Banking
SunTrust Bank Stands Tall with Impressive 2016 Performance
By Modupe Gbadeyanka
SunTrust Bank Nigeria Limited has released its financial performance for the year ended December 31, 2016 and the results have sent a clear message of determination to succeed and deliver value to all stakeholders.
SunTrust Bank began commercial banking activities last year with the vision to “offer high quality retail and commercial banking services in a modern and innovative manner.”
“We will use technology and a new way of thinking to provide banking services to many people and businesses in Nigeria for whom access to a bank account has previously been impossible.
“We will offer telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity,” the Managing Director/Chief Executive Officer of the bank, Mr Muhammed Jubrin declared.
And going by the results of the bank for 2016, the future is very bright for all stakeholders. The bank grew its bottom-line by 160.2 per cent as profit before tax (PBT) rose from N131.9 million to N343.34 million in 2016.
In all, the bank recorded net interest income of N935.892 million in 2016, up from N220 million in 2015, while net fee and commission income improved from N65.389 million to N92.378 million in 2016.
SunTrust Bank ended the year with a profit after tax (PAT) growth to 74.57 per cent from N121.844 million in 2015 to N212.707 million in 2016.
Consistent with its conservative risk profile, the bank maintained its strong liquidity position, with cash and short-term funds accounting for 32 percent of its total assets.
The bank recorded a rapid growth in deposits by an impressive 425 percent in four months, a clear demonstration of the success of its business strategy.
Deposits from customers rose to N4.195 billion from a record N788.583million in 2015. The bank’s PBT and PAT margin improved from 9.2 per cent and 8.4 per cent in 2015 to 26.9 per cent and 16.7 per cent in 2016 respectively.
SunTrust Bank is the first fresh banking licence to be issued by the Central Bank of Nigeria (CBN) since 2001.
According to Mr Jibrin, SunTrust Bank started about seven years ago as a mortgage bank, noting that board and management were able to grow its balance to a reasonable size before they decided to pursue a commercial banking licence from the CBN which they got in September of 2015.
He said the bank would be a financial technology institution that would focus electronic channels by offering telephone, mobile and internet banking services.
“Banking is no longer where you go, it is what people do. Therefore, the only thing that can stand the future is no longer physical branches, but banking services that would be driven by technology. So, most customers of tomorrow would no longer be the customers that they want to go to the banking hall.
“So, you need to be able to position the institution to respond positively to the needs and expectations of customers of tomorrow. That is at the heart of our own vision and strategy as tomorrow’s bank today,” Mr Jibrin said.
The Chairman of the bank, Mr Charles Onyema Ugboko, had said that establishing a bank amid the present economic situation showed that the board and management are committed to the growth of the Nigerian economy.
SunTrust Bank operates the branchless banking model where it will deliver financial services outside conventional bank branches. According to the bank, it hopes to eliminate the need for costly brick-and-mortar branches and use agent networks to reach its customers more efficiently.
The bank’s competitive edge will be the strong reliance on technology and the bank will be encouraging customers to access its services from the comfort of their homes and offices and as such the bank will not be engaging in a proliferation of branches.
“Our services will be available to our customers 24 hours daily, seven days a week and from anywhere in the world where there is a good Internet service.
“Even our data centre is outsourced, this way we will not have the overbearing requirement to put on the generator at our locations,” Mr Jubrin said.
He explained that SunTrust Bank customers will be encouraged to use any bank ATM because the bank will not be charging them the fee charged by other banks for using ATM machines belonging to other banks.
“We will not be emphasising physical security as we are making serious investment in cyber security instead.”
“In the years to come, the developments at SunTrust should have far-reaching influence in the banking sector specifically and our nation generally,” the CEO said.
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.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
