Banking
Digitization, Fintech as Panacea to Financial Inclusion—Stanbic IBTC
By Dipo Olowookere
One of the compelling aspirations of the Federal Government and the Central Bank of Nigeria (CBN) in the last two years has been to ramp up the numbers for financial inclusion in the country.
To this end, Nigeria’s apex bank, alongside other regulators in the financial services sector, including the National Pension Commission (PENCOM), has vigorously pursued the agenda of financial inclusion through various initiatives with a clear intent to bring millions of Nigerians, especially those in the informal sector and the unbanked, into the banked population.
This ambition, which is not restricted to banking alone, cuts across the full continuum of financial services, ranging from bank accounts, insurance subscription, retirement savings account, and fund investments, among others.
Perhaps the bedrock and main enabler of recent improvements witnessed in the financial services sector in areas like customer experience and service quality, speed to market of financial products and services and quick turnaround time in processing financial transactions stems primarily from advancements in modern information and communications technology, investment in its adoption and integration.
Leading financial services providers in the country, especially the Deposit Money Banks (DMOs) have all embraced innovations made available and possible by constantly evolving technology, in a bid to remain relevant, grow market share, expand footprints, do business profitably, stay ahead of the competition, and deliver more value to their customers and other critical stakeholders.
The major setback many experts have however cited as the bane of financial inclusion in Nigeria is the apparent distrust for financial services institutions and low literacy levels among Nigerians.
Credit must be given to the Federal Ministry of Finance and the Central Bank of Nigeria for measures they have put in place to raise the bar on financial literacy in the country as a panacea to driving financial inclusion, although a lot more work is required if the low public confidence and trust in the financial services sector is to receive any boost.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank Plc, Mr Babatunde Macaulay, said that financial inclusion is one issue that CBN is driving passionately and Stanbic IBTC and other banks are part of that drive.
The question therefore is what must be done to effectively remove this barrier and disincentive to financial inclusion in Nigeria. One determinant that readily comes to mind is innovation and technology.
This perhaps must be why many commercial banks have been remodelling their operational strategies to deemphasize focus on increasing footprint via branch network expansion and steadily moving towards digitization and mobile solutions.
Original Equipment Manufacturers like Hewlett Packard or HP, Dell, Samsung and other makers of computing devices had predicted many years ago that the future of computing is mobile, hence the unprecedented revolution in the handheld device and mobile phone industry.
Chief Executive of Stanbic IBTC Bank Plc, Dr Demola Sogunle, had also attested that the ongoing digital transformation and revolution which the financial services sector is currently witnessing has only just begun.
The bank chief made this pronouncement during the official commissioning of the bank’s first self-service fully digital branch at the Maryland Mall in Lagos, in December last year. Almost exactly a year before that, precisely in November, 2015, Stanbic IBTC, in furtherance of ongoing digitization drive aimed at serving its customers better through excellent and innovative products and services, launched Africa’s very first personal teller machine (PTM), an interactive automated teller machine that enables its customers perform full banking activities.
The Personal Teller Machine is a device that offers customers the benefits of both self-service video banking and the branch teller experience combined in one solution. The PTM combines video banking collaboration and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction. The machine’s interactive nature helps to close the ‘intimacy gap’ that is currently missing on the conventional automated teller machine (ATM). So if the objective of the bank for deploying the PTM was to further enrich customers’ banking experience by allowing them perform banking operations such as account opening, cash deposit and withdrawal, cheque deposit and other general account enquiries like account balance, loan enquiries, card related services, among other functions, without having to use their debit cards, then this purpose has ultimately being achieved. The total value of transactions done on Stanbic IBTC Bank PTM as at March 2017 was N34,264,500; with total deposit valued at N8,805,500, withdrawal valued at N25,459,000 in 1,985 sessions.
These numbers may suggest that the PTM has been a successful innovative solution deployed by Stanbic IBTC to serve its customers. So in spite of the enormous potential and benefits of the PTM, Stanbic IBTC went a step further to explore other alternative solutions to deliver service to the retail end of the market and this was mobile.
Mobile is believed to present a huge opportunity for Nigerian banks to drive financial inclusion, especially considering the high mobile devices penetration rate in the country. The recent trend by banks of reengineering and re-launching their mobile banking application offerings clearly gives credence to this assertion.
Macaulay said Stanbic IBTC was one of the very first financial institutions in Nigeria to revamp its mobile app which it launched into the market in November 2016 to boost customer service delivery and user experience. The app tagged ‘Appyness’ placed emphasis on seamless user experience, aesthetics and convenience. He said one unique feature of Stanbic IBTC Mobile App is that it offers banking, asset management, pension and mobile money services on a single infrastructure.
“The new app makes it possible for customers to see their bank accounts, mobile wallet, pension and mutual fund investments in one place, giving them total control of their money and investments. Apart from being fast and dependable, the new app is feature-rich, with capacity to conduct funds transfer, bills payment, airtime purchase, cheque services, mobile money and lifestyle services. Its other features, unavailable in most other banking apps, include monitoring pension accounts, checking mutual funds account, redeeming and making additional investments in mutual funds. The Stanbic IBTC Mobile App is the only mobile platform that offers a convergence of financial services,” Macaulay stated.
