The new collaboration between the two visionary companies aims to leverage Stanbic IBTC Bank’s branch network to provide additional financial services to Airtel Smartcash customers across Nigeria.

Speaking on the partnership, Head of Partnership, Smartcash Payment Service Bank, Judith Osiobe, described the collaboration as another opportunity to drive financial inclusion across Nigeria.

“Since inception, we have seen Smartcash achieve a great feat in helping to promote financial inclusion and education through collaborations with various groups. We are, therefore, excited to collaborate with Stanbic IBTC Bank to expand access to financial services for more Nigerians. This partnership aligns with our commitment to catering to the diverse needs of our customers,” She said.

Highlighting the significance of the partnership, Omolara Osunsoko, Head, Partnerships, Stanbic IBTC Bank, emphasised the pivotal role of financial institutions in the economy.

She noted: “This partnership reaffirms the Bank’s commitment to simplifying the customer experience for Airtel Smartcash customers by providing easy and accessible cash-in and cash-out services across our branches. This initiative allows Airtel Smartcash wallet customers to deposit and withdraw cash from any Stanbic IBTC Bank branch without hassles.

Smartcash and Stanbic IBTC Bank are confident that the synergies created through this partnership will significantly contribute to the advancement of financial inclusion in Nigeria.

The webinar themed “Simplifying Payments for Businesses”, unveiled EOL 2.0, an upgraded solution created to facilitate smooth payment experience and improve human resources (HR) services for business owners through a partnership with Bento Africa.

The partnership offers business owners a streamlined payroll and comprehensive HR services experience through a Bento redirect solution integrated into the EOL platform.

This collaboration is a proactive approach to managing financial and HR operations designed to enhance ease, efficiency, and convenience at a discounted rate for Stanbic IBTC customers.

Omolara Osunsoko, Head, Partnerships, Stanbic IBTC Bank, in her opening remarks during the webinar, stated that “entrepreneurs are the backbone of our economy, and we acknowledge the vital role they play in driving economic growth and creating employment opportunities.”

She added;

“An economy that will flourish must support business owners with knowledge and tools needed to thrive in today’s competitive business landscape, and today’s discourse is aimed at simplifying online banking experience for entrepreneurs.”

During the virtual panel session, Olutimi Ibrahim, Head, Digital and e-commerce, Stanbic IBTC Bank, disclosed the importance of leveraging technology for smooth and efficient business transactions.

He noted, “The vision of Stanbic IBTC Bank lies in leveraging technology and digital innovation to deliver superior financial services to customers. We offer efficient solutions for businesses, and these include the enhanced EOL 2.0, designed to meet all business payment needs, offering a seamless and secure online banking experience for corporate entities.”

Vivian Ekemezie, Growth Executive, Bento Africa, shared her excitement about collaborating with Stanbic IBTC, stating that the partnership will revolutionise the HR system.

“Bento’s expertise in cloud-based solutions and Stanbic IBTC Bank‘s industry-leading Enterprise Online payment platform will significantly add business value and streamline operations. This partnership presents an incredible opportunity to drive innovation in HR management and deliver unparalleled convenience to our enterprise clients.”

Modupe Banjoko, Team Lead, Digital and Enablement, Stanbic IBTC Bank, further emphasised the significance of the EOL 2.0 transaction solution and its impact on the business landscape. She stated, “Our EOL 2.0 solution is not just an upgrade; it’s a game-changer for businesses of all sizes. It offers a powerful combination of efficiency, security, and convenience, making financial and HR management more straightforward and effective.”

Modupe added that Stanbic IBTC Bank is committed to providing customers with the tools to thrive in today’s dynamic business environment.

She highlighted the organisation’s dedication to supporting women by empowering them with the resources to run their businesses. Aside from the EOL 2.0, she urged women to take advantage of the financial institution’s Blue Blossom proposition, designed to empower Nigerian women.

Stanbic IBTC has robust solutions available to business owners across various sectors regardless of their scale – whether large, medium, or small. The digital channels are seamless and efficient, and the bank provides a secure international mode of payment.

Our business loans are robust to fund clients’ working capital and meet the monetary demands of businesses. Whatever trade route you intend to ply, with a dependable financial partner like us, you are on your way to growth.

As the financial landscape continues to evolve, the EOL 2.0 solution represents a critical advancement that empowers businesses with the tools they need to succeed in an ever-changing world. Stanbic IBTC Bank’s dedication to supporting businesses further underscores its commitment to fostering economic growth and empowerment within the Nigerian business community.

To watch a replay, click here.

