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Tag: Stanbic IBTC

  • Stanbic IBTC to leverage tech for youth empowerment

    Frontline financial services provider, Stanbic IBTC said it will continue to leverage technology to empower youth for sustainable economic development.

    The lender, which unveiled its strategic objectives ahead of the Lagos Social Media Week, which it is sponsoring, said rather than leveraging the annual platform to sell, it will be highlight the tools and basics of formal career development, entrepreneurship drive and business management that will create wealth  and secure a promising future for the youth.

    The yearly conference and exhibition will hold between February 4 and 8. It has With great influence comes great responsibility as theme. The event, renowned for eliciting interesting conversations and bringing together diverse perspectives, has gained popularity as a platform to discuss the most productive ways to harness social platforms to drive thought and innovation, improve consumer experiences and foster collaborations.

    The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, said the organisation’s participation and sponsorship of the forum was an expression of its determination and commitment to availing young, vibrant  youths, irrespective of background and position in life, requisite mentorship and guidance to help them achieve their goals and aspirations.

    He added that this essential career management, wealth creation and preservation tools, principles and basics, undoubtedly, transcends financial knowledge and status.

    Sanni said the lender will showcase some renowned resource persons, including career counselling and employability training specialist, Dr. Dipo Awojide, a Lecturer in Strategy at the Nottingham Business School, United Kingdom and founder of the BeenThereDoneThat Hub (BTDT Hub), who has built a global reputation in career coaching and counselling.

    According to the organisers, the forum will focus on ideas, trends, insights, inspiration to help both individuals and businesses across the creative, technology and financial industries understand how to achieve more in a hyper-connected world and engender good business practices and policies that leverage technology to transform industries and communities across Africa. The event also features a mixture of keynotes, panels, workshops, masterclasses and presentations on a wide range of topics, including business, entertainment, education, technology and politics, all aimed at advancing the use of social media, and an area dedicated to co-working and interactive installations.

    Also featuring are genuine success case studies to reinforce and underpin the importance of key career growth attributes like dedication, consistency, proactivity, resilience, adaptability, positivity, hard work, etc. and wealth generation experts amongst other keynote speakers.

    “I hereby use this opportunity to invite members of the general public, especially the young, vibrant and enterprising and the larger social community to join us at Social Media Week Lagos 2019, as we promise all our guests a very enriching interaction and engagement,” Sanni said.

     

     

     

     

     

  • Stanbic IBTC: Technology critical to seamless card transaction, others

    The Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, has stressed the importance of technology to the success of banking system, especially payment with cards.

    Speaking during the presentation of prizes to winners during the Stanbic IBTC Innovation Challenge, he said: “We believe that technology holds the key to enhancing some operations within our business – principal of which is making our card issuance and delivery system more seamless and cost-efficient for the banking subsidiary. Other areas of focus include creating an efficient data analytics system that collates relevant customer data, and transforms them into useful insights to improve service delivery for our asset management subsidiary and lastly improving the customer trading experience through the creation of a simplified trading platform for our stockbroking clients.”

    He said Stanbic IBTC is continuously seeking innovative ways to enhance customer experience through technology as it looks to achieve the strategic objective of a digitalised customer-centric universal financial services organization.

    Yochaa, a startup with a stockbroking mobile platform has emerged the winner of the inaugural Stanbic IBTC Innovation Challenge following a keenly contested pitch session to the executive leadership of Stanbic IBTC Holdings PLC (Stanbic IBTC) and Co-Creation Hub (CcHUB), the implementation partner on the project, in Lagos recently.

    The three finalists: Yochaa, Flutterwave and Venture Garden Group, pitched their solutions in the identified areas of stock trading, card issuance and data usage respectively; taking their chance at the prize money of $15,000 in total, with Yoocha emerging first, Flutterwave second and Venture Garden Group third.

    The executive pitch session came on the heels of an initial pitch day which held on October 12, 2018, at the Stanbic IBTC Blue (Innovation) Lab in Yaba, Lagos where nine shortlisted startups selected from over 200 entries received, pitched their solutions to senior management of Stanbic IBTC and Co-Creation Hub (CcHUB).