The ED said Stanbic IBTC believes technology is the best way to go. He said that across the banking industry, the number of transactions in the branches has reduced significantly whereas offsite transactions, whether via the internet, mobile, ATMs, POS, have increased and continue to grow.
This position was reaffirmed by the Head, Mobile and Acquiring Channels, Stanbic IBTC Bank, Francis Nwoboshi, while speaking at the 2016 Annual Brands & Marketing Conference of the Brand Journalists’ Association of Nigeria (BJAN), in Lagos themed ‘Mobile Money in Nigeria – Challenges, Opportunities, and Threats’.
Nwoboshi said the bank believes that Nigeria’s socio-economic demography presents a considerable opportunity for innovative mobile propositions that can deepen financial access in the country.
Technology is converging at an exigent speed while disruptive technology and digital communications is impacting so much on many traditional business models, including financial services. Nigerian banks and other financial services providers must have realized that these are very exciting times which require new thinking and approach or better put, innovation.
A recent Accenture Consulting research on the future of financial technology (fintech) and banking revealed that the digital revolution in financial services is under way, but how this would impact current banking players is unclear. It warned that digital disruption has the potential to shrink the role and relevance of today’s banks, but could all together help them create better, faster, cheaper services that make them an even more essential part of everyday life for institutions and individuals. As more Nigerian banks make a model shift towards digitization and mobile, it is expected that this would positively impact the nation’s desire to attain widespread financial inclusiveness and promote transition to mobile banking solutions, e-Government solutions, cashless policy and drive growth verticals for business-to-business (B2B) mobile services.
By Aduragbemi Omiyale
In 2025, Access Holdings Plc lowered its operational emissions by 28.47 per cent by growing its green asset portfolio to N92.15 billion, though still far from its N475 billion target.
Details of its 2025 Sustainability Report showed that operational emissions fell to 49,352 tonnes of carbon dioxide equivalent from 57,176 tonnes in 2024, supported primarily by branch solarisation across 263 locations and the deployment of 323 solar-powered ATMs, largely across Access Bank in Nigeria.
The organisation applies the operational-control approach under the Greenhouse Gas Protocol, accounting for emissions across its African footprint, with Access Bank representing the largest share.
The report reinforces its strategic shift from scale to value by showing how sustainability is being embedded in capital allocation, risk management, product development and operations.
During the year, Access Holdings deployed N72.3 billion under its Sustainable Finance Framework to eligible environmentally beneficial projects and grew its cumulative sustainability-focused loan book to $1.269 billion.
Beyond environmental outcomes, the report highlights the group’s contribution to inclusive economic participation.
In 2025, Access Holdings extended access to finance to 2,528,117 low-income individuals and onboarded 78,438 new MSMEs onto its financing platform.
Across the institution, 2.8 billion transactions were processed during the year, underscoring its role as core financial infrastructure for Africa’s real
economy. Gender-lens lending also progressed, with 354,156 loans extended to women and women-owned businesses, totalling N67.4 billion, equivalent to 24 per cent of the relevant loan portfolio.
Its Corporate Social Investment programmes reached 2,439,480 beneficiaries across education, health, entrepreneurship and the environment, delivered with partners, including UNICEF, HACEY Health Initiative and the Kenya Forest Service.
Employees recorded 359,500 volunteer hours with 100 per cent participation, while more than 50,000 trees were planted. The group notes that 2025 community figures follow a board-mandated tightening of its impact-measurement methodology and are not directly comparable with prior years. Women represent 49 per cent of the workforce, and the Access Holdings board comprised nine directors with 44.4 per cent female representation. Employee satisfaction rose to 87 per cent against an 80 per cent target, while attrition eased from about 13 per cent to about 11 per cent.
For the second straight year, Access Holdings reported zero material regulatory penalties relating to sustainability and zero cybersecurity breaches.
It mobilised $185.38 million, equivalent to N266.83 billion, in concessional funding from development finance institutions during the year and allocated a sustainability budget of N4.8 billion from profit before tax.
Sales-facing staff in the banking subsidiary carry green-portfolio targets within their individual performance measures, linking strategic sustainability goals to day-to-day execution across governance, strategy, risk management, capital allocation, products and operations.
To strengthen credibility and comparability, the report was prepared using the IFRS Sustainability Disclosure Standards, specifically IFRS S1 and IFRS S2, as the primary framework, with the GRI Standards (2021) and the SASB Standards applied as complementary references.
“Our 2025 Sustainability Report reflects the discipline with which we are converting scale into value. We reduced operational emissions by 28.47 per cent,
grew our green asset portfolio to N92.14 billion and extended financial access to about 2.5 million low-income individuals.
“These outcomes show that sustainability is not separate from our business; it is central to how we create value, manage risk and support inclusive growth across Africa,” the chief executive of Access Holdings, Mr Innocent Ike, stated.
Looking ahead, the company promised to deepen the measurable impact of its sustainability agenda, accelerate the transition of its portfolio towards low-carbon and climate-resilient assets, and grow the green asset portfolio towards the N475 billion target.
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.
