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Tag: Stanbic IBTC Bank

  • Stanbic IBTC Bank unveils high-yield current account

    Stanbic IBTC Bank has introduced a high-yield current account product to help self-employed business owners.

    The product is also available to professionals, who want to zero  charges as well as maximise their investments.

    Consideration for the success of  small and medium scale enterprises (SMEs) operators and salary earners underlined introduction of the Stanbic IBTC Bank High Yield Current Account (HYCA).

    The product has two variants, HYCA Platinum and HYCA Gold, both available for high networth individuals and individuals in the middle class.

    As hybrid accounts, they offer the unique features of both savings and current accounts, an opportunity to enjoy zero monthly fees as well as interests on credit balances.

    Stanbic IBTC Bank’s Head, Personal Banking, Nkolika Okoli, said: “These products were introduced with the aim of helping customers achieve their savings and investment objectives as well as enjoy the transactional flexibilities that come with regular current accounts. Embedded in the products are robust banking services for people and businesses on the move and managed in a manner that allows them to focus on their core areas. The advisory services attached to the products also ensure best banking solutions round-the-clock.’’

    She added that the bank also understands the lifestyle of the target market and has included a lifestyle offering, which allows its HYCA Gold customers access over 1000 VIP lounges in airports across the globe using their MasterCard Gold debit cards.

    ‘’The cards are enabled on the Lounge Key programme with lounges in almost all International airports and we will explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians,’’ she said.

    A major bane of small and medium enterprises (SMEs) is the muddling of financial management, a reason that is cited for denying them access to bank credit facilities. Closely linked to this is the inability to separate personal and business cash flow which has the potential to affect the company’s long term financial viability.

    “The simple fact is that a business owner ought to draw a salary or allowance from the business and this should go to a personal account. Beyond regular bank/customer relationship, Stanbic IBTC draws from our group expertise to educate our customers on financial wellness and business best practices to ensure they remain in business in the long term,”Okoli said.

     

  • Stanbic IBTC Bank unveils new current account

    Stanbic IBTC Bank has introduced a high yield current account product designed to helps elf-employed business owners address the perceived challenge with current accounts.

    The product is also available to professionals who want to enjoy zero transactional charges as well as maximize investments and returns.

    Consideration for the success of SME operators and salary earners underlined introduction of the Stanbic IBTC Bank High Yield Current Account (HYCA).

    The product has two variants, HYCA Platinum and HYCA Gold, both available for High Net worth Individuals and Individuals in the middle class. As hybrid accounts, the products offer the unique features of both savings and current accounts which is an opportunity to enjoy zero monthly fees as well as interest earnings paid on credit balances.

    According to Head, Personal Banking, Stanbic IBTC Bank Plc, Nkolika Okoli, the products were introduced to meet the needs of professionals on the go as well as successful business owners who usually shy away from personal current accounts for fear of bank charges.

    “These products were introduced with the aim of helping customers achieve their savings and investment objectives as well as enjoy the transactional flexibilities that come with regular current accounts. “

     

  • Stanbic IBTC Bank unveils silver banking service

    Stanbic IBTC Bank unveils silver banking service

    Stanbic IBTC Bank PLC has unveiled a new customer value proposition designed to help middle income earners achieve financial objectives seamlessly. The Stanbic IBTC Silver Banking service offers customers a comprehensive bouquet of financial products and services.

    The scheme launched in Lagos for human resources heads of organisations is intended to reward existing and prospective clients with high quality financial solutions that speak to all aspects of their financial aspirations and needs.

    The silver banking service, according to the bank, avails customers of the full range of financial solutions like high interest yielding accounts such as Max Yield account, lifestyle perks, offshore and onshore banking, transactional banking products, wealth and investment services and advisory, lending, and Legacy services, among others.

    Chief Executive, Stanbic IBTC Bank Plc, Demola Sogunle, said the silver banking service is in line with the lender’s goal to provide innovative, world-class financial solutions that align with clients’ financial objectives across all segments of the society. “As solutions providers, our private banking is focused on providing relevant and high quality solutions that meet and exceed the needs and aspirations of our clients across the different financial segments,” Sogunle said.