    In his opening remarks at the event, Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, commended the three finalists for making it this far and noted that all three solutions – regardless of eventual winner – will be considered for partnership as they underline the main objective of the competition; which is to improve efficiency, simplicity, and robustness in delivering the right customer experience.

    The Stanbic IBTC Innovation Challenge commenced with a call for ideas on August 6, 2018.

     

  • Stanbic IBTC makes key appointments

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced appointments and changes in some senior management position.

    Wole Adeniyi, who until recently was the Executive Director, Operations, Stanbic IBTC Bank, has been appointed Executive Director, Personal and Business Banking, Stanbic IBTC Bank, following the appointment of Babatunde Macaulay, the erstwhile Executive Director, as Regional Head, Personal and Business Banking for Standard Bank West Africa, based in Johannesburg, South Africa.

    The Chief Executive, Stanbic IBTC Asset Management Limited, Mrs Bunmi Dayo-Olagunju, assumes a new role as Deputy Head, Operations, Stanbic IBTC Bank.

    “These appointments are expected to strengthen our executive management by enhancing efficiency and competitiveness, as we continue the process of building Nigeria’s foremost end-to-end financial solutions provider with distinctive edge across the various market segments,” stated Mr. Yinka Sanni, Chief Executive, Stanbic IBTC Holdings Plc. “The new appointees bring a deep blend of expertise, experience and enthusiasm, which will be instrumental in driving further growth in the medium and long terms,” he added.

    As Executive Director, Personal and Business Banking, Adeniyi will provide strategic lead to help consolidate, sustain and accelerate its strategy, especially within the retail banking ecosystem.

    Similarly, Mrs Binta Max-Gbinije has been named Head, Commercial Banking and Public Sector Group, Stanbic IBTC Bank; Mr Babatunde Akindele as Zonal Head, Lagos Island, Stanbic IBTC Bank: Mrs Nike Bajomo was appointed to Executive Director, Business Development, Stanbic IBTC Pension Managers.

     

  • Stanbic bank reiterates gains of digital banking

    Mrs Chioma Mbanisi, Head, Digital Service Management, Stanbic IBTC Bank, has reiterated the importance of digital banking in the country.

    Mbanisi said this at the on-going workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) organised by Nigeria Deposit Insurance Corporation (NDIC) on Wednesday in Benin.

    According to Mbanisi, the importance of digital banking cannot be overemphasised and should be further encouraged among Nigerians.

    “The digital option is indeed radically better than the physical one and should be utilised, especially in this era.

    “Ideally, it allows instant access, extreme convenience, trial and tracking options, vast reach, offered to people at lower cost and automatic record keeping.’’

    The News Agency of Nigeria (NAN) reports that digital banking is a process whereby one does not have to be physically present in a bank for transactions.

    According to Mbanisi, although, the means of banking transactions are advancing from an orthodox way to a more digitised way, there are still some challenges.

    The benefits of digital banking, she noted, reduces cost of transactions and makes banking convenient.

    Read Also: StanbicIBTC introduces new product

    Mbanisi, however, said the use of digital banking had led to disloyalty by banks customers, cybercrimes, regulatory complaints, lack of trust, lack of technology and the challenge in the use of technology.

    Besides, she said that digital banking could pose challenges to employment level in the country.

    This, Mbanisi explained could cause bank staff to lose their jobs as a result of the advent of automated machines  replacing human beings in the future.

    She also said that banks needed to keep coming up with innovations to continue ensuring that they capture more Nigerians into the banking industry.

    The official insisted that digital banking was no longer an option but a necessity in boosting financial inclusion and ensuring a cash-light society.

    Mbanisi dismissed the belief that some countries were ahead of Nigeria on digital banking but stressed that each country leads in an aspect of digitisation.

  • Travel agent charged with N1.1m Montenegro visa fraud

    A 33-year-old travel agent, Daniel Akpan, was on Wednesday brought before a Yaba Chief Magistrates’ Court in Lagos State for allegedly swindling a banker of N1.1million.

    Akpan collected the money on the pretext of obtaining a Montenegro visa and flight ticket for the complainant, Mr Micheal Oguocha.

    Akpan who resides in Igando area of Lagos, is being tried on a two-count charge of conspiracy to defraud and issuance of dud cheque.