In correspondence received via email on 5th June, Stanbic IBTC Bank communicated to its customers that individuals initiating Form A requests are obligated to provide valid tax clearance certificates (TCCs) covering three years.

According to the communication, customers are required to furnish a TCC that remains valid for the three years directly preceding the current year of assessment.

Additionally, it is necessary to upload all other required documents on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) portal when submitting a Form A request.

This directive applies to all pending requests awaiting foreign exchange (FX) allocation, irrespective of their stage in the TRMS portal.

The primary purpose of the Tax Clearance Certificate (TCC) is to serve as evidence of compliance with tax obligations, ensuring adherence to the stipulations outlined in Section 85 (2) of the Personal Income Tax Act, Cap P8, LFN 2004 (as amended).

While acknowledging that this requirement may cause inconvenience, Stanbic IBTC Bank extends sincere apologies for any difficulties encountered. The bank emphasizes its legal obligation to comply with tax regulations as a means to uphold the integrity of the financial system.

The bank reassures its customers of its unwavering commitment as a trusted financial partner and promises to provide timely updates on any further developments. The understanding and cooperation of customers in this matter are greatly appreciated.

The challenge which commenced 01 March 2023 is set to run till 08 June 2023, participants will have 100 days to save a minimum of N1,000 daily or N7,000 weekly in their Stanbic IBTC @ease wallets.

The top 50 savers at the end of the 100 days challenge will emerge winners of N50,000 cash each.

This exercise will enable prospective and existing @ease wallet holders to save money towards achieving targeted financial goals and stand a chance to win cash rewards.

Wallet holders can participate in different winning categories by committing to regularly depositing a minimum of N1,000 daily for 100 days or N7,000 weekly till the last day of the challenge. Prospective customers who do not have the @ease wallet can open one by dialing *909*9# or visiting the @ease module on the Stanbic IBTC Mobile App to participate.

Adenike Nubi, Head Mobile Financial Services, Stanbic IBTC Bank attributed the birth of the @ease Savings Challenge to the innovative and futuristic approach of the Bank to provide financial freedom for customers at the bottom of the pyramid.

Adenike said “This challenge further drives home the message that Nigerians should adopt healthy financial practices through saving. We also want to empower individuals to take control of their finances and reach their financial goals. Saving money can be challenging, but it is achievable with the right tools and support.”

“Every @ease wallet customer who makes the list of the top 50 savers at the end of every week of the challenge will be rewarded with N1,000 while the top 50 savers at the end of the 100 days challenge will be rewarded with N50,000, credited directly into their @ease wallets. So far, we have rewarded 200 customers in the first four weeks of the challenge. It will be exciting to see more customers achieve and surpass the weekly savings milestones, despite prevailing financial obstacles,” Emmanuel Aihevba, Head Personal Clients added.

According to Emmanuel, the @ease Savings Challenge encourages accountability and helps to build long-term savings habit.

Sayed Farms Limited, producer and distributor of Day-old-Chicks and frozen poultry products across the country has praised Stanbic IBTC Bank for supporting agribusinesses with tailor-made and innovative financing solutions that spur them towards achieving their business objectives.

The Stanbic IBTC Agribusiness financing solutions are structured to support production, processing, and logistics requirements across agricultural value chains.

Babatunde Akindele, Head of Commercial Clients Coverage Stanbic IBTC Bank, reiterated the determination of the Bank to continue to support the growth and development of the Nigerian agricultural sector.

Babatunde said, “Agriculture is pivotal to national growth, and its value chain house the goldmine for consumption and exportation. We will continue to ensure expansion in the sector through valuable partnerships such as we currently have with Sayed Farms.”

Haissam Nawan, Director, Sayed Farms Limited, testified to how Stanbic IBTC Bank has aided the achievement of his business vision, which is to be one of the biggest poultry producers in the country and engage in beneficial partnerships with small and medium farmers in Nigeria.

Haissam said, “We have witnessed massive expansions, starting from dealing with broiler production only to diving into other aspects of poultry production, including the sale of frozen meat. Stanbic IBTC played a pivotal role in this growth.

“What sets Stanbic IBTC Bank apart is how they handhold you through the growth process with proper guidance and financial structure. Indeed, they are your trusted strategic partner for growth,” Haissam said.

Stanbic IBTC Bank offers credit facilities for agribusinesses that minimize risks, are versatile, and can be used for finance raw materials, vehicles and other logistic needs, and all forms of equipment.

Wole Oshin, Head, of Agribusiness Stanbic IBTC Bank, said agribusinesses are critical for sustainable development and job creation in the country.

