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SEB Partners Google Cloud for New Product Development

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SEB AB New Product Development

By Ahmed Rahma

A Swedish financial group, SEB AB, has partnered with Alphabet’s Google Cloud to save costly future investments in technology upgrades.

SEB is the latest European lender to link up with cloud service providers to help speed up new product development and analyse the vast troves of data that banking generates.

Deutsche Bank AG and HSBC Holdings Plc signed deals with Google and Amazon Web Services last year, and the industry earlier this year formed a user coalition, Bloomberg revealed.

Speaking on the agreement in an interview, the chief information officer of the bank, Nicolas Moch, said the agreement will enable the bank to ratchet up cloud computing so that more than half of its technology will be in a cloud environment within five years.

The Stockholm-based bank information officer also stated that the agreement will help SEB improve advisory services for retail customers and investment banking services.

According to him, using Google scalability would make it easier for the bank to expand into other countries if they decide to.

For SEB, the deal with Google doesn’t mean cost cuts, Moch said. Instead, the bank will do “cost-avoidance, where we will work with Google Cloud rather than building things ourselves.”

Moch disclosed that the first products from the collaboration are likely to be launched in 2022 and then increase “during the next decade.”

On the part of the managing director for Google Cloud’s Nordic operations, Eva Fors, she said it’s “by far the broadest and deepest financial services partnership” in Scandinavia, and will entail Google training SEB employees.

However, the duo declined to provide the terms of the agreement.

In recent times, such partnerships are becoming more common as the pandemic accelerates a shift to the web- and app-based services, challenging traditional banking models.

Klarna Bank AB, a Swedish payments firm, is an example of a startup that became a global player, thanks to its use of technologies that others in the finance industry were slower to adopt.

The agreement allows SEB to avoid the kind of costly investments that bigger rivals like Nordea Bank AB have had to make.

The largest Nordic bank has spent heavily in recent years to replace its stitched-together core banking systems into a single, streamlined platform.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Banking

Access Bank Secures Certification for Privacy Information Management

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Access Bank Access Tower

By Modupe Gbadeyanka

For its consistent commitment to the highest levels of data privacy, security, and compliance, Access Bank Plc has been awarded the ISO/IEC 27701:2019 Certification for Privacy Information Management Systems.

The scope of the certification encompasses the management, processing, and protection of Personally Identifiable Information (PII) related to customers, employees, and third parties across the entire organisation.

It covers all physical and digital assets, processes, and information systems engaged in the collection, storage, processing, sharing, and disposal of PII throughout the bank.

The Statement of Applicability, version 15.0, dated March 27, 2025, demonstrates Access Bank’s role as both a PII Controller and a PII Processor, ensuring a robust framework for safeguarding sensitive information at every stage of its lifecycle.

The certification is referenced under ISMS Certificate, No. IS 583140 and affirms that the lender operates a Privacy Information Management System (PIMS), which fully complies with the rigorous requirements of ISO/IEC 27701:2019.

It reflects the bank’s proactive approach to privacy management, its investment in state-of-the-art security infrastructure, and its commitment to building trust with stakeholders and the broader community.

“Achieving the ISO/IEC 27701:2019 certification is a testament to Access Bank’s proactive approach to information security, Data Protection and Privacy, which reflects our commitment to safeguarding the trust our customers place in us, and our culture of continuous improvement.

“It demonstrates our dedication to adopting global best practices and reinforces our position as a leader in privacy information management across the financial services sector.” The Chief Information Security Officer/Data Protection Officer of Access Bank, Favour Femi-Oyewole, said.

Also, the Executive Director for IT and Digitisation at Access Holdings Plc, Lanre Bamisebi, said, “Securing the ISO/IEC 27701:2019 certification marks a pivotal milestone in Access Bank’s journey to embed privacy and data protection at the heart of our digital strategy. It also underscores the strategic investments we continue to make in digital innovation.

“This achievement reflects our unwavering commitment to building resilient systems that not only meet global standards but also anticipate the evolving expectations of our customers and regulators. It is the result of deliberate cross-functional collaboration and a forward-thinking approach to governance and trust.”

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Banking

Stanbic IBTC Bank Reaffirms Commitment to Inclusive Growth

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Stanbic IBTC Bank Home Loan Summit

By Modupe Gbadeyanka

Stanbic IBTC Bank has reiterated its commitment to inclusive growth, especially by providing support to female business owners because of their vital role in Nigeria’s economy.

