Carving a Niche in a Competitive Market
Now in its sixth year, Globus Bank entered Nigeria’s banking industry on November 6, 2019, just before the COVID-19 pandemic. “We were like a child born during a war,” Igbinakenzua said, emphasizing the bank’s problem-solving mindset. Unlike traditional banks, Globus adopted a customer-centric approach from the outset, engaging clients to identify pain points and tailor solutions. During the pandemic, the bank accelerated its IT strategy, enabling seamless banking services and earning customer trust.
In addressing foreign exchange challenges, Globus Bank distinguished itself by sourcing alternative liquidity channels within regulatory limits, reducing reliance on the CBN. “We’re not in direct competition with Tier-1 banks,” Igbinakenzua noted. “Instead, we’re creating our own market space.” With a presence in over 80% of Nigeria’s top corporates, Globus has achieved a reach unmatched by peers of its size and age, focusing on value creation over rivalry.
Embracing a ‘Phygital’ Banking Model
Globus Bank positions itself as a “phygital” institution—20% physical and 80% digital. The bank has pioneered innovations such as data-free mobile banking and AI integration in its mobile app, both firsts in Nigeria. With an in-house IT team of over 50 professionals, including 30 dedicated to software development, Globus builds most of its applications internally, ensuring agility and customization. “Technology is our strength,” Igbinakenzua said, highlighting its role in delivering standout solutions.
The bank’s physical expansion complements its digital focus. With 43 branches across Nigeria’s major cities, Globus is close to achieving its goal of a presence in every state capital within its first six years. Plans are underway to open 10 more branches by year-end. “Physical presence reinforces credibility,” Igbinakenzua explained, balancing digital innovation with strategic brick-and-mortar growth.
Driving Financial Inclusion
Financial inclusion is a cornerstone of Globus Bank’s mission, as outlined in its 2018 business plan to the CBN. Its mobile app enables account opening in under four minutes, making banking accessible to the unbanked and underbanked. The bank’s “Business Banking” unit supports MSMEs through training in accounting, record-keeping, and governance, fostering bankability and loyalty, particularly among young Nigerians. “Many youths prefer Globus Bank,” Igbinakenzua said, citing soft loans and tailored support as key drivers.
Managing Risk in Uncertain Times
Globus Bank has maintained a zero non-performing loan (NPL) record since inception, a feat Igbinakenzua attributes to deliberate borrower selection and collective decision-making. “Even as CEO, I insist all credit approvals go through the Board Credit Committee,” he said, emphasizing governance to minimize errors. The bank’s value chain-driven lending model assesses borrowers within their ecosystems, reducing default risks and ensuring sustainability.
Navigating CBN’s Tightening Policies
Igbinakenzua commended the CBN’s efforts under its current leadership to stabilize the naira and moderate inflation. However, he noted challenges posed by the 50% Cash Reserve Ratio (CRR), the highest globally, which limits banks’ lending capacity. “If I have N1 trillion in deposits, N500 billion is held by the CBN at zero interest, yet I pay customers over 20%,” he explained. While acknowledging the need for economic stabilization, he urged the CBN to ease the CRR to support banks.
Advocating for Regulatory Reforms
To foster innovation and risk-taking, Igbinakenzua called for stronger borrower and lender discipline, efficient judicial systems, and enhanced credit bureau enforcement. He also advocated for operationalizing open banking to streamline processes like BVN verification, which would improve efficiency and customer experience.
Financial Performance and Ratings
While specific 2025 figures were not disclosed, Igbinakenzua shared that Globus Bank’s 2024 performance was stellar, with gross revenue doubling to N142 billion from N67 billion and profit before tax rising to N55.78 billion from N23 billion. Total assets grew to N1.6 trillion from N700 billion, with N25 billion paid in dividends. Credit rating upgrades from GCR (BBB) and Augusto & Co. (A) reflect the bank’s robust systems and governance, rare for a bank of its size.
Focus on Nigeria Before Africa
Igbinakenzua dismissed haste to expand across Africa, noting Nigeria’s vast market potential. “Nigeria is one of Africa’s top economies. Why rush out when we haven’t fully covered home?” he said. The bank aims to deepen its domestic presence before considering international markets.
Capital Raise Triumph
Globus Bank’s proactive capital raise, completed ahead of the CBN’s N200 billion requirement, demonstrates strategic planning. From N45.8 billion, the bank raised N53 billion in 2024 and N102 billion in 2025, surpassing the threshold. “We were prepared before the CBN’s directive,” Igbinakenzua said, dispelling speculations of a potential merger.
As Globus Bank writes its early chapters, Igbinakenzua credits the board, chairman Peter Amangbo, and shareholders for their support. “Being a pioneer CEO is challenging but rewarding,” he said, emphasizing collective efforts in building a bank poised for sustained impact in Nigeria’s financial sector.