Accelerating an inclusive agricultural sector will enhance a vibrant economy with extensive enterprise development.

“We are passionate about providing short-medium term financing solutions to solve the needs of crop and livestock producers, processors, their distribution chain, and other value chain players,” Wole said.

Wole concluded that Stanbic IBTC recognizes the importance of agriculture to the Nigerian economy, and the organization is intentionally developing initiatives and fostering partnerships that support players in the sector.

The Promo, launched in 2022, aims to encourage a savings culture among customers and reward the same habit. The Promo is open to all Stanbic IBTC Bank customers who have saved a minimum of ₦10,000 in their Stanbic IBTC Bank savings account for 30 days.

The cash reward prizes ranged from ₦100,000 to ₦2 million. As part of the bank’s effort to ensure a transparent and fair process, regulatory officials and the media attended to witness the selection of winners through a live draw.

While speaking at the event, Sadiya Ojo, Head Consumer Clients, Stanbic IBTC Bank, reiterated its commitment to providing innovative financial solutions that meet its customers’ needs.

She commended the winners on embracing a savings culture despite tough economic climes. She also reiterated the bank’s commitment to continue to reward its customers for their dedication and loyalty.

“Stanbic IBTC has rewarded over 700 customers with ₦100,000 since the commencement of the Reward4Saving Promo Season two. We still have one monthly draw, one quarterly draw, and the grand finale before the Promo ends. We actively encourage customers to build healthy financial habits and get more money as a reward for succeeding,” Sadiya said.

Kolawole Adebayo, Head Data Enablement and Insights Stanbic IBTC Bank, also appreciated the regulatory authorities’ support and guidance in ensuring a fair process. He noted that deploying technology enables the selection to be made through best practices. According to Kolawole, “We carry out these draws using computerised technology. We see all the processes, from client transactions to data collection, applying all the business cases presented to the point where the algorithm pushes data into the draw machines. All of these are without human manipulation too. This process speaks to the transparency in our process to give every qualified customer an equal chance to be winners.”

To participate in the Promo, customers can download the Stanbic IBTC mobile app, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet and save at least ₦10,000 for 30 days.

The Reward4Saving Promo is one of the many initiatives introduced by Stanbic IBTC to reward its customers and encourage a savings culture in Nigeria.

Acquired by MFS Africa in June 2022, the US-based GTP is the largest processor of prepaid cards in Africa, with more than 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – using its platform.

Prior to joining the GTP executive team, Olaseni Alabede was the Vice President of Product Development in MasterCard’s Installments business. In this New York-based role, he was responsible for the design and development of Buy-Now-Pay-later products on the Mastercard network.

His history in the payments sector, however, dates back to the beginning of his career in 2003, when he started working as a web designer at the now-defunct City Express Bank in Nigeria. After that, he spent nearly a decade at Interswitch, growing from a project engineer to head of enterprise service management.

“We are thrilled to have Olaseni come on board as the new CTO for GTP,” says GTP CEO, Christian Bwakira. “His extensive experience in both the African and international payments spaces and his clear passion for technology’s ability to improve people’s lives and help build better futures makes him the ideal person to drive us forward technologically.”

For his part, Alabede says that he is looking forward to taking charge not just of GTP’s technology stack, but the entire technology initiative behind the company and drive a strategy that enhances the company’s already strong positioning.

“Right now, GTP provides a quality service that customers know and love it for,” he says. “But can we take that to the next level?”

The decision to join GTP, he says, was made primarily on the basis of the impact he believes the company, particularly under MFS Africa’s ownership, can have.  “When you think about what MFS Africa and GTP have done in the African market, that impact is significant,” he says. “I want to be part of taking that further, helping more and more markets replace the need for cash by using seamless technology that integrates our various offerings.”

In helping GTP achieve that impact, Olaseni Alabede plans to focus on seamless customer experiences  as he considers the elimination of friction in payments particularly critical.

“The more friction you remove from the consumer, the more they get out of their payments,” he says.

More particularly, he believes that there will be significant innovation around bringing these technological trends together and that African companies and consumers will benefit from them.

“I think that last mile delivery of frictionless payments and experiences is really going to translate into success,” he says. “As such, we can expect to see a lot of innovation and technological convergence happening in building those frictionless experiences.”

Outside of work, Alabede is passionate about promoting health in underserved communities. He serves on the Board of the Arthur Ashe Institute for Urban Health which provides health education and health equality in the Brooklyn Community and other parts of New York City.