    He was said to have collected the 1.1million from the banker in one of the commercial banks in Yaba area of Lagos.

    Police Prosecutor, ASP Roman Unuigbe, told the court that the accused committed the offence sometime between March 2017 and January 2018 at Igando area of Lagos.

    Unuigbe said that the accused fraudulently obtained the N1.1 million on the pretext of obtaining a Montenegro visa and flight ticket for the complainant but went ahead to issue him fake visa and ticket.

    “When the complainant discovered that the ticket and visa were fake, he confronted the accused who promised to refund the money to him.

    Read Also: Dasuki asks court to excuse him from prosecution

    “In the course of the transaction, the accused issued five Stanbic IBTC cheques with No. 18258065, 18250861, 18258062, 18258063 and 18258065 to the complainant for the refund.

    “When the complainant got to the bank, he discovered that the cheques were all dud cheques,’’ he said.

    The offences contravene Sections 321 and 411 of the Criminal Law of Lagos State, 2015 (Revised).

    The accused, however, pleaded not guilty to the offences.

    Chief Magistrate Peter Ojo, admitted the accused to bail in the sum of N500,000 with two sureties in like sum.

    Ojo said that the sureties must be gainfully employed with an evidence of three years’ tax payment to the Lagos State Government.

    He adjourned the case until Dec. 21 for trial.

    NAN

  • Stanbic IBTC opens Africa-China Banking Centre

    Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, yesterday commissioned an Africa-China Banking Centre (ACBC) in Lagos.

    The launch of the Africa – China Banking Centre was performed by the Industrial and Commercial Bank of China (ICBC) Africa CEO, Lubin Wang; Commercial Consul, Chinese Embassy in Lagos, Liu Jun Sheng; and top management executives of Stanbic IBTC. The opening of the Centre is another significant step towards improving ease of doing business between Nigeria and China, coming after the signing of the bilateral currency swap agreement between the two countries earlier in the year.

    According to Chief Executive of Stanbic IBTC Bank Plc, Demola Sogunle, the launch of the Centre represents a critical opportunity to leverage the full potential of Africa and China’s rapidly evolving trade partnership. He further explained that, “as an African bank with global reach, Stanbic IBTC is uniquely placed to unlock African opportunities by accessing Chinese capabilities”.

    “Nigeria is a market with great potential for now and the future; ICBC has built a bridge between the two markets to create possibilities. This is the beginning for us to produce more specialized financial products and services for our Chinese clients and it is our aim to be the go-to Bank for Chinese businesses in Nigeria and Nigerian businesses trading with China,” said Sogunle.

  • Stanbic IBTC partners Kaduna State on entrepreneurship centre 

    As part of efforts to encourage entrepreneurship and help build a vibrant and productive small and medium enterprises sector, Stanbic IBTC has partnered with the Kaduna State government to establish the Kaduna-Stanbic IBTC Entrepreneurship Centre (KADSEC). The centre, which is in response to the needs and requirements of local entrepreneurs in the state, is expected to serve as an incubator that will nurture budding entrepreneurs and businesses to sustainable successes.

    At the launch of the centre in Kaduna, recently, Stanbic IBTC stated that the centre will provide services such as capacity building programmes for interested business owners/entrepreneurs, mentorship, on-site business management counseling, financial advisory, market development assistance, networking opportunities, provision of patronage linkages, export assistance, and easy access to loans from Stanbic IBTC Bank, among other services.

    According to the bank, young entrepreneurs and businesses often struggle because they lack the necessary support, in terms of infrastructure, capacity, advisory and access to finance, and also have the wrong notion on structuring of the business. This, he said, is expected to be addressed by the centre.

     

    “We are delighted for the opportunity to partner with the Kaduna State government to help nurture, through KADSEC, the innovative start-ups and early-stage enterprises in the state that have high growth potential,” the bank said in a statement. “The establishment of the centre is in line with our desire to help build a highly successful SME sector in Nigeria, one that can act as the growth engine for the economy. The Centre intends to engage and energise entrepreneurs by providing the right kind of support that is often lacking, in terms of business management, capacity building, advisory services and access to reasonable financing, in a way to increase the number and scale of enterprises supporting economic growth in the state,” it added.