    He added, “Our objective as a financial institution is geared towards building long term relationships by providing support in a way to make progress real for our clients.”

    Head, Personal Banking, Stanbic IBTC Bank, Mrs. Nkolika Okoli, who led the silver banking service e-launch, said with the financial solutions embedded in the service, an employee is expected to achieve the desired financial stability, which has a direct relationship on productivity and performance.

  • N6.8bn fraud: How ex-NAMA officials made withdrawals – Bank official

    An official of Stanbic IBTC Bank, Mr Ade Babatunde, on Monday told a Federal High Court, Lagos, how Segun Agbolade, a former General Manager (Finance), Nigerian Airspace Management Agency (NAMA), defrauded the agency.

    Babatunde, while being led in evidence by the EFCC prosecutor, Mr Rotimi Oyedepo, made the revelations at the resumed hearing of the case before Justice Babs Kuewumi.

    The News Agency of Nigeria (NAN) reports that Oyedepo had led the witness as the first prosecution witness (PW 1) in the N6.8 billion fraud case against some former employees of NAMA.

    NAN reports that EFCC had arraigned the accused including NAMA’s former Managing Director, Ibrahim Abdulsalam; former General Manager of Procurement, Olumuyiwa Adegorite and Agbolade on a 21-count charge of N6.8 billion fraud.

    Others are former acting General Manager of ICT, Bolaniran Akinribido; Sesebor Abiodun, Joy Adegorite and two companies- Randville Investment Ltd. and Multeng Travels and Tours Ltd.

    When the case was called for continuation of hearing, Babatunde told the court how the funds belonging to NAMA were allegedly converted for personal use by the accused when Abdulsalam was at the helm of affairs.

    He said that on July 13, 2015, a cash withdrawal of N3 million was made by Agbolade, (General Manager of Finance) from the account of Randville Investment Ltd.

    The witness also said that on July 15, 2015, there was another withdrawal of N2.5 million from the account of Randville Investment Ltd. and same was transferred to the account of Agbolade.

    “On Sept. 16, 2015, there was a credit transfer of N22 million into the account of Randville Investment Ltd.

    “On Sept. 28, 2015, N100 million was deposited in a fixed deposit account, and on maturity, same was paid into the account of Randville Investment Ltd.

    “On the same date, N28 million was transferred out of the account, but I cannot confirm the beneficiary, because it was not stated in the statement of account.

    “Also, on Sept. 28, 2015, N100 million was placed in another fixed deposit account.

    “On Oct. 28, 2015, the N100 million earlier placed in a fixed deposit account was paid into the account of Randville Investment Ltd.

    “On Nov. 2, 2015, N50 million was transferred twice from the Randville Investment Ltd. and I cannot also confirm the beneficiary, because it was not stated in the statement.

    “Then, on Nov. 10, 2015, there was a withdrawal of N3 million from the account of Randville Investment Ltd. by Segun Agbolade.” the first prosecution witness told the court.

    After the witness’ testimony, the defence counsel led by Mr Wale Akanni (SAN), sought for an adjournment to enable to them to cross examine the witness.

    The judge, however, granted the request, and the case was adjourned till April 5 for continuation of trial.

    NAN reports that EFCC had on Aug. 19, 2013, brought the accused before the court, accusing them of conspiring to induce NAMA to deliver N2.8 billion to Delosa Ltd., Air Sea Delivery Ltd. and Sea Schedules Systems Ltd.

    The anti-graft agency of alleged that the delivery was under the pretence that the money represented the cost of clearing NAMA’s consignments.

    EFCC further alleged that between Jan. 2 and Dec. 17, 2013, the accused allegedly converted N191 million belonging to NAMA for their private use.

    It also accused the NAMA officials of converting N728 million between 2013 and 2015 and other sums for their personal use.

    The prosecution said that the offences contravened Section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and punishable under Section 1(3).

     

  • How NAMA was looted, by EFCC’s witness

    How NAMA was looted, by EFCC’s witness

    The Federal High Court in Lagos Thursday heard how Nigerian Airspace Management Agency (NAMA) Managing Director/Chief Executive Ibrahim Abdulsalam and others allegedly stole N6.8billion.

