Banking
Digital Transformation Solutions for Banking

Digital transformation is a hot topic in banking. Banks are looking for ways to become more agile, to better serve their customers, and compete in a digital world. In this article, we’ll discuss the digital transformation solution for banking. Keep reading to learn more about digital transformation and how it can help the banking industry.
What is digital transformation?
Digital transformation is the process of transforming how an organization operates to better meet the needs of its customers and employees. It includes changes to organizational structures, processes, and practices that allow the business to take advantage of digital technologies and channels to improve performance and outcomes. Digital transformation can be applied in any industry, but it’s particularly relevant for businesses in highly regulated industries like banking, where there are large legacy systems that need to be modernized.
Banks are under pressure from both consumers and regulators to upgrade their technology infrastructure. Consumer demand for new services like mobile banking and payments has put pressure on banks to offer digital experiences that are fast, convenient, and secure. At the same time, regulators are increasingly focused on ensuring that banks have robust cyber security measures in place to protect customer data. Digital transformation can help banks address both of these challenges by helping them modernize their technology infrastructure and improve their cyber security posture.
What factors should banks consider when digitally transforming?
There are a number of factors that banks must take into account when planning their digital transformation. One of the most important is to ensure that the new architecture can support multiple channels and devices. This will allow customers to interact with the bank in the way that is most convenient for them. They may want to use the bank’s website on their computer, their mobile phone, or even a tablet. They may also want to use the bank’s services through social media, such as Facebook or Twitter.
Another important factor to consider is the range of services that the bank offers. The architecture must be able to support not only traditional banking services but also new services that are being developed specifically for the digital age. These may include things like mobile payments and money transfers.
The final factor to consider is the security of the new system. Banks must ensure that their customers’ data is protected at all times. This includes both the data that is being transmitted through the various channels and devices, as well as the data that is being stored.
Developing an architecture that can accommodate multiple channels and devices is essential for banks that want to undergo a successful digital transformation. It will allow them to provide a range of services that meets the needs of their customers, and it will ensure that their data is always protected.
What benefits will be seen once the solution is implemented?
The banking sector is under pressure to invest in digital transformation to remain competitive and meet the needs of customers, who are increasingly using mobile devices and online channels to conduct transactions.
There are several benefits that banks can expect to see once they implement digital transformation. First, banks can improve customer experience by making it easier for customers to conduct transactions through convenient online and mobile channels. In addition, banks can reduce costs by automating processes that were previously done manually. This will allow banks to operate more efficiently and make more money available to invest in other areas such as product development and customer service. Finally, digital transformation can help banks stay ahead of the competition by enabling them to offer new services that cater to the needs of modern consumers.
Cloud migration is a popular digital transformation solution for banks.
Cloud Migration is one of the many digital transformation solutions for banking. It is the process of moving enterprise applications and data to the cloud. The benefits of cloud migration include improved efficiency, scalability, and agility. Cloud migration can also help reduce costs and improve security.
There are many factors to consider when deciding whether or not to migrate to the cloud. One of the most important is the business case. The benefits of cloud migration need to outweigh the costs. Another consideration is the readiness of the organization to move to the cloud. The organization must have the right infrastructure, processes, and culture in place to be successful.
The cloud can be a complex environment and not all applications are suitable for migration. Applications need to be evaluated to see if they are cloud-friendly. They need to be able to run in a cloud environment and be able to scale up and down as needed.
Once the decision to migrate to the cloud has been made, the organization needs to develop a plan. The plan should include the steps needed to migrate the applications and data. It should also include the resources needed and the estimated time to completion.
The cloud migration process can be complex but there are also many benefits to be gained. Organizations that are able to successfully migrate to the cloud can improve their efficiency, agility, and scalability. They can also reduce their costs and improve their security.
Banks can use big data analytics to digitally transform their organizations.
Big data analytics is one of the solutions that banks are turning to in order to stay ahead of the curve.
The use of big data analytics can help banks to gain a better understanding of their customers, and to identify and understand potential risks. It can also help banks to improve their customer service, and to develop new products and services.
Big data analytics can help banks to make better decisions by providing them with insights that would not be possible to obtain using traditional methods. It can also help to improve the efficiency of banking processes and to reduce costs.
The use of big data analytics is becoming increasingly important, and banks that don’t embrace it will likely find themselves at a disadvantage. Those that do adopt big data analytics will be in a better position to take advantage of the opportunities that digital transformation solutions present.
Digitally transform your banking business.
Digital transformation solutions are important for banking because they can help organizations to improve customer experience, increase efficiency and agility, and reduce costs. Overall, these solutions can help banks to compete in the digital age and provide better services to their customers.
Banking
Sterling Bank Waives Bank Transfer Fees for Customers

