Banking
Digital Banking – A Catalyst for Economic Growth and Financial Empowerment
By Lamin Manjang
Think back to a time when the word ‘Bank’ came to mind. It conjures images of long queues, tally numbers, paperwork to complete, pressure to process transactions within working hours, awaiting physical approvals on transactions.
Fast forward to more recent times with the impact of technology and financial literacy, the word ‘Bank’ connotes different reactions to many people. Personalized financial growth, opportunities for business collaborations, access to foreign investment opportunities, transferable generational wealth and financial security all on one’s terms are some of the prevailing thoughts for customers.
Customers now have access to information around the clock at the touch of their fingers and as such can determine what financial needs they want their financial partners to meet. The union of innovation, digital literacy and collaborative opportunities to provide financial services, gives us the solution that is Digital Banking.
Digital banking in Nigeria has evolved significantly over the last five years to become an important part of our daily activities, driving e-commerce, wealth creation, payment solutions, financial empowerment, and improved standards of living.
In a world of digital banking and with innovation and technology positioning itself as the future of payments and wealth creation, there are several opportunities for financial institutions to tackle some of the country’s biggest challenges around job creation, economic empowerment and financial inclusion for youths while being a catalyst for efficiency within the sector.
As with any endeavour towards automation, curiosity with heightened caution is expected primarily around the impact on employment opportunities and business sustainability. However, the reality is that with digitization comes immense opportunities for employees in any organisation to acquire new skills that position them for the future working environment which will be predominantly digital.
Digitization fosters efficiency. For example, it broadens and extends a bank’s ability to reach existing and new customers, previously unreachable due to the limitations of the physical brick and mortar branches. Digitisations simplifies manual processes through automation; reduces delays encountered by end-users; creates new job opportunities, thereby creating multiple opportunities for reskilling, upskilling, and redeploying of employees into new roles.
At Standard Chartered, we are a listening and customer-centric financial institution. We are focussed on understanding how our customers want to transact; how we can improve on the products and services that are important to them while ensuring a smooth delivery method to these solutions.
A growing number of our customers are telling us that they want financial solutions that they can access and utilize anytime and anywhere from the convenience of their own mobile devices.
They want to be able to access investment opportunities 24/7 on the go at their fingertips and equally connect with our customer care specialists who can support them whenever they have any queries. Continuous optimization of our digital banking solutions enables us to meet these financial needs.
In December 2021, as part of the digitization journey we embarked on a few years ago towards enhancing our processes, we closed down 10 of our branches in Lagos and Abuja and made significant investments towards optimizing our operating channels, products and service solutions to suit the demands of our clients.
The decision, with the approval of the regulator, was also driven in response to changes in customer transaction behaviour. We have witnessed significant adoption of our digital banking services by customers as most of them continue to prioritize convenient banking over the need to visit any of our physical locations to access our products and services.
In addition to our customer-centric digital strategy, we pride ourselves in the implementation of a forward-looking People Strategy where we proactively plan our workforce needs to fulfil our Business Strategy.
The banking landscape is very dynamic with rapidly changing customer needs. This year, in response to this, we continue to strategically prepare our employees for the future working environment which will be primarily digital. We continue to upskill, equip, and redeploy employees especially those impacted by the closure of the branches in Lagos and Abuja to ensure career growth and stability for our employees this year.
But digitization is not just for the advantage of our customers and employees only. Digitisation provides an opportunity to positively impact the communities too.
The importance of quick access to finance for example cannot be undervalued and with financial exclusion still being a barrier in some parts of Nigeria – digital innovation in banking can influence positive transformation within the sector.
Recently the bank launched its Agency Banking service as part of its Digital Banking proposition to clients across Lagos. This builds on the launch of our world-class digital bank in December 2019. SC Mobile, the Bank’s mobile app has practically put the bank in the palms of the client as clients are able to open new accounts end to end, transfer funds, effect static data changes, get cards delivered to their doorstep, invest in real-time etc.
We equally launched our Unstructured Supplementary Service Data (USSD) service, *977# which caters to clients who may not have access to internet service and wish to transact. These are just some of the initiatives we continue to drive in support of CBN’s financial inclusion agenda to empower Nigerians.
We have taken a ‘Capturing the Digital Initiative’ approach that ensures that over 70 per cent of the most common service requests can be handled by our digital bank with distinct benefits such as a zero charge on all interbank transactions, zero charges on SMS notifications and free delivery of cards to customers regardless of location. We remain forward-thinking on how best we can continue to simplify and improve our customers experience with the bank.
From the 2020 NIBBS report, customers between 25 and 34 years old carried out 36% of all interbank instant payments. With an estimated 60% of the Nigerian population setting the tone for adopting innovative technology, it is essential to welcome the latter while also firmly holding the former by striking a balance in responding to customer-specific needs.
Digital banking is no longer a series of financial transactions and services. It is an innovative solution towards providing empowerment and creating sustainable prosperity for our clients, colleagues and the community. This is the future and we are all encouraged to adopt and maximize these changes for the benefit of all.
Lamin Manjang is the CEO of Standard Chartered Bank Nigeria.
By Adedapo Adesanya
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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