    The Economic and Financial Crimes Commission (EFCC) charged him and Nnamdi Udoh (still at large), Adegorite Olumuyiwa, Agbolade Segun, Clara Aliche, Joy Ayodele Adegorite, Randville Invesment Ltd and Multeng Travels and Tours Ltd on a 21-count charge.

    EFCC said on August 19, 2013, the defendants, with intent to defraud, conspired amongst themselves to induce NAMA to deliver the sum of N2,847,523,975.00 to Delosa Ltd, Air Sea Delivery Ltd and Sea Schedules Systems Ltd under the pretense that the money represented the cost of clearing NAMA’s consignments.

    A prosecution witness, Stanbic IBTC Bank’s Compliance Officer, Babatunde Adenekan, said NAMA funds were paid into Delosa’s account and distributed to others between 2013 and last year.

    He said last February 12, the defendants allegedly transferred N10million to Paperhouse Limited, as well as N8.6million to Gabson Bureau de Change last March 7.

    Adenekan said N10million and N6.4million were transferred to Paperhouse last March 7.NAMA’s funds, he said, were moved to Delosa’s account from where they were transferred to Randville.

    He added: “On October 16, 2014, N38.8million came into Delosa account. That same day, N9million in four places were transferred into Randville account. That same day, N2.3million was also paid into Randville account.

    “On November 11, 2014, N98.2million came into Delosa account. On that day, N9million in three places were transferred to Randville. Another N3million was transferred to Randville the same day,  while N7.8million was transferred to Multeng and Tours Limited.

    “On December 3, 2014, N88.9million came in. The same day, N9million in four places were transferred to Randville and another N2.5million was transferred to Randville.

    “On December 7, 2014, N37.5million came into Delosa account from Central Bank of Nigeria (CBN). On the 18th, N10million in three places were transferred to Randville Investment Limited and later another N7million on the same day”, he stated.

    He said Randville has 10 fixed deposit accounts and one current account. The signatories, he said, were Agbolade Segun (third accused) and his wife, Agbolade Susan.

    According to him, N3.1 million was also transferred to Segun’s personal account on January 2, 2013, adding that Bola Akinribido and Sesebor Abiodun also benefited from the cash distribution.

    Justice Babs Kuewunmi adjourned till May 30.

     

  • Stanbic IBTC Bank promotes financial literacy among youths

    Stanbic IBTC Bank promotes financial literacy among youths

    Stanbic IBTC Bank has said given today’s highly complex world, financial literacy should be continuous among students and the younger generation to enhance their retention.

    Its Chief Executive, Yinka Sanni, represented by the Head, Public Sector Group, Yusufu Modibbo, emphasised that having a solid foundation in financial knowledge prepares students and young adults for financial independence.

    Making a presentation at Government Girls Secondary School, Maimuna Gwarzo, Tudun Wada, Kaduna State, as part of activities to mark this year’s Financial Literacy Day, Sanni said financial literacy has gone beyond opening and maintaining a savings account.

    The growing sophistication of society and the attendant need for customised products, services, and solutions means that customers must be sufficiently informed to enable them make appropriate choices and manage their personal finances successfully, he said.

    In addition, as technological improvements have prompted significant changes in the way the financial services market operates, consumers generally must become familiar with the changing roles in the conduct of financial transactions.

    For a start, Sanni said students need to have a grasp of basic money management skills such as living within a budget as well as handling credit and debt, all of which will put them in good stead for better management of finances and future success.

    He said the Stanbic IBTC Group recognises the pivotal role of qualitative education in socio-economic development; a reason education is one of three focus areas for the group’s corporate social investment (CSI). Others are health and economic empowerment.

    “We see ourselves as a catalyst for progressive change. Everything we do as an organisation is tailored towards making you move from where you are to the next level. We know that a cure for financial illiteracy is to start practicing financial discipline from a young age and that with the right financial knowledge, the future generation will be able to make informed decisions and move themselves forward,” he said, adding: “Our desire is to equip these students to be able to make smarter, more informed decisions than the generation before them. The knowledge that we have impacted in them will surely place them ahead in the learning curve.”

