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 Nigeria Deposit Insurance Corporation (NDIC) says it has paid the insured deposits of about 700,000 customers of the defunct Heritage Bank and has commenced the reimbursement of depositors of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The chief executive of NDIC, Mr Oludare Sunday, made this known on Wednesday during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
He said the corporation immediately began settling the insured deposits of customers after the CBN revoked the licences of the 46 microfinance banks and appointed the NDIC as their provisional liquidator.
“We are working on those. The CBN revoked the licences, and we were appointed as the provisional liquidator. We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said.
Mr Sunday explained that the NDIC’s responsibility extends beyond paying insured deposits to recovering outstanding loans owed to the failed institutions and disposing of their assets to generate funds for the settlement of uninsured depositors.
“Our function as liquidator involves the payment of guaranteed sums. Thereafter, we go after those who owe the institutions and have not paid. We also ensure that we sell the available assets and realise their investments towards paying the uninsured portion of the deposits. So, we have started paying the guaranteed deposits. What we are doing now is also realising the assets of those institutions,” he stated.
Although he declined to disclose the exact number of depositors of the failed microfinance banks who had been reimbursed, Sunday said the Corporation was working with the Nigerian Interbank Settlement System (NIBSS) to identify depositors through their Bank Verification Numbers (BVN) to ensure seamless payments.
“So, the more accounts we discover, the more payments we make,” he added.
Providing an update on the liquidation of Heritage Bank, the NDIC chief said about 700,000 depositors had already received their insured deposits, while efforts were ongoing to trace other customers whose identities could not be verified from available records.
He attributed the challenge to legacy accounts created before the introduction of the BVN system, as well as incomplete customer records inherited from banks that were later merged into Heritage Bank.
“If you know Heritage Bank, you know it is an amalgamation of several banks, including the acquisition of Enterprise Bank in 2014. So, if you think of banks like Guardian Express and Spring Bank, they are all part of Heritage Bank.
“There are depositors we have not been able to trace, and this is an opportunity for them to come forward. I am sure many of us did the National Youth Service Corps (NYSC) and may have left some money in an account, but there was no BVN then.
“Even the addresses we had were sometimes things like ‘opposite filling station.’ How do you trace such a person? Once they come forward, and for those we have been able to identify from the institution’s database, we have been paying them,” he explained.
Mr Sunday added that the Corporation would continue to recover outstanding loans and dispose of Heritage Bank’s assets to generate funds for the payment of liquidation dividends to depositors whose balances exceeded the insured limit.
Earlier in his remarks, he described the NDIC as a critical pillar of Nigeria’s financial safety net, stressing the need for stronger collaboration between regulators and the National Assembly as the banking sector responds to recapitalisation efforts and rapid financial technology developments.
According to him, while the ongoing banking recapitalisation programme has strengthened the resilience of financial institutions, it must be complemented by sound corporate governance, effective risk management, strict regulatory compliance and robust supervision to safeguard long-term financial system stability.
He also disclosed that more than 98 per cent of depositors, representing over 281 million accounts across insured financial institutions, are fully protected under the NDIC’s deposit insurance scheme.
By Adedapo Adesanya
Zenith Bank Plc is investigating an incident involving unauthorised access to customers’ data, noting that the breach does not involve financial information and has not compromised its banking services or digital channels.
In an email sent to customers on Wednesday, the bank stated that the incident was part of a broader global cyberattack affecting multiple international organisations across various sectors.
The lender stated that it immediately activated its incident response protocols and intensified its cybersecurity and remediation efforts upon discovering the incident.
“This incident is part of a broader, global cyber-attack targeting multiple international organisations across various sectors. Upon discovery, we promptly activated our incident response protocols, cybersecurity actions and remediation efforts,” the bank said.
The bank reassured customers that its banking services and digital channels remain secure and fully operational.
As a precautionary measure, Zenith Bank advised customers to remain alert to potential phishing attempts and other forms of social engineering.
“As a precaution, we encourage our customers to remain vigilant against phishing emails, text messages, or phone calls, and never to disclose their password, PIN, One-Time Password (OTP), or other security credentials to anyone,” the bank said.
The incident is the latest in a series of cybersecurity challenges facing Nigerian financial institutions, with banks in recent months suspending their social media operations over impersonation and other fraudulent activities.
Earlier in April, the Nigeria Data Protection Commission (NDPC) said it was investigating alleged data breaches involving Sterling Bank, Remita and the Corporate Affairs Commission (CAC).
Nigerian banks have long been prime targets for cybercriminals because of the vast amounts of customer data and financial transactions they handle every day.
While many attacks have traditionally sought to steal funds, cybercriminals are increasingly targeting personal information, which can be used for identity theft, phishing schemes, account takeovers and other forms of financial fraud.
Cybersecurity threats have increasingly targeted Nigerian banks in recent years. In 2025, Union Bank of Nigeria warned customers about fraudulent websites and phishing campaigns designed to steal login credentials and personal information by impersonating the bank.
In August 2024, Guaranty Trust Bank experienced a domain-related security incident that temporarily disrupted access to its official website, although the lender assured customers that their deposits and banking services remained secure while it resolved the issue.
By Adedapo Adesanya
The chairman of First HoldCo Plc, Mr Femi Otedola, has affirmed plans to increase his 26 per cent holding in the organisation to 51 per cent, confirming a planned takeover of Nigeria’s oldest banking institution.
Mr Otedola spoke in an exclusive interview with Nairametrics published on Monday, giving a rare direction following recent speculations about the financial institution.
The milestone followed a series of share acquisitions, as Mr Otedola sought to tighten his grip as the company’s largest shareholder following the recent acquisition of additional shares worth N222.21 billion.
In the interview, the mogul said he has invested more than N600 billion of his personal wealth in First HoldCo, describing the move as a “long-term generational commitment” rather than another turnaround investment he would eventually exit.
Responding to speculation that he intends to consolidate his position in the group, Mr Otedola hinted that his investment journey is far from over.
“My investment threshold is always over and above 51 per cent,” he said. “One of my key investment principles is that firm shareholder control, with due regard for minority interest, is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders.”
The businessman said the same strategy had guided his investments in African Petroleum Plc, later renamed Forte Oil Plc, where he gradually increased his shareholding from 28 per cent to 75 per cent before exiting the company in 2019.
He said he also increased his stake in Geregu Power Plc from 51 per cent to 95 per cent before reducing it to 77 per cent after the company’s public listing.
“I am on the same trajectory with First HoldCo Plc,” Mr Otedola said.
“To date, I have invested over N600 billion of my personal wealth in First HoldCo Plc — a figure that speaks not to speculation, but to unflinching confidence in the institution’s future, fundamentals and an unwavering personal commitment to its success.”
Mr Otedola said his decision to invest in First HoldCo came at a time when the institution was facing one of the most challenging periods in its history.
The billionaire steadily increased his investment in the group, accelerating his share purchases in 2026. His stake grew from 6.68 billion shares (15.95 per cent) in June 2025 to 8.06 billion shares by March 2026, then to 9.28 billion shares by June after acquiring about 1.22 billion shares in one quarter. A further purchase through Calvados Global Services last month lifted his holdings above 10 billion shares for the first time.
