Banking
Our Digital Branches Will Improve Customers’ Productivity—Sogunle
At the official unveiling of Stanbic IBTC Bank’s digital branch at the Maryland Mall, Lagos, Deputy Managing Director, Stanbic IBTC Bank, Dr. Demola Sogunle, spoke on Stanbic IBTC Bank’s digital banking revolution and the bank’s growth strategy, among other issues. Excerpts:
Can you tell us about the new digital branch that was unveiled by Stanbic IBTC?
This is our very first fully digital branch and for us at Stanbic IBTC, this is the beginning of a new phase with regards to customer interface, the reach of our channels and access to products and services. For us in the banking industry, we believe that digital is here to stay as the future of banking, self-service environment.
What prompted the bank to embark on this initiative?
With over 80 million Nigerians are on the internet, we believe that we should be able to take value to them online whilst providing same to other Nigerians at our traditional channels. Our overarching objective is to empower the customer even further by providing him self-service options in the comfort of a branch, this means he is able to do all of his transactions with little human interaction.
What distinguishes this digital branch from any other e-branch?
It is a fully digital branch. It is an entirely paperless, self-service environment, which speaks completely, to the aspirations of the customer with a millennial mindset. So whatever you want to do, you can come into the branch, go to any of the points and you are able to pay, collect cash or make enquiries. Everything is available for you; there is very little interface with human beings. When it comes to access to internet products and services, people with millennial mindsets are very conversant with everything that has to do with self-service and internet access. We believe that we are helping the customer improve productivity through these digital branches.
No doubt the Stanbic IBTC digital branch strategy is one important way to reach the unbanked population. What other plans are in place to attract the unbanked population?
Yes it is, even though there are still over 90 million unbanked in the country, we know we have more Nigerians with SIM cards and mobile phones, which makes it easier and cheaper to reach them. What we are trying to do with mobile and internet banking is to make banking faster, more convenient and a lot easier for our clients in such a way that their banking experience is seamless. Our newly upgraded mobile app represents yet another avenue through which the unbanked can be reached. Using technology provides us with the opportunity to develop competitive products and services that will help bring the unbanked into the banking system. It is not cost effective to try to open branches in every part of the country. But the moment we deploy technology via internet and mobile banking, it becomes easier for customers, even those in places where we do not have a physical presence, to access financial products and services. It is very easy for us to do and we would continue to push the technology envelope to reach the unbanked population.
Economic challenges have negatively impacted the profitability of the financial services industry. The industry’s NPL portfolio has risen over the past three years while deposits are dropping. How has technology helped banks, Stanbic IBTC Bank specifically, to cope in this period?
Any serious business continues with a future market will have to take digitisation quite seriously. At Stanbic IBTC, we have long embraced digitalization to strengthen our operations and processes, make them more accessible, efficient and cost effective. Today’s customers demand faster services without compromising quality. With technology, the turnaround time for quality service delivery is constantly getting reduced and we are also able to bring down costs, which is very important if we must boost profitability. So, one of our coping mechanism is to fully embrace technology, which has helped us provide unmatched innovative solutions, like this digital branch, the Stanbic IBTC mobile app, our internet banking, among others. We also ensure we have a highly experienced and motivated workforce. As a result, we regularly exceed clients’ expectations. This has helped the business. If you check our nine months financial result to September 2016, we did well, in spite of the economic challenges.
In any case, there are and always will be challenges but those challenges present opportunities as well; The important thing is that as a bank we are always ready and prepared to weather the storm and come out in a stronger position. We are here to deliver services to our customers for the long haul and we are ready to go through all these challenges to fulfill our obligations and responsibilities to all stakeholders: customers, shareholders, staff members and the communities within which we operate.
Stanbic IBTC has a large customer base of multinationals, and currently there are foreign currency issues. How has the bank been coping with this?
Well we continue to try our best to satisfy our customers’ demand as much as possible to ensure their businesses do not suffer. We continue to explore genuine avenues to source for our forex. We tap into these avenues to provide forex for our clients whenever they need it. For instance, from our custody business, through Stanbic IBTC Nominee, we get forex inflows. Given the fact that we have the biggest custody business when it comes to custody business for foreign investors, we tend to see forex inflows. Our global market is also very strong in terms of trading forex and we have got our parent company, Standard Bank. We have had to combine these sources to ensure that we are able to continue to provide something that is very scarce but very important to many of our customers. We have got commitments and we are trying our best to continue to fulfill these commitments to our customers given the forex liquidity challenges.
You mobile app has been newly upgraded. Can you tell us a bit about it and the safety nets attached to this app?
It is a product co-created with the customer; our customers and other stakeholders contributed significantly in designing it, this way, we have ensured that the app fits the precise need of our customers and as every app, we will keep updating. A lot of thoughts also went into making this app well encrypted and safe to use. We have no doubt it is a fantastic product that we have put out there. Everyone who has used the app has commended it. The functionality of the app is impressive. You can do both banking and investment transactions on it.
Going forward, what should we expect from Stanbic IBTC?
Mobile and indeed e- banking is the future of banking; Stanbic IBTC is keen to be at the cutting edge of the customer service and technology is a major way to achieve this. We would therefore continue to innovate and improve our services and ensure this is made available to our customers where ever they are.
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.