    In her contribution, Principal of the school Hajiya Hassana Usman commended Stanbic IBTC for choosing the school for its intervention, describing it as a priceless gesture.

    “Education goes beyond what is being taught in the classroom. We need partnerships with corporate organisations like Stanbic IBTC to share life lessons with the students. We are optimistic that the knowledge impacted today will stay with the students through their lives,” he said.

    The session touched on topics, such as how to start saving, benefits of saving, knowledge and planning skills. Apart from the students, teachers, management and staff of the school, the event attracted representatives of the Kaduna State Secondary Education Board (SEB), several community leaders, clerics, and other dignitaries from within the Tudun Wada community and its environs.

  • Stanbic IBTC Bank expands retail network

    Stanbic IBTC Bank expands retail network

    Stanbic IBTC Bank has opened a new branch at Satellite Town in Lagos. The new branch is expected to serve the financial needs of individuals and businesses in Satellite Town and its environs, in fulfillment of the bank’s promise to bring banking closer to the people by expanding its service channels.

    The Satellite Town branch will avail customers of Stanbic IBTC Bank as well as prospects the opportunity to enjoy quality and efficient banking services through innovative financial solutions.

    The commissioning demonstrates the bank’s commitment to strengthening its business banking portfolio and add value to businesses, said Mr. Obinnia Abajue, Executive Director, Personal and Business Banking, Stanbic IBTC Bank. Only recently, the bank commissioned two cash offices at Orile-Coker and Computer Village, Ikeja, both in Lagos.

    “The new branch reinforces the bank’s promise to bring banking services closer to the people for convenience and accessibility. It ties in with our brand proposition and focus to add value to the small and medium enterprises sector in Nigeria,” said Abajue, adding: “Our target is to ensure a wide network of access points where quality and efficient service delivery is available to our clientele as well as prospects.”

    According to Abajue, the bank invested significant resources into establishing the Satellite Town branch because of its strategic importance as a centre of commerce. He said the new branch will accommodate traditional as well as electronic banking services and will render full banking services to meet the growing financial needs of individuals and businesses in the area.

    He assured residents of Satellite Town that the bank is there to stay while reiterating its determination to move them and their businesses forward by providing financial solutions that add significant value.

  • Stanbic IBTC Bank, IE Business School partner

    Stanbic IBTC Bank and the IE Business School, in Spain, have signed a direct financing agreement to help people acquire the relevant skills in entrepreneurship and business development.

    The parties signed the Memorandum of Understanding (MoU) in Lagos to kick-start the partnership in which the lender will provide loan facilities for students enrolled in IE’s top ranked  programmes. IE is ranked third Business School in Europe by the Financial Times.  Its Global Executive MBA was recently ranked first by the Economist.

    The collaboration, which will be operative for an initial period of one year from this month, and renewable for another year, covers financing for IE’s MBA and Executive MBA programmes. Stanbic IBTC Bank will finance part or the total cost of the programmes which IE offers to qualified candidates who have been accepted to the programme. The financing will come in the form of an Unsecured Personal Loan (UPL).

    Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Obinnia Abajue, said the partnership fits into the institution’s goal of fostering economic empowerment through strategic interventions that enable individuals and businesses realise their aspirations.

    He noted that it was the pursuit of this objective that informed the creation of the Stanbic IBTC Business Leadership Series which made its debut last year to build a new cadre of leaders among people and businesses in Nigeria.

    “The partnership with IE opens another window of opportunity to empower people for self-development and actualisation. It is in sync with our operating mantra, which is moving forward. At Stanbic IBTC Bank, we are mindful of the fact that socio-economic growth and development are anchored on sound education and robust infrastructural base. This conviction underscores our strategic interventions in critical sectors of the economy, including education,” he said.

    IE’s Vice Chairman, Diego Del Alcazar Benjumea, said the institution is dedicated to building business leaders worldwide, adding that the bank was chosen for the partnership after a thorough appraisal revealed its uncommon commitment to multi-sectoral capacity-building and economic empowerment.

