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Banking Sector

Sterling Bank Upgrades Digital Solution For Businesses



With COVID-19 proving that digital banking is no longer optional, Sterling Bank PLC has recently upgraded SterlingPro, its market-leading digital banking solution, to give corporate and business banking customers a competitive edge at all times.

Executive Director, Corporate and Investment Banking at Sterling Bank Plc, Yemi Odubiyi  in a statement released by the bank, was quoted as saying, “SterlingPro is the bank’s flagship corporate Internet banking product providing real-time solutions that evolve with the needs of its customers’ businesses.”

He described SterlingPro as the game-changer, adding that the product will solve the challenges associated with liquidity management in the present-day business environment.

Explaining the rationale behind the upgrade, Group Head, Transaction Banking and Corporate Solutions at Sterling Bank, Kelechi Nwaoba, said small and large businesses can now profile multiple users on the platform. “SterlingPro has been improved to help businesses better manage liquidity with features that allow choices between single or bulk funds transfers in local and foreign currencies.

“The platform allows single or bulk transfers of local currency up to N500 Million as well as foreign currency transfers up to $25,000 default limits,” He disclosed.

Nwaoba, while assuring business owners of the platform’s flexibility stated that SterlingPro can be integrated into a business’ enterprise resource planning system.

According to him, “this allows businesses to conduct activities seamlessly from their systems with SterlingPro plugged in.”

Other features of the platform according to the statement include bills payment, aggregate account management, account statement downloads indifferent digital formats, transaction reference IDsfor real-time transactions monitoring, automated transfer receipts generation, consolidated transaction reports as well as vendor onboarding and management modules.

Furthermore, the system has also been upgraded to manage varying access and function ranging across combinations of view and transaction levels.

Nwaoba added that there are several approval levels for concluding transactions on SterlingPro, which he said were to ensure better security and business governance for business transactions. These levels, according to him, “are in place to ensure the security of transactions and are implemented using purely digital authentication methods – which can be activated via physical tokens that generate a unique code per transaction, or virtual tokens implemented via a dedicated mobile application.”

He noted that a corporate administrator appointed by respective businesses can oversee the system transactions as well as a platform managers’ profiling.

Nwaoba advised interested prospects and customers to visit here for more details on the solution.

Banking Sector

CBN to Extend Credit Risk Management System to OFIs



In an effort to curb growing bad debt, the Central Bank of Nigeria has said it will extend its Credit Risk Management System to Other Financial Institutions (OFIs) operating in Nigeria to protect them from bad debtors.

According to the apex bank, this is important following the successful implementation of the credit risk system in other lending institutions operating in Nigeria.

The bank disclosed this in a circular titled ‘Credit Risk Management System: Commencement of enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies’ and signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, on Monday.

In part, the circular read, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CTMS platform.

“Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis.

“OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions”.

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Banking Sector

BoI Grows Assets by 78.8% to N1.86 Trillion




The Bank of Industry Group concluded the 2020 financial year with a 78.8 per cent growth of assets from N1.04tn to N1.86tn between 2019 and 2020.

A statement by the bank on Monday said the increase was driven to a large extent by the successful debt syndication of €1bn and $1bn that were concluded in March and December 2020 respectively.

BoI stated that the group’s financial statement demonstrated resilience and strength, noting that the period had significant challenges in the operating environment on account of the impact of COVID-19 pandemic on the economy.

“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” the statement said.

The group’s total equity increased by 14.8 per cent from N293.08bn in the previous year to N336.48bn in 2020.

It added that as a reflection of the adverse impact of the challenging operating environment on growth of new facilities, loans and advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019 position.

The bank explained that this was largely due to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.

“The bank reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine to five per cent per annum for a period of one year and moratorium extension of three months (with a possible extension up to 12 months),” it said.

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Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions



TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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