Zenith Bank, a renowned financial services organization founded and partially owned by Nigeria’s richest banker Jim Ovia, has announced a strategic partnership and investment in Niteon. This represents a huge step in reshaping Africa’s export scene.
Niteon Inc., backed by Nigeria’s premier lender Zenith Bank, intends to become Africa’s third-largest provider of digital export infrastructure. The company will start in Nigeria and then extend across the continent.
Niteon’s rapid rise in the export market is attributed to its unique strategy, use of modern technology, and unwavering commitment to redefining the export environment. Niteon simplifies export procedures by integrating innovative technology such as artificial intelligence shopping assistance and blockchain payments, allowing African producers and exporters to easily reach global markets.
Zenith Bank’s choice to invest in Niteon demonstrates its commitment to promoting economic growth and innovation throughout Africa. Niteon will have access to Zenith Bank’s enormous network of manufacturing and export customers, which are incorporated into the Zenith mobile app, which has over 30 million users. This agreement is expected to increase Niteon’s global reach and influence, consolidating its position as a catalyst for African economic emancipation.
Beyond commercial endeavors, Niteon has achieved substantial progress in private infrastructure development, as evidenced by its acquisition of the African Trade Center license and participation in key efforts such as the African Union and World Trade Organization’s digitalization programs. These activities demonstrate a dedication to generating positive change across the continent.
Zenith Bank was founded in 1990 by Ovia, Nigeria’s wealthiest banker, and has since become a leading lender not only in Nigeria but also in Anglophone West Africa. With a strong presence in the Gambia, Ghana, Sierra Leone, the United Kingdom, the UAE, and China, the bank, under Ovia, continues to provide value to its shareholders.
Zenith Bank has announced its expansion into France, displaying a desire to diversifying beyond Africa, as stated by Ebenezer Onyeagwu, the bank’s outgoing General Managing Director and CEO, during the Chartered Institute of Bankers annual dinner in November 2023.
The lender’s recent agreement with Niteon is a big step forward for Africa’s economic development, providing increased access to global markets and simpler export processes for the continent’s manufacturers and exporters.
