Cashless Policy: Stanbic IBTC Promises Seamless Transactions

February 28, 2023
Stanbic IBTC Bank seamless transactions

By Modupe Gbadeyanka

Nigerians have been assured of seamless transactions by Stanbic IBTC Bank as the cashless policy of the Central Bank of Nigeria (CBN) aimed to reduce the amount of physical cash circulating in the economy and increase the adoption of electronic payments takes effect.

The apex bank stated that the policy encourages a reduction in the cost of banking services, drives financial inclusion, makes monetary policy effective in managing inflation, drives to modernise payment systems, and enables economic growth.

According to the central bank, cash-based transactions attract a cash handling charge for daily cash transactions above N500,000 for individuals and N3 million for corporate organisations.

As Nigerians adjust to this new normal, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has announced its readiness for seamless financial transactions.

The lender has, therefore, urged the public to take advantage of its existing digital solutions and payment platforms that have been tailored to meet their needs, including the enhanced Point of Sale (POS), NQR, Stanbic Payment Gateway Service, Pay with Transfer, Pay with link and much more.

The Head of Partnerships at Stanbic IBTC Bank, Ms Omolara Osunsoko, said the digital evolution in the financial sector had seen increasing changes with a move towards technology-driven delivery channels.

According to her, this holds great promise as a means to enable financial inclusion and thus help improve citizens’ lives.

“The policy will be beneficial to consumers and merchants as we transit to a digital way of transacting that is convenient, secure and seamless. It will also help minimize financial risks and support business operations and reconciliation,” she noted.

Mr Osunsoko also reiterated Stanbic IBTC’s commitment to financial inclusion over the years through digital and electronic solutions that simplify cashless transactions while offering an excellent banking experience for its customers.

On his part, the Head of Digital and e-Commerce at Stanbic IBTC Bank, Mr Olutimi Ibrahim, noted the bank’s commitment in supporting the CBN’s cashless policy initiative and living up to its responsibilities of innovating alternative payment solutions.

“At Stanbic IBTC, we stand for innovative banking. This leads to creating digital solutions and optimising our platforms to perform instant transactions, eliminating the need to visit a branch.

“With the CBN’s directive on cashless policy, we are offering customers an array of electronic payment options for a seamless digital banking experience.

“We are also committed to easing our customers’ transition to a cashless society. We will continue collaborating closely with the CBN to ensure that Nigerians can access the financial services they require,” he said.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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