39 Views

Aliko Dangote Unveils Nigeria’s First Ever FinTech Bank

Multi-billionaire business mogul, President of the Dangote Group and Africa’s richest man, Alhaji Aliko Dangote, on Monday, August 15, 2016, led other dignitaries to flag off Nigeria’s first full-fledged technology bank, SunTrust Bank.
According to a report by Premium Times, 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. It is also the first commercial bank that runs minimal branches and focuses on electronic channels by offering telephone, mobile and internet banking services.
Speaking at the opening ceremony at the bank’s headquarters in Lagos, Aliko Dangote who chaired the event, said Fintech Bank is a welcome development in this era of cashless economy, adding that SunTrust Bank will help the country harness its potential in the digital world.
The business magnate said further that technology-driven platform would distinguish the bank and make it the most cost-effective bank in the country with fewer personnel and attendant lower overhead cost.
“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 SunTrust has recognized that the old model of business expansion via a network of expensive branch premises is obsolete.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,” the businessman said.
The Oba of Onitsha and Obi of Lagos at the event
Also speaking at the ceremony, the Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, applauded the bank, saying the present cost of running banks in the country was high and that if the bank brings it down, it would 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,” the monarch said.
On his own part, the Oba of Lagos, 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.
The Chairman of SunTrust Bank, Charles Onyema Ugboko, explained that the bank would use technology to drive the financial inclusion goal of the CBN, saying the bank’s target was 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.
Source: Premium Times

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Idongesit Umoh: Nigerian Enterpreneur Shares How She Lost N2.1m Through Online Banking
Business
65 views
Business
65 views

Idongesit Umoh: Nigerian Enterpreneur Shares How She Lost N2.1m Through Online Banking

PH - October 22, 2017

Nigerian entrepreneur and YALI fellow Idongesit Umoh today shared details of how her bank account got debited of N2.1m through some suspicious action on her online banking app. She…

Omawumi, Akpororo Announced As Judges Of New Reality Show
Entertainment
37 views
Entertainment
37 views

Omawumi, Akpororo Announced As Judges Of New Reality Show

PH - October 22, 2017

Last Resort entertainment working in partnership with Global Resources Limited, have announced the launch of Nigerian Icon, a first of its kind in talent scouting and entertainment…

Abia State Announces N10m Grant For Film Production In The State
Entertainment
24 views
Entertainment
24 views

Abia State Announces N10m Grant For Film Production In The State

PH - October 22, 2017

Abia State government has expressed its enthusiasm for the ZUMA Film Festival that is set to take place between the 1st to 5th of December, 2017 in…

Buhari Holds Bilateral Meetings With Guinea President, Pakistan Minister
Politics
37 views
Politics
37 views

Buhari Holds Bilateral Meetings With Guinea President, Pakistan Minister

PH - October 22, 2017

President Muhammadu Buhari held bilateral meetings with President Alpha Conde of Guinea and Prime Minister Shahid Khaqan Abbasi of Pakistan in Turkey on Saturday. See photos:

37 Job Opportunities Open For Nigerians In UN
Politics
29 views
Politics
29 views

37 Job Opportunities Open For Nigerians In UN

PH - October 22, 2017

UN deputy secretary-general, Amina Mohammed has said that there are 37 career openings for young Nigerians under the United Nations bureaucracy. Amina disclosed this at a Cultural…

How Kachikwu Led Global Outreach To Boost Nigeria’s Oil Revenues
Business
50 views
Business
50 views

How Kachikwu Led Global Outreach To Boost Nigeria’s Oil Revenues

PH - October 22, 2017

The extra resources derived from the OPEC production concessions which Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources has been fighting for are boosting the…

Photos from Davido’s Friend, Tagbo Umeike’s Burial in Anambra State
Entertainment
68 views
Entertainment
68 views

Photos from Davido’s Friend, Tagbo Umeike’s Burial in Anambra State

PH - October 22, 2017

Davido's friend, Tagbo Umeike who died from suffocation and alcohol poisoning on the eve of his birthday at Shisha Lounge in Lekki, Lagos on October 2, has…

5 Quick And Stunning Facts About The Nigerian That Painted Obama’s Portrait
Best of Nigeria
61 views
Best of Nigeria
61 views

5 Quick And Stunning Facts About The Nigerian That Painted Obama’s Portrait

Mabel - October 21, 2017

The skilled craftsman who is a New York-based representation painter, known for his exceedingly naturalistic depictions of dark individuals in chivalrous postures, will be the main dark…

