Banking
KPMG Rates Stanbic IBTC Bank High in Retail, Corporate Banking
By Aduragbemi Omiyale
The KPMG 2022 Nigeria Banking Industry Customer Experience (CX) Survey has rated Stanbic IBTC Bank Plc high in retail and corporate banking in the country.
According to the report, Stanbic IBTC Bank occupied the first position with a 73.8 CX score out of 100 in the retail segment and sustained the leading position for the second consecutive year. Time and effort are the drivers of performance in the retail category, and the bank outperformed its peers in this regard.
Stanbic IBTC Bank, which held the top position in the retail and SME segments last year, performed well across key customer journey areas, particularly in resolution – a key area of improvement for the industry where customers rate banks on timeliness and quality of feedback on issues as well as the ability and ease of reporting issues and concerns.
Other customer journey areas where Stanbic IBTC Bank came tops included discovery – the ease of getting information about the bank coupled with professional and friendly staff, the ease of account opening with digital-only options and the speedy onboarding process.
Stanbic IBTC Bank is among the top three in transacting – accessibility, timeliness, and quality of service from physical and digital channels, and in account maintenance which covers requests for account statements, general enquiries and updates to account information with accuracy and completeness.
Moving up five places compared to last year’s report, Stanbic IBTC Bank also emerged as this year’s leader in the corporate segment with an 80.9 score out of 100 and received great feedback on the depth of their relationship managers’ knowledge in key sectors.
The report also revealed that Stanbic IBTC successfully closed the gap in digital banking, emerging as a clear leader in the industry.
Speaking on these achievements, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, said, “The primary goal of the bank is to forge lasting relationships with its clients by offering timely, creative, and valuable solutions that benefit them. We are fully committed to serving Nigerians with top-notch financial services.”
According to Mr Adeniyi, “2022 has been remarkable for us at Stanbic IBTC. Asides from these good standings revealed by the KPMG report, the globally renowned credit rating agency, Fitch Ratings, also reaffirmed the retention of our National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ ratings for the Stanbic IBTC Group and Stanbic IBTC Bank respectively.”
“The National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ Ratings are the highest possible ratings on Fitch’s rating scale, and we were rated high based on the potential support from our parent company, Standard Bank Group, based in South Africa. We play a vital role in Standard Bank Group’s main operations in West Africa, and we retained our ratings based on our size and high operational integration,” he added.
Fitch Ratings assessed Stanbic IBTC’s strategic importance as the holding company for Standard Bank Group’s leading corporate and investment banking (CIB) and wealth businesses in Nigeria and Stanbic IBTC Bank’s position as an integral part of its Nigerian operations. It also considered Standard Bank Group’s controlling ownership of Stanbic IBTC, high integration of risk management, operations and strategy, shared branding, and Stanbic IBTC’s moderate contribution to Standard Bank Group’s net income.
The ‘AAA (nga)’ is given to issuers with the lowest expectation of default risk when compared with their competitors. The National Short-Term Rating of ‘F1+(nga)’ is assigned to issuers that have a strong capacity for timely payment of financial commitments in comparison to other issuers in Nigeria.
Mr Adeniyi noted that the organisation’s competitive position, good risk profile, healthy funding, and liquidity position also facilitated its upgrade in the Global Credit Ratings (GCR). The national scale long-term issuer rating assigned to Stanbic IBTC Bank PLC was upgraded to AAA(NG) from AA+(NG) and the national scale short-term issuer rating was A1+(NG), indicating a stable outlook and making Stanbic IBTC Bank the only financial institution in Nigeria with the rating.
He attributed the astounding performances of the organisation to the dedication and hard work of its workforce and the tenacity of the firm to continue to play vital roles in Nigeria’s economic development, stating that Stanbic IBTC would not relent in developing sustainable solutions that ensure customers’ delight and the company’s success in the Nigerian financial services spectrum.
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.
