a dollar bill in one hand and two quarters in the other, then calls the boy over and asks, “Which do you want, son?” The boy takes the quarters and leaves. “What did I

tell you?” said the barber. “That kid never learns!” Later, when the customer leaves, he sees the same young boy coming out of

the ice cream parlor.“Hey, son! May I ask you a question? Why did you take the quarters instead of the dollar bill?”The boy licked his cone and replied: “Because the day I take the dollar the game is over!”.

JokeS corner

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ZENItH LIfE

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