     

    The Kaduna State Governor, Mallam Nasir El-Rufai, who performed the tape-cutting ceremony for the centre, commended Stanbic IBTC for establishing the centre in the state. He said Stanbic IBTC has again demonstrated its willingness to be a developmental partner in the economic growth and inclusive development of the state and indeed the country. He assured that his government will continue to provide the necessary support for the financial institution.

     

    Apart from provision of incubator facility with office spaces for beneficiaries, the Kaduna-Stanbic IBTC Entrepreneurship Centre has programmes that will benefit participating businesses and entrepreneurs, including the Kaduna Tech Accelerator programme, a start-up ecosystem for tech entrepreneurs, and the Agro-business Incubation programme, designed to offer customized assistance and intensive services to beneficiaries.

     

    Stanbic IBTC assured that it will continue to leverage on the 155-year experience, expertise and strong financial clout of Standard Bank Group, to which it belongs, to seek opportunities like KADSEC to partner with governments and other stakeholders to empower entrepreneurs and start-ups that show great potential for growth and job creation with the requisite capacity.

     

     

  • Stanbic IBTC clinches four awards at Emeafinance African Banking Awards

    In recognition of its position as Nigeria’s leading investment banking institution, Stanbic IBTC has won four awards in different categories in the 2018 Emeafinance African Banking Awards.

    Amongst the awards include: ‘Best Foreign Investment Bank,’‘Best Debt House’, ‘Best Equity House’ and ‘Best LoanHouse.

    According to the organisers, the annual awards, now in its 11th edition, recognises the achievements of the best commercial and investment banks as well as asset management and brokerage operations on the African continent. It particularly focuses special attention on banks that are moving the industry forward through new and innovative products and services, excellence in investment banking, as well as increasing the number of banked individuals, and giving back to the community through corporate social responsibility initiatives.

    Overall, the Standard Bank Group, to which Stanbic IBTC belongs, won 23 awards at the African Banking Awards 2018 in various markets, including the Best Investment Bank in Africa, which it is winning for 11th consecutive year. The awards presentation ceremony holds on Thursday 6 December, 2018 at the Law Society in London, UK.

    Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, said the performance of the Standard Bank Group is a reflection of its pervasive footprint across Africa, riding on the back of experience and expertise garnered in over 155 years of existence. The Standard Bank Group has strategic representation in 20 countries across Africa and other emerging markets.

    According to Sanni, the award is a demonstration of the growing hunger and capacity of Stanbic IBTC, drawing on Standard Bank’s expertise, to provide game-changing financial and advisory solutions to clients across market segments. “We are delighted to be recognised as the foremost investment bank in Nigeria and Africa. The award speaks to our implacable commitment to deliver innovative investment banking solutions to clients across various sectors,” Sanni said.

    Chief Executive, Stanbic IBTC Capital Limited, Funso Akere, who described the feat as particularly uplifting, expressed appreciation to Stanbic IBTC’s clients for the opportunity to advise them on complex M&A transactions, capital raising and debt financing. He assured them that Stanbic IBTC will continue to deliver innovative and best-in-class solutions.

  • MTN repatriation: NSE reviews Stanbic IBTC, Diamond Bank governance

    The Nigerian Stock Exchange (NSE) and other stakeholders have launched an engagement process to review the compliance of Stanbic IBTC Holdings Plc and Diamond Bank Plc to high-level corporate governance standards expected of top-rated quoted companies.

    The review was sequel to the fines imposed on Stanbic IBTC Bank and Diamond Bank by the Central Bank of Nigeria (CBN) for complicity in alleged illegal repatriation of $8.1 billion by MTN Nigeria Communications Limited.

    Stanbic IBTC Holdings Plc-the parent company of Stanbic IBTC Bank and Diamond Bank were among 35 companies that were awarded the Corporate Governance Rating System (CGRS) certification in February 2018. Introduced into the capital market in 2012 and launched in 2014, the CGRS is a joint initiative between the NSE and the Convention on Business Integrity (CBi).

