Technology Services Will Distinguish SunTrust Bank – Dangote
— Aug 16, 2016 2:30 am | Leave a comment
As Sun Trust Bank Ltd debuted yesterday, president of the Dangote Group and Africa’s richest man, Alhaji Aliko Dangote, has said that the operations of the technology-driven bank will distinguish it and make it the most cost-effective bank in the country, as it will not be burdened with the costs of running branches.
Speaking at the unveiling ceremony of the bank in Lagos, yesterday, 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.
SunTrust, which has just unveiled its unique financial technology-driven banking services in the country, is the first bank in the country that is run with minimal branches and has no tellers or counters.
The bank is also focused on driving mobile money in the South-South and South West regions where it is licensed to do business, to increase the number of financially included Nigerians.
Dangote said: “SunTrust bank has two elements that appeal to me by focusing on technology. Everything is now technology-driven with Fin Tech. SunTrust has recognised that the old model of business expansion via a network of expensive branch premises is obsolete.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 operate your banking transactions without any branch, which means you save money in terms of time.
“With this new model, SunTrust customers actually transact their businesses without visiting any branch, and this actually saves quite a lot of money and that means that they might be one of the cheapest in the banking industry today in Nigeria.
“Secondly SunTrust mobile money programme is truly innovative and will reach out to many people in Nigeria, whose access to a bank account has previously been almost impossible. Millions of Nigerians will be included in the financial system and with attendant benefits to the economy. As you know, there is not more than 15 per cent of the economy in the banking system today. There is a massive market for SunTrust and I am sure they will be able to succeed.”
Other guests who spoke at the official unveiling of the bank, which got a regional commercial banking licence from the Central Bank of Nigeria (CBN) in 2015, commended the bank’s move and described the bank as brave and focused in a trying time, saying it is a bank that would be able to cut costs and satisfy the needs of bank customers in the country.
Corroborating the need to cut cost in the financial industry, the Obi of Onitsha, HRM Igwe Nnaemeka Alfred Achebe, stated that, presently, the cost of running banks in the country is high “and if SunTrust 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.”
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.
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 is targeting to bring financial services to 40 million unbanked Nigerians.
Managing director and chief executive 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 the bank of tomorrow, 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 Mortgagee 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.
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