Banking
Survey Ranks Stanbic IBTC Bank Best in Nigeria With 4-Star Quality Rating
By Dipo Olowookere
In validation of the impeccable quality of service it provides in the Nigerian market, Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has received a 4-star rating in the first ever Lafferty Banking 500 Global Benchmarking Study.
Published by the Lafferty Group which provides research and intelligence to the banking industry across the world, the Lafferty Banking 500 study is a survey of 500 banks worldwide, expanded from 100 surveyed in 2016 and 2017, in which banks are given star-ratings out of five with institutions from 72 markets across all global regions ranging from large global banks to small regional institutions graded.
Stanbic IBTC Bank, which was awarded four stars from a maximum five, is one out of 160 banks to achieve 4 or 5-star ratings with only eight banks out of 500 achieving the highest score of five stars.
The group uses a combination of financial and non-financial disclosures in banking groups’ latest annual reports to determine the quality of the organisations and their respective business models.
The banks are assessed across 19 metrics, which include things like loans to deposits ratios, profits and assets, as well as other indicators like strategy, culture and end leadership.
A star rating is applied as part of the benchmarking of banks, with five stars for the best performers, and one star at the other extreme. Roughly one-third of the banks in the study achieved four-star quality ratings, while two-thirds were rated three-star or lower.
“This recognition and rating affirms Stanbic IBTC’s commitment to providing peerless services and also signposts the fact that we’re heading in the right direction in our mission to become Nigeria’s leading end-to-end financial solutions provider.
“Our ongoing digitization, innovative initiatives, customer-centricity, aggressive universal financial services organisation drive, consistency in delivering relevant solutions to our clients and value to our other stakeholders will be buoyed by this award,” Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Babatunde Macaulay, said.
Macaulay expressed the company’s delight for being recognized by Lafferty Group amongst the best banks in the world. He said the award further demonstrates Stanbic IBTC’s strength and desire to consistently provide best-in-class financial services solutions across all market segments by leveraging on the expertise and rich heritage of the Standard Bank Group, to which Stanbic IBTC Holdings belongs.
He stated further that the high rating is testament of Stanbic IBTC Bank’s overall quality and stability and demonstrates the bank’s capacity to consistently deliver tailored solutions that showcase the bank’s expertise and understanding of the dynamics of the retail banking sector.
Director of Councils and Client Relations, Lafferty Group, Caroline M. Hastings, while congratulating Stanbic IBTC Bank, said the Lafferty Banking 500 Global Benchmarking Study was inaugurated to distinguish and recognise banks with exemplary characteristics of the best banks in particular regions or worldwide.
“With a deep view across the world’s leading banks we understand the winning bank quality metrics: what makes good culture, strategy and customer service,” Hastings said.
According to Lafferty, the survey found that ‘focus’ is the key to success in banking, with the best performing banks focusing on consumer and SME/business banking.
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 earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for 153 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 Modupe Gbadeyanka
The chief executive of TeamApt Limited, Mr Dennis Ajalie, has called for a robust collaboration in the digital payments ecosystem, saying banks and fintech companies should not see themselves as rivals.
Mr Ajalie said the industry’s regulator, the Central Bank of Nigeria (CBN), has delineated what each entity should do and how they should function in creating a successful payment ecosystem that protects consumers and enables businesses, which he admitted to be complementary and not competitive.
Touching on the imperative of borderless transactions and the solutions for implementation concerning the framework, he said, “Borderless transactions have to happen because we’re becoming more interconnected by the day and by the minute.”
“We still have a lot of siloed implementations among key stakeholders and unless we recalibrate our systems, borderless remains beyond our reach and a mirage,” Mr Ajalie stated at the Committee of e-Business Industry Heads (CeBIH) conference in Lagos themed Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth.
“There’s the fierce urgency of now that demands that we find solid ways to interconnect, and once we’re able to interconnect within ourselves, reconcile properly, especially on the local front, then we can present a single, unified front that will enable us to push transactions and receive transactions from outside.
“We cannot go forward without fixing these internal challenges,” he added at the event, where he was one of the panellists.
