Banking
Survey Ranks Stanbic IBTC Bank Best in Nigeria With 4-Star Quality Rating
By Dipo Olowookere
In validation of the impeccable quality of service it provides in the Nigerian market, Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has received a 4-star rating in the first ever Lafferty Banking 500 Global Benchmarking Study.
Published by the Lafferty Group which provides research and intelligence to the banking industry across the world, the Lafferty Banking 500 study is a survey of 500 banks worldwide, expanded from 100 surveyed in 2016 and 2017, in which banks are given star-ratings out of five with institutions from 72 markets across all global regions ranging from large global banks to small regional institutions graded.
Stanbic IBTC Bank, which was awarded four stars from a maximum five, is one out of 160 banks to achieve 4 or 5-star ratings with only eight banks out of 500 achieving the highest score of five stars.
The group uses a combination of financial and non-financial disclosures in banking groups’ latest annual reports to determine the quality of the organisations and their respective business models.
The banks are assessed across 19 metrics, which include things like loans to deposits ratios, profits and assets, as well as other indicators like strategy, culture and end leadership.
A star rating is applied as part of the benchmarking of banks, with five stars for the best performers, and one star at the other extreme. Roughly one-third of the banks in the study achieved four-star quality ratings, while two-thirds were rated three-star or lower.
“This recognition and rating affirms Stanbic IBTC’s commitment to providing peerless services and also signposts the fact that we’re heading in the right direction in our mission to become Nigeria’s leading end-to-end financial solutions provider.
“Our ongoing digitization, innovative initiatives, customer-centricity, aggressive universal financial services organisation drive, consistency in delivering relevant solutions to our clients and value to our other stakeholders will be buoyed by this award,” Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Babatunde Macaulay, said.
Macaulay expressed the company’s delight for being recognized by Lafferty Group amongst the best banks in the world. He said the award further demonstrates Stanbic IBTC’s strength and desire to consistently provide best-in-class financial services solutions across all market segments by leveraging on the expertise and rich heritage of the Standard Bank Group, to which Stanbic IBTC Holdings belongs.
He stated further that the high rating is testament of Stanbic IBTC Bank’s overall quality and stability and demonstrates the bank’s capacity to consistently deliver tailored solutions that showcase the bank’s expertise and understanding of the dynamics of the retail banking sector.
Director of Councils and Client Relations, Lafferty Group, Caroline M. Hastings, while congratulating Stanbic IBTC Bank, said the Lafferty Banking 500 Global Benchmarking Study was inaugurated to distinguish and recognise banks with exemplary characteristics of the best banks in particular regions or worldwide.
“With a deep view across the world’s leading banks we understand the winning bank quality metrics: what makes good culture, strategy and customer service,” Hastings said.
According to Lafferty, the survey found that ‘focus’ is the key to success in banking, with the best performing banks focusing on consumer and SME/business banking.
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 and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for 153 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 Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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