News / Photos : Dangote Unveils
Nigeria’ s first Fintech Bank
It was celebration galore on Monday, August 15th, 2016
when President of the Dangote Group and Africa’s richest
man, Alhaji Aliko Dangote led other dignitaries to flag off
Nigeria’s first full-fledged technology bank, SunTrust
Bank.
SunTrust Bank is the first regional bank to receive a new
license by the Central Bank of Nigeria (CBN) since 2001
and the first full-fledged financial technology bank in
Nigeria.
The Bank is the first commercial bank that runs minimal
branches and focuses on electronic channels by offering
telephone, mobile and internet banking services.
According to Dangote who chaired the opening ceremony
at the Bank’s headquarter in Lagos, Fintech Bank is a
welcome development in this era of cashless economy. He
emphasized that SunTrust Bank will help the country
harness its potential in the digital world.
He explained further that technology-driven platform will
distinguish the bank and make her the most cost-effective
bank in the country with fewer personnel and attendant
lower overhead cost. In his words:
“SunTrust bank has elements that appeal to me in its
Fintech strategy driven by its focus on technology.
SunTrust has recognized that the old model of business
expansion via a network of expensive branch premises is
obsolete. What you need now is to sit down at home and
do your banking transactions thereby saving money and
time.”
Dangote commended the board, management and staff of
the bank for their courage in taking the bold step at a time
when “banks all over the world are facing multiple
challenges and headwinds” and noted that the Bank’s
focus will drive it to success.
Former governor of Gombe State, Senator Danjuma Goje,
in his remarks at the unveiling ceremony, noted that the
emergence of the bank during the implementation of the
change agenda would contribute immensely to the rebirth
of the Nigerian economy.
He urged the Bank to ensure that it is committed to the
growth of micro, small and medium enterprises in the
country, and to also support the big companies as part of
its contribution to the growth of the Nigerian economy.
The Obi of Onitsha, HRM Igwe Nnaemeka Alfred Achebe
applauded the Bank, stating that the present cost of
running banks in the country is high and ifthe Bank can
bring it down; they will succeed.
“It is uncommon courage to go into business now that
everyone is going out and it takes triple courage to go into
banking business. However, the situation in the country is
full of opportunities for those that can see beyond the
present.”
On his own part, the Oba of Lagos, His Highness Oba
Rilwan Akiolu, urged the management of the bank to put
the interest of the country and the masses first in all its
dealings, and to distance itself from the fraud and insider
abuse that is prevalent in the Nigerian financial industry.
Chairman of SunTrust Bank, Charles Onyema Ugboko,
explained that the bank will use technology to drive the
financial inclusion goal of the CBN, saying the Bank’s
target is to bring financial services to 40 million unbanked
Nigerians.
Managing Director and Chief Executive Officer of the bank,
Muhammad Jibrin, noted that with over 90 per cent of
financial services being executed electronically, banking
had moved from physical branches to a technology-driven
sector.
“Most customers of tomorrow will not be the ones that go
to the banking hall, so we need to be able to respond
positively to the needs and expectations of the customers
of tomorrow, and that is at the heart of our vision and
strategy as tomorrow’s bank today,” he said.
Dignitaries at the event were the president of the Lagos
Chamber of Commerce and Industry, Dr Nike Akande;
deputy national chairman of the All Progressives Congress,
Alhaji Lawal Shu’aibu; former MD of AMCON, Mustapha
Chike-Obi; former chairman of the EFCC, Mallam Nuhu
Ribadu; former MD of Ecobank, Jubril Aku, and the CEO of
Nigeria Mortgage Refinancing Company, Professor Charles
Iyangete.
Others on the long list of dignitaries included former MD of
First Bank, Bisi Onosanya; APC national legal adviser, Dr
Muiz Banire; the Lagos branch controller of the CBN, Mr
James Iyari, who stood in for his boss, as well as former
minister of housing, Ama Pepple, among other eminent
personalities.
