Banking

Stanbic IBTC Reaffirms Position as Leading Employer Brand

Published

8 years ago

18/07/2018

By Modupe Gbadeyanka

Stanbic IBTC’s status as a leading employer brand has again been reaffirmed as the financial institution won an unprecedented five of nine awards at the HR People Magazine Awards 2018 held recently in Lagos.

The five awards won by Stanbic IBTC are: Best Training, Learning & Development Strategy 2017; Outstanding Employee Engagement Strategy 2017; Employer of Choice 2017 (large corporates category); HR Manager of the Year 2017; and HR Champion of the Year 2017 (awarded to the Group Chief Executive for outstanding commitment to growing people at the organization).

HR People Magazine, organisers of the awards, is the foremost magazine dedicated to the human resources and people development profession in Nigeria and Africa at large. According to the organisers, the awards are evidence-based, and the criteria used to select winners include: a demonstrable and effective strategy to drive the HR touchpoints in all the award categories, ability to show consistent best practice implementation within the organization, evidence-based programs and the impact of these programs on the organization. Specific emphasis on; employee retention, client testimonials and organization’s reputation throughout the business and wider community, employee engagement and productivity levels; among other criteria. Performance was judged over the period covering January 2017 through to December 2017.

Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, stated that winning five awards is a testament to Stanbic IBTC’s strategy of growing a responsible, disciplined, and highly productive workforce. It also reinforces the company’s strong management, systems and its leadership in the financial services industry.

According to Mr Sanni, the awards are a testament to Stanbic IBTC’s continuous investments in its human capital and the establishment of people-friendly procedures and practices, as well as a professional but friendly work environment and a support structure that helps to motivate the employees to give their best while exhibiting their talents.

“We are delighted to be recognised in five different categories out of nine for our strong human capital strategies and deliberate and consistent investments in our people. For us, a highly motivated workforce, one that can deliver better services, is a function of the level of investment in the human capital for professional and personal development that helps to create a productive workforce whilst fulfilling individual career aspirations,” Mr Sanni said.

“These awards will energise us to continue to fine-tune our strategies and provide our people with the right environment, the right tools and adequate incentives to win their commitment as well as grow our people,” he added.

Speaking on the rationale for the awards, Editor-in-Chief of HR People Magazine, Dapo Saheed, said the awards were instituted to celebrate individuals and organisations that have invested in their workforces and are committed to strategies that help to engender best practices in HR and efficient business outcomes.

“These accolades were instituted to reward companies and HR managers who have strategies in place to engender a work-life harmony. They prioritise Human Capital as essential to delivering superior value to stakeholders and this is reflective in people-related investments, processes, policies and practices put in place.”

Stanbic IBTC had similarly been recognised by the Chartered Institute of Personnel Management (CIPM), the principal HR body in Nigeria, for its exceptional people strategy. In 2016 and 2017, Stanbic IBTC won CIPM’s Overall Best HR Practices in Corporate Nigeria.

Other awards won by Stanbic IBTC’s Human Capital team are: CIPM 2017 HR Optimization Award as the Best Employee Engagement & Internal Communication Initiative; CIPM 2017 HR Best Practice Awards (Banking & Finance Category); HealthMeetings.Org’s 2017 Special Award for Outstanding Investment in Employee Health; and HR People Magazine Award for Outstanding Talent Strategy 2016.

Head, Human Capital, Stanbic IBTC, Mrs Funke Amobi, thanked HR People Magazine for the recognition, even as she assured that the organisation will not rest on its oars in ensuring a productive and motivated workforce.

Stanbic IBTC Holdings PLC is 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. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution 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 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.

Banking

See Nigerian Banks That Have Secured Their Licences

Published

6 hours ago

19/01/2026

Business Post Contributor

Nigeria’s banking sector is in the midst of one of its most transformative periods in decades. In March 2024, the Central Bank of Nigeria (CBN) announced a new minimum capital requirement for banks, prompting them to raise additional capital by 31 March 2026. The goal? Create larger, more resilient banks that can support big projects, strengthen the financial system, and help drive Nigeria toward a $1 trillion economy.

It is important for everyday customers, investors, and businesses to understand that the new capital requirement is at different levels: International, National, and Regional.

Banks That Have Secured International Licences

An international banking licence allows banks to operate beyond Nigeria’s borders and engage in cross-border transactions. To qualify, banks must meet a higher capital threshold — ₦500 billion in paid-up capital.

As of early 2026, the following banks met this requirement and secured their international licences:

Access Bank Plc
Fidelity Bank Plc
First Bank of Nigeria Ltd
Guaranty Trust Bank (GTBank)
United Bank for Africa (UBA)
Zenith Bank Plc

Banks That Have Secured National Licences

A national banking licence allows operations across Nigeria but restricts international expansion. Banks need ₦200 billion in paid-up capital to secure this licence.

FCMB (First City Monument Bank) – currently pushing to raise additional capital to secure its international licence.
Wema Bank
Standard Chartered Bank (Nigeria)
Citibank Nigeria
Stanbic IBTC Bank
Sterling Bank
Globus Bank
Premium Trust Bank

Banking

VAT on USSD, Mobile Transfer Fees Not Introduced by Nigeria Tax Act—NRS

Published

4 days ago

15/01/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.

Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.

It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.

But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.

It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.

“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.

“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.

Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.

VAT on banking fees

Banking

Paystack Enters Banking Space With Ladder Microfinance Bank Acquisition

Published

5 days ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.

The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.

In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.

Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.

The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.

To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.

The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.

“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.

Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.

Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.