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Stanbic IBTC Gets Laurels for Contribution to Nigerian Economy

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By Sodeinde Temidayo David

Stanbic IBTC Holdings has continued to receive different acknowledgements and awards for its outstanding contribution to the Nigerian financial industry and economy.

In the recent statistical update of the National Bureau of Statistics (NBS), Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in the second quarter of the year with $310.21 million, which accounts for 35.43 per cent of the total capital inflow in the period.

In addition, Stanbic IBTC Bank emerged again as the Best Sub-Custodian Bank in Nigeria at the 2021 edition of the Global Finance Best Sub-Custodian Bank Awards organised by the global finance magazine.

The organisation achieved a remarkable feat by winning the award for the 10th consecutive year.

The bank received the award, leading other nominated banks in having outstanding service in customer relations, quality of service, competitive pricing, innovative technology platforms, post-settlement operations, business continuity plans, and knowledge of local regulations and practices.

Speaking on this, the Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, expressed his delight at the announcement, saying that the award had once again placed Stanbic IBTC Bank on a pedestal of excellence as a foremost financial services provider in Nigeria.

“We are excited that Stanbic IBTC Bank PLC has been recognised as the best Sub-Custodial Services Provider in Nigeria for the 10th consecutive year.

“We attribute this award and esteemed recognition to our team’s hard work and dedication in carrying out custodial services, our ever-evolving technological innovation in service delivery, and our passion for client satisfaction. We will not relent in giving our absolute best at all times,” he said.

Also, on his part, the Chief Executive, Stanbic IBTC Nominees, Mr Babatunde Majiyagbe, spoke of the award, expressing his delight in the commitment and performance the bank had shown to deserve the award.

“The criteria for this recognition show that we are on the right path as we continually seek ways to provide the best-in-class service to our clients despite current global challenges.

“Client-focus and digitisation remain key drivers for business success, and we will continue to provide value because we are committed to making real progress,” Mr Majiyagbe disclosed.

Similarly, Stanbic IBTC Holdings PLC was declared the Holding Group Category winner at the 2020 edition of the Next 100 Global Awards by the international finance magazine Global Banking and Finance Review.

The Next 100 Global Awards recognised organisations with exceptional strategy, achievements, dedication, and leadership.

Some of the indices that were taken into cognisance in awarding Stanbic IBTC included leadership and team experience, quality, track record, industry footprint, social contribution, economic impact, and the level of expertise.

Other criteria were growth rate, industry awards and recognitions, technological advantages, customer response and engagement, the disruptiveness of solutions in respective markets, and impact on the respective industry.

The CEO, Stanbic IBTC Holdings PLC, Mr Demola Sogunle, also commented, “We are excited to be listed amongst winners of the next 100 global awards 2020, specifically in the holding group category.

“This is a testament to the high operating standard at Stanbic IBTC and proof of the confidence that our numerous customers have in our service delivery.”

Also, the organisation was honoured with the outstanding community service award in corporate social responsibility by the Olambe community in Ogun State. The award was in recognition of the organisation’s meritorious contributions to the development of the Olambe community.

On congratulating the leading financial institution on behalf of Olambe Community, the CEO, Ascend Hotels Limited, Mr Wale Olatunde said, “This is a well-deserved honour given to the organisation for being dependable and supportive over the years. We recognise and appreciate the positive impact and contributions of the organisation to Olambe Community.”

Mr Wole Adeniyi spoke of Stanbic IBTC’s penchant for leaving lasting legacies, especially amongst host communities.

He said, “through our Corporate Social Investment (CSI) initiative, which is hinged on three major pillars, namely: education, health and economic empowerment, we consistently reach out to underserved communities and provide the assistance required to make the society a better place.”

Stanbic IBTC, over the years, has been a recipient of several awards for outstanding financial performance, excellent customer service delivery, and management efficiency.

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Banking

First Bank Partners NIBSS to Promote Digital Payment Convenience

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First Bank Sympathy Letter

By Sodeinde Temidayo David

Nigeria’s top first-generation financial institution, First Bank of Nigeria Limited, has announced its partnership with the Nigeria Inter-Bank Settlement System (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution, in a bid to improve customer digital payment experience.

This was revealed by the Chief Executive Officer (CEO) of First Bank, Mr Adesola Adeduntan, who noted that the NQR is an innovative payment option implemented for all financial service providers.

“We are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) which has been instrumental to easing and promoting payment convenience with the use of mobile phones,” the CEO expressed.

As stated by Mr Adeduntan, the NQR is designed to promote quick and fast transactions by scanning the code on one’s mobile device.

He noted that the NQR is set to promote the vision of the bank, embracing technology to deliver quality and satisfactory services.

“At First Bank, we recognise the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting You, our customers First,” he stated.

This new initiative reduces costs for merchants and banks in delivering instant value for a person to business (P2B) and person to person (P2P) transactions by simply scanning to pay.

Unlike other QR schemes, the NQR is implemented with reduced charges that are cheaper for merchants.

The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App and it is also available for the merchant in facilitating their business activities.

