Banking
Stanbic IBTC Bank Stops Deposit Slips for Cheque, Cash Deposits
By Modupe Gbadeyanka
The management of Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has deployed some changes on its Cash Deposit Process and Cheque Truncation System (CTS) portal, which includes the elimination of cash and cheque deposit slips in branches.
A statement issued by the lender explained that this was done to enhance customers’ experience and make them control their financial transactions.
Stanbic IBTC Bank said among other key features of the new offering are proper customer data collection, reduction in the presentation of stale and post-dated cheques and activation of cheque deposit receipt functionality on the CTS portal.
However, deposits for accounts such as electricity bills, Federal Inland Revenue Service, Customs, and Lagos Inland Revenue Service, among others, still maintain the use of customized deposit slips.
The initiative, tagged “Speak Your Transactions,” became operational for cash deposits on August 13, 2018 and August 20, 2018 for cheque deposits. The purpose of the initiative is to further embed the Stanbic IBTC Group’s “Go-Green” culture as it continues on the paperless journey and empower its customers to speak their transactions.
Chief Executive of Stanbic IBTC Bank Plc, Dr. Demola Sogunle, said the new initiative is in fulfilment of the bank’s commitment to improving customer experience, work efficiency, data quality and ensure all improvement opportunities are maximized to the customers’ benefit.
“This is another initiative that speaks to our determination to consistently reinvigorate our systems and procedures in order to provide bespoke financial solutions to our clients.
“As a service business, we recognize that customer satisfaction is a cardinal operating principle and there is no better way of showcasing this than empowering our customers and enhancing their banking experience,” Sogunle said.
He added that as a member of the Standard Bank Group, Africa’s largest bank by assets, Stanbic IBTC will continue to leverage on the 155-year experience, expertise and strong financial clout of the mother brand to deliver superior sustainable shareholder value by meeting the needs of its clientele. “Our ultimate goal is to continue to render best-in-class service to our customers and also play a leading role in driving their growth”.
Regarding cash deposits, the process entails some simple steps in which the bank teller receives the customer’s account name and number, and subsequently validates the details provided by the customer and then receives cash to be lodged in.
Thereafter, the teller processes the request and prints duplicate receipts that are handed over to customer. After endorsement of both copies by the customer, the teller appends his/her signature and stamps the receipts; then hands over a copy to the customer while the duplicate is kept as evidence of processed transaction.
For outward clearing cheques, only one receipt is printed, stamped and given to the customer. At the point of truncating the cheque on CTS, the teller is required to input the cheque issuance date and present the posted cheque on CTS to the authorizer and prints a copy for the customer.
Stanbic IBTC Bank Plc is part of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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