Banking
Stanbic IBTC Wins Best Sub-Custodian in Nigeria for 8th Year
By Dipo Olowookere
Stanbic IBTC Bank’s experience, competence and expertise in the provision of custody services in Nigeria has again been reaffirmed as the bank was named the “Best Sub-Custodian” in Nigeria for 2018 by Global Finance magazine.
The London-based Global Finance magazine, organiser of the awards, announced winners for the 16th edition of the annual World’s Best Sub-custodian Banks following selection from across seven global regions and more than 80 countries.
The latest win makes it the eighth time in a row that Stanbic IBTC Bank will be adjudged the best in the country, in recognition of its leadership in the sector. Chief Executive, Stanbic IBTC Bank, Demola Sogunle, stated that winning the award consistently for the last eight years, reinforces the bank’s strong management, systems and innovative solutions, and its leadership of Nigeria’s custody sector.
“We are delighted to be recognized for the eighth time as the best provider of custody services in Nigeria. It is a demonstration of our strength in terms of our management, systems and solutions. This award will energize us to continue to provide unparalleled services to our customers as we raise the bar in the provision of investor services,” Sogunle said. “The need for excellent custody services in Nigeria remains strong, driven by the impetus in cross-border investment activities, and we are well positioned to provide such services,” Sogunle added.
The yearly award, instituted 16 years ago, recognizes the pivotal role sub-custodians play in business and investment activities via the safekeeping of clients’ assets, such as bonds, stocks and treasury bills.
Winners are selected by Global Finance magazine’s editors and reporters, with input from expert sources, from among institutions that reliably provide the best custody services in local markets, regions and to global custodians.
The criteria used, according to Global Finance, included technology platforms, competitive pricing, customer relations, smooth handling of exception items, technology platforms, quality of service, post-settlement operations, business continuity plans and knowledge of local regulations and practices. Global Finance said it also obtained input from users of sub-custody services. Performance was judged over the period covering January 1, 2017 through December 31, 2017.
“As custodians deal with increased liability from new regulatory requirements, they are seeking the safest and best sub-custodians with whom to entrust client assets,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance in a release to announce the winners. “With these awards, we recognize those sub-custodians that do the best job of meeting their clients’ needs in increasingly complex markets,” Giarraputo stated.
Chief Executive, Stanbic IBTC Nominees, Akeem Oyewale, thanked the award organiser for the recognition adding that the organisation will not rest on its oars in delivering value to customers as well as prospects. He went on to state that Stanbic IBTC Nominees, a wholly-owned subsidiary of Stanbic IBTC Bank Plc which holds custodial assets on behalf of clients of Stanbic IBTC Bank, will continue to leverage the expertise, technology and experience of Standard Bank Group, to which Stanbic IBTC belongs, to deliver sustainable shareholder value by serving the needs of its clientele.
Oyewale noted that three subsidiaries within Standard Bank Group were selected as Best Sub-custodian Banks for their respective countries namely Nigeria, Namibia and Mozambique.
Stanbic IBTC Bank is a member of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