More photos from the occasion below
Nigeria’ s first Fintech Bank
It was celebration galore on Monday, August 15th, 2016
when President of the Dangote Group and Africa’s richest
man, Alhaji Aliko Dangote led other dignitaries to flag off
Nigeria’s first full-fledged technology bank, SunTrust
Bank.
SunTrust Bank is the first regional bank to receive a new
license by the Central Bank of Nigeria (CBN) since 2001
and the first full-fledged financial technology bank in
Nigeria.
The Bank is the first commercial bank that runs minimal
branches and focuses on electronic channels by offering
telephone, mobile and internet banking services.
According to Dangote who chaired the opening ceremony
at the Bank’s headquarter in Lagos, Fintech Bank is a
welcome development in this era of cashless economy. He
emphasized that SunTrust Bank will help the country
harness its potential in the digital world.
He explained further that technology-driven platform will
distinguish the bank and make her the most cost-effective
bank in the country with fewer personnel and attendant
lower overhead cost. In his words:
“SunTrust bank has elements that appeal to me in its
Fintech strategy driven by its focus on technology.
SunTrust has recognized that the old model of business
expansion via a network of expensive branch premises is
obsolete. What you need now is to sit down at home and
do your banking transactions thereby saving money and
time.”
Dangote commended the board, management and staff of
the bank for their courage in taking the bold step at a time
when “banks all over the world are facing multiple
challenges and headwinds” and noted that the Bank’s
focus will drive it to success.
Former governor of Gombe State, Senator Danjuma Goje,
in his remarks at the unveiling ceremony, noted that the
emergence of the bank during the implementation of the
change agenda would contribute immensely to the rebirth
of the Nigerian economy.
He urged the Bank to ensure that it is committed to the
growth of micro, small and medium enterprises in the
country, and to also support the big companies as part of
its contribution to the growth of the Nigerian economy.
The Obi of Onitsha, HRM Igwe Nnaemeka Alfred Achebe
applauded the Bank, stating that the present cost of
running banks in the country is high and ifthe Bank can
bring it down; they will succeed.
“It is uncommon courage to go into business now that
everyone is going out and it takes triple courage to go into
banking business. However, the situation in the country is
full of opportunities for those that can see beyond the
present.”
On his own part, the Oba of Lagos, His Highness Oba
Rilwan Akiolu, urged the management of the bank to put
the interest of the country and the masses first in all its
dealings, and to distance itself from the fraud and insider
abuse that is prevalent in the Nigerian financial industry.
Chairman of SunTrust Bank, Charles Onyema Ugboko,
explained that the bank will use technology to drive the
financial inclusion goal of the CBN, saying the Bank’s
target is to bring financial services to 40 million unbanked
Nigerians.
Managing Director and Chief Executive Officer of the bank,
Muhammad Jibrin, noted that with over 90 per cent of
financial services being executed electronically, banking
had moved from physical branches to a technology-driven
sector.
“Most customers of tomorrow will not be the ones that go
to the banking hall, so we need to be able to respond
positively to the needs and expectations of the customers
of tomorrow, and that is at the heart of our vision and
strategy as tomorrow’s bank today,” he said.
Dignitaries at the event were the president of the Lagos
Chamber of Commerce and Industry, Dr Nike Akande;
deputy national chairman of the All Progressives Congress,
Alhaji Lawal Shu’aibu; former MD of AMCON, Mustapha
Chike-Obi; former chairman of the EFCC, Mallam Nuhu
Ribadu; former MD of Ecobank, Jubril Aku, and the CEO of
Nigeria Mortgage Refinancing Company, Professor Charles
Iyangete.
Others on the long list of dignitaries included former MD of
First Bank, Bisi Onosanya; APC national legal adviser, Dr
Muiz Banire; the Lagos branch controller of the CBN, Mr
James Iyari, who stood in for his boss, as well as former
minister of housing, Ama Pepple, among other eminent
personalities.
More photos from the occasion below
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