Banking
Stanbic IBTC Unveils ‘Biz-Smart Account’ with Zero Maintenance Fee
By Dipo Olowookere
A new banking product that will help small and medium scale enterprises save on cost and optimize their business margins/revenues has been introduced by Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc.
Called Biz-Smart Account, the new product makes it possible for business owners to open and operate the account without paying maintenance fees and other related charges.
The Biz-Smart Account is a hybrid current naira account specially tailored to enterprises and offers the unique features of both a savings and current account.
It was developed to help enterprises reduce to the barest minimum the cost of business, especially the ones that emanate from transactional accounts, Stanbic IBTC Bank says.
The account offers zero account maintenance fees and it attracts interest based on the available deposit on the account.
The account also gives the holder access to internet/mobile banking channels and access to MasterCard Naira debit card. Other benefits include third party cheque lodgement, setting up of direct debits or standing orders for regular bills payment and receiving transfers, amongst others.
This unique enterprise banking solution from Stanbic IBTC Bank is offered in two variants namely Biz-Smart account and Biz-Smart Plus account.
The Biz-smart requires an opening balance of N60,000 and a daily minimum balance of N50,000 and enables the holder receive interest on their account. In addition to this, a maximum of four cash withdrawals is allowed at the branch. However, there are no limits for transactions on e-channels (ATM, Web payment, Mobile Banking, POS and Internet Banking) so applicable transaction fees for using these channels would apply.
The Biz-Smart Plus on the other hand allows for monthly unlimited withdrawals but requires a minimum account opening balance of Five Hundred and Twenty Thousand Naira and a daily minimum account balance of Five Hundred Thousand Naira.
Commenting on the new banking product, the Acting Head of Enterprise Banking and Trade Finance at Stanbic IBTC Bank, Mr Ayodele Ojosipe, stated that, “We recognize the importance and pivotal role of Enterprises in the growth and development of our economy.
“Small and Medium Scale Enterprises are the key drivers of the economies of developing countries, creating thousands of jobs and enhancing GDP growth.”
“This explains the efforts of Stanbic IBTC Bank Plc in supporting this critical sector with the ultimate aim of achieving entrepreneurial optimisation in the Nigerian economy.
“We call on all SMEs in the country to embrace this unique offering that would help in boosting their business continuity, growth and productivity,” he added.
Mr Ojosipe noted that Stanbic IBTC Bank is very popular for its SME Capacity Building Series which holds annually in select cities across Nigeria and that the bank is fully committed and well experienced in the area of promoting Small and Medium Scale Enterprises. The bank has received several awards for its support of the sector.
In 2016, Stanbic IBTC Bank was adjudged the Most Innovative SME Bank of the Year in Nigeria by The Asian Banker Awards. The bank is also known for its digital solutions designed to ensure strong and viable operations in the small and medium scale enterprises sub-sector.
Its online platform as well as its Digital Bank, the Enterprise Direct, provides quick turnaround time for SMEs, ensuring they are able to take advantage of the unique offerings available via the mentioned channels for business growth and expansion opportunities.
Stanbic IBTC Bank is a member of Stanbic IBTC Holdings PLC, 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. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank 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, infrastructure and real sector support.
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.