    The CGRS was designed to rate quoted companies and their directors on corporate governance practices. The CGRS was the underlying variable for the creation of the NSE Corporate Governance Index (NSE CG Index). The NSE CG Index declined by 1.32 per cent yesterday, almost a triple of the overall average decline of 0.48 per cent for the entire equities market.

    The Steering Board of the CGRS yesterday stated that it had taken note of the fines and controversies around the alleged illegal capital repatriation of $8.1billion for MTN Nigeria Communications Limited by four banks, including Stanbic IBTC Bank and Diamond Bank.  Executive Director, Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, is the chairman of the CGRS Steering Board.

    The board noted that “regulatory compliance formed a major part of the requirement for the award of the CGRS certification” and as such it has launched an engagement process with the affected banks.

    “Consequently, the Steering Board is engaging with Stanbic IBTC Holdings Plc and Diamond Bank Plc on this matter, and will inform the investing public on the outcome of its engagement at a future date,” CGRS stated.

    To be certified, the CGRS rates quoted companies through three processes including independent verification; self – assessment by the company; certification of director awareness of their fiduciary duties; and a corporate integrity assessment where perceptions of actual company behaviour are sought from internal and external stakeholders.  A score of 70 percent and above for both the company and individual directors is required for certification.

    At the award ceremony for the CGRS certification, Awe had affirmed that the companies successfully passed the rating test, having scored the required pass mark of 70 per cent.

    She pointed out that the aim of the CGRS rating was to improve the level of corporate governance of listed companies noting that the rating is a developmental index that will help to boost the company’s image and better cooperation when it needs to transact with foreign partner.

    She explained that the self assessment is in three stages which is corporate compliance with its component indicator covering five categories, business ethics and anti corruption, internal and external audit and control, shareholder and stakeholder rights, board structure and responsibilities, transparency and disclosure.

  • Stanbic IBTC cancels deposit slips for cheque, cash lodgments

    Stanbic IBTC Bank Plc has deployed some changes on its Cash Deposit Process and Cheque Truncation System (CTS) portal, which includes the elimination of cash and cheque deposit slips in branches.

    Among other key features of the new offering are proper customer data collection, reduction in the presentation of stale and post-dated cheques and activation of cheque deposit receipt functionality on the CTS portal. However, deposits for accounts such as electricity bills, Federal Inland Revenue Service, Customs, and Lagos Inland Revenue Service, among others, still maintain the use of customized deposit slips.

    The initiative, tagged “Speak Your Transactions,” became operational for cash deposits on August 13, 2018 and August 20, 2018 for cheque deposits. The purpose of the initiative is to further embed the Stanbic IBTC Group’s “Go-Green” culture as it continues on the paperless journey and empower its customers to speak their transactions.

    Chief Executive, Stanbic IBTC Bank Plc, DemolaSogunle, said the new initiative is in fulfillment of the bank’s commitment to improving customer experience, work efficiency, data quality and ensure all improvement opportunities are maximised to the customers’ benefit.

    “This is another initiative that speaks to our determination to consistently reinvigorate our systems and procedures in order to provide bespoke financial solutions to our clients. As a service business, we recognise that customer satisfaction is a cardinal operating principle and there is no better way of showcasing this than empowering our customers and enhancing their banking experience,” Sogunle said.

    He added that as a member of the Standard Bank Group, Africa’s largest bank by assets, Stanbic IBTC will continue to leverage on the 155-year experience, expertise and strong financial clout of the mother brand to deliver superior sustainable shareholder value by meeting the needs of its clientele. “Our ultimate goal is to continue to render best-in-class service to our customers and also play a leading role in driving their growth”.

    Regarding cash deposits, the process entails some simple steps in which the bank teller receives the customer’s account name and number, and subsequently validates the details provided by the customer and then receives cash to be lodged in. Thereafter, the teller processes the request and prints duplicate receipts that are handed over to the customer. After endorsement of both copies by the customer, the teller appends his or her signature and stamps the receipts; then hands over a copy to the customer while the duplicate is kept as evidence of processed transaction.

     

    For outward clearing cheques, only one receipt is printed, stamped and given to the customer. At the point of truncating the cheque on CTS, the teller is required to input the cheque issuance date and present the posted cheque on CTS to the authorizer and prints a copy for the customer.