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 Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
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.
