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Stanbic IBTC Unveils First 24-hour Digital Branch

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Stanbic IBTC Bank
  • Stanbic IBTC Unveils First 24-hour Digital Branch

Stanbic IBTC Bank says it has inaugurated its first self-service digital branch drive optimal financial services in Nigeria.

It said the processes and systems of the branch, located at Maryland Mall, Lagos, were completely digitalised and equipped with tablets, touch screens, electronic banking devices and new digital technologies to enable customers to conduct financial transactions seamlessly while enjoying a delightful banking experience.

The inauguration took place on Wednesday, with the founder of Zinox Technologies Limited, Leo Stan-Eke, declaring the facility ready for business.

Among other facilities available at the branch are automated teller machines, bulk note acceptor, personal teller machine, smart table, self-service kiosk, self-service smart tablets, Internet banking kiosk, and instant debit card issuance machine.

The Chief Executive Officer, Stanbic IBTC Bank, Yinka Sanni, described the digitisation of banking services as the path to the future as consumers increasingly embrace the online world to meet their needs.

He said, “The benefits of digitalisation and innovation are huge for the individual, business or economy. As technology evolves, Stanbic IBTC Bank will keep pace with it to deliver impeccable value to its customers.”

According to him, Stanbic IBTC Bank expects to report further growth in digital branch numbers and innovations as fresh investments are made to deliver on the bank’s long-term goal to build a bank for everyone.

“This milestone is important to us because it fulfils our pledge to leverage on evolving technologies and innovations to deliver convenience and round-the-clock access to financial services to our clientele. It provides a solid platform from which to continue to grow and consolidate our position in the Nigerian market,” Sanni said.

He said as an African institution, the Standard Bank Group, to which Stanbic IBTC belongs, would continue to demonstrate commitment to the development of Nigeria and Africa by supporting critical sectors of the economy and to help highlight investment opportunities therein.

“We will continue to build first-class, on-the-ground banking services in Nigeria, investing in people, branch networks and systems. We are confident that future revenue flows will justify these investments in branch and customer infrastructure.”

Eke, who commended Stanbic IBTC Bank for taking the initiative, noted that the facility was defined by consumer protection, trust and security as the technologies deployed are best-in-class in technological delivery and quality.

“Digital banking is the way of the future, not just for banks but also for the economy,” he added.

The Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr. Babatunde Macaulay, described the new branch as the first in a series of digital branches to be established across Nigeria.

He, however, said non-digital consumers would not be left behind as the bank continues to expand its footprint and increase access channels and touchpoints.

“We are always seeking to understand the needs of the entire spectrum of our clientele and by so doing, strive to connect with every market segment so that we can provide the much needed solutions to their financial needs,” he stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

UBA America Strengthens Commercial Diplomacy, Hosts Diplomats, Others at World Bank Summit

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UBA

UBA America, the United States subsidiary of United Bank for Africa (UBA) Plc hosted diplomats, government officials and business leaders to a networking reception in partnership with the esteemed Business Council for International Understanding (BCIU) and the U.S. Department of States in Washington DC on Monday .

The event which was held on the sidelines of the ongoing IMF World Bank Spring Meetings was organised by the BCIU and US Department of State to enhance collaboration and fortify commercial diplomacy among nations, institutions and individuals.

Speaking during the event, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, noted that the bank’s co-hosting of the event via its American subsidiary, underscores its commitment towards cultivating robust relationships within the development communities in the United States.

He said, “As a distinguished member of BCIU, a non-profit organisation providing customised commercial diplomacy services, UBA Group and UBA America share BCIU’s vision of actively pursuing strategic opportunities, contributing to global economic cooperation, deepening of economic diplomacy, facilitating ideas, forging partnerships, and adding value for all stakeholders.”.

“Our resolve to co-host this Networking Reception symbolises our dedication to fostering inclusive economic growth and partnership across borders. By leveraging platforms like this, we can collectively address shared challenges and seize opportunities for sustainable development,” he stated further.

BCIU is a non-profit Association comprising of policy experts, strategic advisors, and trade educators, and offers bespoke commercial diplomacy services to the world’s governments and leading organisations, from Fortune 100 companies to global investors and multilateral institutions.