The bank in a statement said it created the Blue Blossom Account in recognition of the positive impact of women entrepreneurs in society, as they drive innovation, create jobs, and build resilient businesses.

It stressed that focusing on women-led businesses helps to build a more inclusive and vibrant economy. Supporting women is not just the right thing to do—it’s a smart investment in Nigeria’s future, the lender said.

Stanbic IBTC Bank noted that the Blue Blossom Account was designed to help women overcome common financing challenges, as it provides easier access to business finance in line with the Central Bank of Nigeria’s Sustainable Banking Principles.

Women business owners enjoy zero current account maintenance (CAM) fees, concessionary loan rates, and access to business clinic sessions. These benefits make the Blue Blossom Account more than just a product—it’s a practical tool for growth.

Stanbic IBTC Bank said it also offers lending solutions like SME Lite and SME EZ Cash. These options help women-led businesses secure working capital, fund expansion, or invest in new opportunities. With flexible terms and accessible financing, the bank is assisting more women grow their businesses.

Support goes beyond finance. Through its SME Collab customer value proposition, the bank offers training and curates events to help women manage their businesses and connect with other entrepreneurs.

A key highlight is the Bloom Weekend, an empowerment event that brings together thousands of women entrepreneurs, professionals, and leaders. The event features masterclasses, financial advisory, and a vibrant trade fair where women showcase their businesses. It also provides an avenue for networking and having fun.

Digital tools also play a role. With POS terminals, the Enterprise Online internet banking platform, and the SME Mobile App, women entrepreneurs can manage payments and cash flow more efficiently. These solutions make it easier to run a business and reach more customers.

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Banking

Zenith Bank Honours Pioneer Customers, Long-Serving Staff at 35

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zenith bank at 35

By Dipo Olowookere

Over the weekend in Lagos, Zenith Bank Plc rolled out drums for its pioneer customers and members of staff, who have served meritoriously for 25 years and above.

The event, which precisely took place at the Eko Hotel and Suites on Friday, August 15, 2025, brought together key stakeholders of the bank, including customers, staff (past and present), regulators, partners, and friends for the 35th anniversary of the company.

Zenith Bank was established in May 1990 and has since grown into one of Africa’s leading financial institutions with branches across the 36 states of the federation and the FCT, Abuja, as well as subsidiaries in the United Kingdom, Ghana, Sierra Leone, Gambia, France, UAE and a representative office in China.

The chief executive of the lender, Ms Adaora Umeoji, in her welcome address, described the chairman of Zenith Bank, Mr Jim Ovia, as “the godfather of modern banking and the Nostradamus of our time, who through sheer tenacity, foresight, and uncompromising integrity transformed a modest vision into the financial powerhouse we celebrate today.”

On his part, Mr Ovia thanked the bank’s esteemed customers and shareholders for their trust, confidence and shared vision; the regulators, for their guidance over the years; his friends and partners, for being a constant source of strength; the Zenith Bank family led by Ms Umeoji, for their loyalty and commitment; and his beloved wife and family for their love and support.

The Vice President of Nigeria, Mr Kashim Shettima, who once worked at Zenith Bank and was present at the event, said, “Long before technology became the bloodstream of global finance, Jim Ovia had already woven it into the DNA of Nigerian banking industry.

“He introduced innovation not as a fashion but as a philosophy, placing Zenith Bank on a path where excellence is not an ambition but a standard. Yet his true signature is not only on the balance sheet.

“For Jim Ovia, the people make an institution. His greatest investment has been in human capital – in transferring his experience and sense of adventure to generation after generation of bankers and investors forged at Zenith Bank.”

Others present at the ceremony were the Governor of Lagos State, Mr Babajide Sanwo-Olu; the Governor of Ondo State, Mr Lucky Aiyedatiwa; the Governor of Taraba State, Mr Agbu Kefas; the Governor of Borno State, Mr Babagana Zulum; the Governor of Delta, Mr Sheriff Oborevwori, represented by the Deputy Governor, Mr Monday Onyeme; former Governor of Anambra State, Mr Peter Obi; former Governor of Akwa Ibom State and ex-Executive Director of Zenith Bank, Emmanuel Udom; and Africa’s richest man, Mr Aliko Dangote; among others.

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