The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacies, ride-hailing or taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online businesses amongst many others.

To access the service, customers are expected to launch the FirstMobile App and select QR payment. Afterwards, NIBSS can be chosen as a payment provider, then the seller’s NQR barcode can be scanned.

The amount is inputted for the transaction would be followed by a request for personal identification number (PIN) validation to generate an instant confirmation of the transaction successfully.

On the other hand, merchants are to visit any First Bank branch closest to them for service enrollment.

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Banking

Appzone Relaunches BankOne

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Appzone

By Modupe Gbadeyanka

The digital core banking solution for Africa’s fintechs and Neobanks, BankOne, has been relaunched by Appzone and re-engineered with the functionality expected to drive the exponential growth of fully digital offerings.

This follows Appzone’s Series A raise in April 2021, the largest locally-led raise in Nigeria which repositioned the organization to roll out new innovative offerings that help financial institutions function in a fully digital and automated way.

Having previously built out functionality to automate and run traditional Banking operations, Appzone is now deploying BankOne as a platform for technology-driven financial institutions intending to adopt a 360-degree digital approach that does not involve physical branches or human interaction.

With operations in Nigeria, Ghana, Gambia, and Kenya, BankOne currently hosts over 10 million customer accounts with balances totalling $105 million while managing over $650 Million in annual loan disbursements, and $2.9 billion in total transaction value.

Asides from managing customer records, loans, deposits, and accounting, BankOne provides an omnichannel self-service platform, USSD interfaces, Payment ecosystem integration, agent banking capabilities, and card management services.

These functionalities are available to Fintechs like digital lenders and neobanks, as well as traditional banks like MFIs, mortgage banks, consumer lenders and commercial banks.

Currently, challenger and traditional banks in Africa are limited to using foreign technology solutions tailored for Western markets, and many of these solutions are hindered by prohibitive pricing, poor market fit and a lack of local tech support.

BankOne’s major differentiation lies in its fit-for-purpose functionality and integrations with the local ecosystem of third-party services. These characteristics in addition to ease of customization and availability of local support ensure that the platform seamlessly plugs into the needs of African Banks and Fintechs.

Speaking on the relaunch, the CEO of Appzone Core, Mr Mudiaga Umukoro, said: “For over a decade, BankOne has played an active role in driving the digitization of Nigeria’s financial services industry.

“The platform has now been repositioned to serve the continent’s growing number of Fintechs and neobanks.

“BankOne’s major advantages are market fit and affordability which allow financial institutions deliver highly relevant products at a fraction of cost while leveraging our numerous integrations with mainstream payment systems to achieve instant interoperability with other industry players at no extra cost.”

Originally launched in 2011, BankOne is delivered and run by Appzone Core, a subsidiary of the Appzone Group.

The platform played a significant role in the first digitization phase of Nigeria’s financial sector and came to further prominence and adoption as digital challengers and neo-banks began to emerge.

As Africa rapidly accelerates towards a fully digital banking future, BankOne is being positioned to provide affordable and purpose-built digital infrastructure to enable this transition.

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Banking

Wigwe, Emefiele Get Juris Law Award

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Wigwe Emefiele Juris Law Award

By Modupe Gbadeyanka

For their outstanding contributions to corporate governance and rule of law in Nigeria’s banking industry, Juris Law has honoured the duo of Mr Herbert Wigwe and Mr Godwin Emefiele.

Mr Wigwe is the Chairman of Body of Bank CEOs and Group Managing Director of Access Bank Plc, while Mr Emefiele is the Governor of the Central Bank of Nigeria (CBN).

They got the award at the 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 held on Tuesday, October 12 in Abuja.

Mr Wigwe and Mr Emefiele have partnered in the creation of several positive socio-economic initiatives such as the Creative Industries and Financing Initiative; a loan scheme developed to provide access to long-term and low-interest financing for entrepreneurs in Nigeria.

In addition, they were key parties in the formation of the Coalition Against COVID-19 (CACOVID) – a vehicle created to spearhead corporate Nigeria’s support for the federal government’s fight against the deadly virus.

The successful coalition funded the establishment of response centres, acquisition of medical equipment, supplies and food palliatives for vulnerable Nigerians.

Speaking on the recognition, the Access Bank chief stated that he was honoured to receive the Juris Law award, adding that “through innovative banking initiatives and our underlying sustainability drive, Access Bank will continue to create shared value for all our stakeholders, striking a balance between competitive advantage and corporate social responsibility.”

The 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 focused on reforms and the statutory requirements imposed by CBN on all banks and other financial institutions in Nigeria to adopt policies on anti-money laundering and combating the financing of terrorism and cyber security in Nigeria.

Present at the occasion were the Attorney General of the Federation (AGF) and Minister of Justice (AGF), Mr Abubakar Malami (SAN); the Appeal Court President, Justice Monica Dongban-Mensen; the Chief Judge of the Federal High Court, Justice John Tsoho; the former Chief Justice of Nigeria and former Chairman, Board of Governors, National Judicial Institute, Justice Mahmud Mohammed and other high ranking judicial officers and the legal community.

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