Only last year, the CEO UBA America, Sola Yomi-Ajayi, was appointed to the Board of BCIU, where she collaborates with fellow board members to ensure the organisation operates in alignment with its by-laws and New York 501(c)3 non-profit legislation.

Yomi-Ajayi has been committed to nurturing long-term organisational growth and sustainability, thereby reinforcing the bond between UBA America, BCIU, and the broader international community.

UBA America is the United States subsidiary of United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions with presence in 20 African countries, as well as in the United Kingdom, France, and the United Arab Emirates. UBA America serves as a vital link between Africa and the global financial markets, offering a range of banking services tailored to meet the needs of individuals, businesses, and institutions.

As the only sub-Saharan African bank with an operational banking license in the U.S., UBA America is uniquely positioned to provide corporate banking services to North American institutions doing business with or in Africa.

UBA America delivers treasury, trade finance, and correspondent banking solutions to sovereign and central banks, financial institutions, SMEs, foundations, and multilateral and development organizations. Leveraging its knowledge, capacity, and unique position as part of an international banking group, the Bank seeks to provide exceptional value to our customers around the world.

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Banking Sector

Ecobank Pays Off $500 Million Eurobond

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Ecobank - Investors King

Ecobank Transnational Incorporated (ETI) has announced the successful repayment of its $500 million Eurobond.

The Eurobond, issued in April 2019 with a coupon rate of 9.5%, matured on April 18, 2024, and was listed on the London Stock Exchange.

The repayment, totaling $524 million inclusive of principal and interest, underscores Ecobank’s commitment to financial prudence and investor confidence.

The bond garnered substantial support from a diverse group of global investors, including development banks, FMO, and Proparco, serving as anchor investors.

Mr. Ayo Adepoju, Ecobank’s Group CFO, emphasized the significance of the inaugural bond in broadening the institution’s investor base and enhancing its visibility in global capital markets.

Despite challenges in the operating environment, such as disruptions in the global supply chain and financial markets, Ecobank has demonstrated resilience through robust liquidity, a solid balance sheet, and effective leadership.

This repayment marks Ecobank’s commitment to fulfilling its financial obligations and maintaining strong relationships with investors.

While this Eurobond repayment closes a significant chapter, it also reflects Ecobank’s ongoing efforts to navigate challenges and sustain its position as a leading financial institution in Africa.

As Ecobank clears this debt, it reinforces its reputation for financial stability and prudent management, setting a positive trajectory for future growth and continued success in the dynamic global financial landscape.

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SEC to Guard Against Illicit Funds Influx Amid Banking Recapitalisation

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Securities and Exchange Commission

In response to the recent banking recapitalization exercise announced by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) has reiterated its commitment to safeguarding the integrity of the capital market against the influx of illicit funds.

This announcement came during a symposium organized by the Association of Capital Market Academics of Nigeria, where the Executive Director (Operations) of SEC, Dayo Obisan, addressed stakeholders on the implications of the banking sector recapitalization for the Nigerian capital market.

Obisan expressed the commission’s determination to collaborate with stakeholders to prevent the entry of laundered funds into the capital market.

He stressed the need for fund verification exercises to ensure transparency and accountability in capital inflows.

While acknowledging that fund verification is not typically within SEC’s purview, Obisan stated the commission’s willingness to collaborate with other regulators to prevent the entry of illicit funds into the market.

He said it is important to engage institutions such as the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) in verifying the legitimacy of funds entering the market.

Obisan also announced regulatory engagements aimed at enhancing the quality of filings and ensuring compliance with anti-money laundering regulations. These engagements seek to streamline the application process and mitigate the risk of illicit fund inflows from the onset.

Meanwhile, the President of the Chartered Institute of Stockbrokers, Oluwole Adeosun, maintained that the capital market can support the fresh capitalisation exercise.

He said, “The market is able and has expanded in the last ten years to be able to withstand any challenges with this capital raising exercise. It is important to know that investors have started to position themselves in the stocks of Tier 1 banks with the announcement of the planned recapitalisation last year.”

Adeosun also called on the banks to consider other options beyond the right issues, as had been seen in recent days in the sector, given the size of the funds needed to be raised as well as to bring in a fresh set of investors into the market.

“There should be more than a rights issue. We believe that some of them should go by private offer and public offer because the capital is huge so that we can bring in more shareholders into the market. We believe it is another opportunity for Gen Zs and millennial investors to come into the market.

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