    Having become Africa’s biggest economy, with its rebasing throwing up previously under-reported sectors such as telecoms, entertainment, and retail, IE´s Country Director, Eniola Harrison, said Nigeria requires, in both the public and private sectors, a critical mass of skilled manpower to drive its future growth, while sustaining its growing international profile and reputation.

  • Stanbic IBTC Bank boosts SMEs

    Stanbic IBTC Bank boosts SMEs

    IN its quest to build a strong and viable small and medium scale enterprises sector, Stanbic IBTC Bank, a member of the Stanbic IBTC Holdings Plc, organised a capacity building workshop for its clients operating in the Small and Medium Scale Enterprises (SMEs) sub-sector.

    The two-day seminar, held in Lagos, attracted over 400 participants.

    Justifying the need for the workshop, the bank said it was aimed at equipping SME operators with financial, marketing and management skills that they can readily deploy to transform their businesses and grow their bottomlines.

    “The SME sector is pivotal to the economic growth and development of any nation and Nigeria is no exception, which is why the seminar was conceived to avail SME operators exposure to modern and innovative marketing, financial and management skills that are useful to their businesses and which will help them to attract the necessary funding for growth,” Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Obinnia Abajue, said.

    Abajue, who was represented by the Head of Business Banking, Stanbic IBTC Bank, Lloyd Onaghinon, stated that Stanbic IBTC Bank, backed by the rich heritage and know-how of the Standard Bank Group, is committed to building a strong SME base in Nigeria and one of the ways it hopes to achieve this is by empowering operators with the right business skills and adequate funding.

    Speaking further Abajue added that the course content and the resource persons, who are highly skilled and experienced, have been carefully chosen to ensure participants derive maximum benefits from the seminar. “We have streamlined the seminar course content to include essential topics such as building financial records, achieving success in marketing, business planning, and people – management, among others. The seminar is aunique offering by Stanbic IBTC to develop and sharpen participants’ business skills,” Abajue stressed.

  • Stanbic IBTC marks first year of mobile money service

    Stanbic IBTC marks first year of mobile money service

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, has commemorated the first anniversary of it’s *909# mobile money service.

    At the commemoration in Lagos on Tuesday December 12, the bank reiterated its commitment to continuously deliver innovative products and solutions, part of which includes enhancing the robustness of its mobile banking and mobile payments systems.

    The bank was one of the first organizations licensed by the Central Bank of Nigeria in October last year to operate mobile money services in Nigeria in accordance with the Mobile Payments Regulatory Framework.

    Speaking at the event attended by stakeholders from the banking, retail and telecoms sectors, the Chief Executive Officer of Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, recalled that the bank had since 2009 shown commitment to technology-driven branch less banking and enthusiastically embraced the Central Bank of Nigeria’s drive towards an increasingly cashless economy.

    She said the organization’s decision to launch the *909# Stanbic IBTC MobileMoney solution last year was underscored by the bank’s strategic focus of strengthening its universal banking franchise by integrating Nigeria’s huge informal economy.

    According to her, mobile money is a game changer which apart from enabling customers to conduct basic financial transactions such as mobile money account opening, buying airtime, deposit and receipt of cash, as well as payment of utility bills through their mobile phones, also offers enormous benefits to the Nigerian economy by channelling the huge funds in the informal sector through the banking system to engender economic development.

    Obinnia Abajue, Executive Director of Personal and Business Banking, Stanbic IBTC Bank, said it was in recognition of the need for market-driven partnerships and alliances with the different stakeholders in the mobile money value chain, that the bank went into partnerships with all the four major telecom operators in Nigeria, enabling mobile payment services to take root, proliferate, and scale up across the country.

    According to Abajue, Stanbic IBTC has recorded significant milestones with mobile money. To date, *909# Stanbic IBTC mobile money has over 600,000 registered customers, over 790 agents nationwide and there have been over 7.7million agent airtime transactions and a total monthly transaction value of N1.3 billion. A mobile wallet can be funded through; a mobile money agent, at any Stanbic IBTC Bank branch, any ATM, person to person transfer, and online through the web, internet banking and through Quickteller, Abajue said. Stanbic IBTC recently won the Nigerian Financial Technology Award for the best use of IT in mobile money services.