By Aduragbemi Omiyale
A tier-2 financial institution, Sterling Bank, has confirmed the introduction of a zero-transfer-fee policy for customers with immediate effect.
The bank has urged others in the banking industry to emulate this initiative, saying customers should not be overburdened with bank transfer charges.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” the Growth Executive Leading the Consumer and Business Banking Directorate at Sterling Bank, Obinna Ukachukwu, stated.
Recall that on April Fool’s Day, Sterling Bank announced waiving bank transfer fees for customers and many thought it was just a marketing prank.
But in a statement today, the lender reaffirmed that it introduced this policy to set a new benchmark for customer-focused banking in Nigeria by championing the cancellation of bank transfer charges.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
Under the new policy, Sterling Bank customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
This customer-first orientation is not new for the bank. During the COVID-19 pandemic, the company stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
“We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added.
Sterling Bank’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.
Banking
Wema Bank Grows Deposit Base by 36% to N2.524trn in FY24

By Aduragbemi Omiyale
The decision of the management of Wema Bank Plc to improve its customer relationship management and digital banking operations is already yielding positive results.
This is because the financial institution increased its deposit base last year by 36 per cent to N2.524 trillion from N1.861 trillion in 2023, according to its audited results filed to the Nigerian Exchange (NGX) Limited.
In the year, the balance sheet remained well structured, diversified and resilient with total assets growing by 60 per cent to N3.585 trillion from N2.240 trillion, and the loans and advances expanding by 50 per cent to N1.201 trillion from N801.10 billion in FY 2023, as the non-performing loan (NPL) ratio stood at 3.86 per cent.
Business Post reports that the lender grew its gross earnings in the fiscal year by 92 per cent to N432.34 billion from N225.75 billion, with interest income up by 92 per cent to N353.54 billion from N184.48 billion.
Also, non-interest income was up 91 per cent to N78.80 billion from N41.27 billion, and closing December 31, 2024, with a Return on Equity (ROAE) of 43.60 per cent, Return on Assets (ROAA) of 2.96 per cent, Capital Adequacy Ratio (CAR) of 19.67 per cent and Cost to Income ratio of 56.23 billion, underscoring the commercial bank’s resilience and financial strength.
Wema Bank ended the financial year with a profit before tax of N102.51 billion, 135 per cent higher than the N43.59 billion recorded in the corresponding period in 2023, proposing a dividend of N1.00 per share on the back of the impressive result.
“Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services.
“ALAT, our flagship digital platform, continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace.
“An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.
Banking
JP Morgan Seeks Merchant Banking Licence from CBN

By Adedapo Adesanya
JP Morgan, an American financial institution, is in the process of acquiring a merchant banking licence from the Central Bank of Nigeria (CBN), and this is likely going to happen in the coming months.
The American financial entity plans to transform its representative office in Lagos into a fully-fledged business branch.
According to reports, the New York-based financial institution, managed in Nigeria by Mr Dapo Olagunju, will apply to the apex bank for the merchant banking licence to further expand its input in the country.
If granted, the JP Morgan entity will offer Dollar loans to large companies in addition to its advisory and asset management activities.
The merchant bank license will also allow the bank to use its decades of experience to serve corporate clients, high-net-worth individuals, and government entities.
It will be able to arrange, structure, and issue bonds, equities, and other securities for corporate clients.
The entry comes at a time when banks are moving to recapitalise ahead of a March 2026 deadline, with some banks possibly up for mergers and acquisitions. As a merchant bank, JP Morgan will be able to provide advisory services on business acquisitions, mergers, and divestitures.
Present in Lagos since the 1980s, JP Morgan plans to transform its Nigeria representative office into a fully-fledged branch, marking a further step in its CEO, Mr Jamie Dimon’s strategy to strengthen its presence on the African continent.
As part of Mr Dimon’s strategy to increase its presence on the African continent, last October, he visited Nigeria, where he met the CBN Governor Mr Yemi Cardoso and promised stronger relationship.
He also visited South Africa, where JP Morgan has a subsidiary, alongside Cote d’Ivoire and Kenya. he stressed that the bank wants to strengthen its presence in Africa by adding a country or two every couple of years or so — with the possibility of Nigeria increasingly possible.
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