TeamApt, a subsidiary of Moniepoint Incorporated, facilitates payment processing across many industries while enabling reliable payments for banks and their customers while reducing operating costs.
Wrapping up his thoughts, the TeamApt boss reiterated the need for industry-wide collaborations in fighting the menace of fraud.
“If we are able to all share information and collaborate seamlessly, we’ll find out that it becomes disinteresting for these bad faith individuals to use the collective technology commonwealth that we have all built to commit nefarious activities.
“So, it goes back to collaboration among fintechs, the banks, NFIU, infrastructure providers, the telcos, and switches. We’ve all got to come together to say, enough is enough and that this present situation threatens all of us rather than just one of us,” he added.
By Modupe Gbadeyanka
An innovative web banking platform to provide customers with an additional digital channel to manage and carry out uninterrupted daily transactions on their phones, laptops and other devices has been introduced by Bankit Microfinance Bank (MFB).
The emerging small financial institution said it came up with this platform to break barriers and empower individuals and businesses to manage their finances with confidence.
With this, Bankit MFB is redefining convenience and security in banking, ensuring uninterrupted access to financial services, time-saving functionalities, efficiency, real-time account updates, 24/7 availability, and faster transactions.
“In today’s fast-paced digital age, connectivity is everything in banking, and for us, it’s all about improving customer experience with simple banking options and empowering our teeming customers to live their best lives.
“We are revolutionizing the Fintech landscape in Nigeria, and we have developed this solution to empower our customers to bank securely, anytime, anywhere, conveniently.
“We are committed to leveraging technology to enhance the banking experience for all our customers,” the chief executive of Bankit Africa, Mr Yen Choi, stated.
“Bankit’s web banking platform reaffirms one of the bank’s core values – Innovation and sets a new standard for accessibility and security in the banking industry.
“As part of our ongoing commitment to excellence, Bankit Africa will continue to evolve its offerings to meet and exceed the needs of its rising customer base.
“Some key features of this web banking platform include: a simple way to send money, buy airtime, and pay bills with no extra fees or hidden charges,” he added.
Bankit MFB is a licensed financial institution dedicated to providing innovative, customer-centric financial solutions to individuals, businesses, and communities in Nigeria, with a focus on simplicity, convenience, and security.
By Dipo Olowookere
Banking operations at the branches of most financial institutions in Nigeria will end earlier than expected today, Tuesday, December 31, 2024.
The majority of them have sent messages to their customers to inform them of this development.
Business Post sighted some of these notices sent by the banks to their customers via electronic mails (e-mails).
One of them from Guaranty Trust Bank (GTBank) Limited said transactions at its Lagos branches will close for the day and year by 3 pm while in other branches at 2 pm, encouraging customers to use its digital channels for their financial transactions.
“We would like to inform you that all our branches nationwide will close to customers early on Tuesday, December 31, 2024.
“During this period, we encourage you to take advantage of our digital channels for banking needs,” the notice read in parts.
On its part, United Bank for Africa (UBA) Plc said its branches would close for the day at 2 pm across the nation.
“As we prepare for the New Year celebration, our branches will close by 2 pm on Tuesday, December 31, 2024.
“While our branches take a break, our digital channels, the UBA Mobile Banking, Leo, *919# or internet banking are available 24/7 for all your banking needs.
“Your security is our priority. We will never ask for your BVN, card number, PIN or personal details. Suspect anything fraudulent? Call our Fraud Help Desk,” the message from the lender read.
As for Fidelity Bank Plc, it plans to stop banking services at its branches nationwide today by 2 pm to resume on Thursday, January 2, 2025.
“Please be informed that our branches will close at 2 pm on Tuesday, December 31, 2024, ahead of the New Year holiday.
“As always, our digital channels; Mobile Banking, USSD Bank (*770#), PoS, ATMs, Cards, and Ivy Chat, will be available 24/7 for all banking transactions.
“Please note that normal operations will resume at 8 am on Thursday, January 2, 2025,” the bank said in its message to customers.
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