Eat These Common Foods And Lessen Your Risk Of Colon Cancer
Food and Health
76 views
Food and Health
76 views

Eat These Common Foods And Lessen Your Risk Of Colon Cancer

Mabel - October 21, 2017

You know entire grains are useful for your heart, yet they may have another advantage, as well, as indicated by a new report from the World Cancer Research…

SEE This Nollywood Director’s ‘Birthday Cake’ Everyone Is Talking About – [One Of A Kind]
Entertainment
63 views
Entertainment
63 views

SEE This Nollywood Director’s ‘Birthday Cake’ Everyone Is Talking About – [One Of A Kind]

MT - October 21, 2017

  Nollywood director, Ugezu J. Ugezu who is currently on set with his crew for the making of the movie ‘THRONE OF REVENGE’, celebrated his birthday with…

5 Drugs That Get Nigerians High Far More Than Marijuana
Food and Health
60 views
Food and Health
60 views

5 Drugs That Get Nigerians High Far More Than Marijuana

Mabel - October 21, 2017

  The codeine culture is getting more intensed in north and in urban ranges of Southern Nigeria. It is the most loved medication of decision for some…

Exquisite First Photos From Ex Governor, Mimiko’s Daughter’ Traditional Wedding In Akure
Politics
69 views
Politics
69 views

Exquisite First Photos From Ex Governor, Mimiko’s Daughter’ Traditional Wedding In Akure

MT - October 21, 2017

On Thursday 19th October, 2017, Ondo State’s former Governor Mimiko’s daughter, Bibitayo tied the knot with his sweet heart, Adetola Aderemi in the State’s capital, Akure. Dignitaries…

How Actor Mofe Duncan’s Sister Was Chased To The Point Of Death By FRSC Officials – Friend
Entertainment
45 views
Entertainment
45 views

How Actor Mofe Duncan’s Sister Was Chased To The Point Of Death By FRSC Officials – Friend

MT - October 21, 2017

  Nollywood actor, Mofe Duncan took to Instagram moments ago to narrate how his sister Matilda sustained injuries in an auto accident in Abuja. The accident, according…

Nigeria’s First Lady, Aisha Buhari Relaxes On A Yacht With Wives Of Other Leaders In Turkey (Photos)
Politics
76 views
Politics
76 views

Nigeria’s First Lady, Aisha Buhari Relaxes On A Yacht With Wives Of Other Leaders In Turkey (Photos)

MT - October 21, 2017

Nigeria’s First Lady, Mrs Aisha Buhari was seen with wives of other world leaders relaxing on a yacht in Instanbul while being hosted by the First Lady…

Quick Reminder Facts About ‘Legendary DaGrin’ As Fans Celebrate His 30th Posthumous Birthday
Buzz & Trends
52 views
Buzz & Trends
52 views

Quick Reminder Facts About ‘Legendary DaGrin’ As Fans Celebrate His 30th Posthumous Birthday

Mabel - October 21, 2017

Oladapo Olaitan Olaonipekun, also known as Dagrin (21 October 1987 – 22 April 2010), was an award-winning Nigerian rapper from Ogun, Nigeria. A film of his life…

Atiku’s Ex Daughter-in-law, Miss Ummi Reveals What Led To The Custody Battle With Ex Hubby Aminu
Politics
56 views
Politics
56 views

Atiku’s Ex Daughter-in-law, Miss Ummi Reveals What Led To The Custody Battle With Ex Hubby Aminu

MT - October 21, 2017

In an interview with Punch, Miss Ummi Bukar Bolori, ex wife of Aminu, one of the sons of the former vice president of Nigeria, Abubakar Atiku, reveals…

Kebbi State’s Accountant-General, Mohammed Dakingari, Sentenced To 70yrs Jail Term For This Reason.
Politics
56 views
Politics
56 views

Kebbi State’s Accountant-General, Mohammed Dakingari, Sentenced To 70yrs Jail Term For This Reason.

MT - October 21, 2017

The Court of Appeal Kebbi Division has upturned the judgment of a Kebbi State High Court which discharged and acquitted Mohammed Arzika Dakingari, Accountant General of Kebbi…

This Is What Governor Amosun Is Saying About The Stories Making Round That A Youth Corper Gave Birth To Twins For Him
Politics
91 views
Politics
91 views

This Is What Governor Amosun Is Saying About The Stories Making Round That A Youth Corper Gave Birth To Twins For Him

MT - October 21, 2017

Mr Ibikunle Amosun, the governor of Ogun State, on Friday morning broke his silence on what he considered as the avalanches of rumours and falsehood being peddled…

Loading...