Sun Trust Bank Debuts In Nigeria, Promises Tech Driven Services

Following the launch in Lagos, CEO and president of the Dangote Group, Alhaji Aliko Dangote has said the technological services of the bank will distinguish it from other banks across the country.

According to Africa’s richest man, the bank will become the most cost-effective bank in the country as it will not be burdened with the costs of running branches.

The financial technology bank was created with the aim to develop & provide a broad range of unique financial services and products and becomes the first bank in the country that is run with minimal branches and has no tellers or counters.

Speaking at the unveiling ceremony of the bank in Lagos, yesterday, Dangote hailed the board, management and staff of the bank for taking such as 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 bank has two elements that appeal to me,” Dangote said. “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“SunTrust has recognised that the old model of business expansion via a network of expensive branch premises is obsolete.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.

The Bank’s Chief Executive Officer (CEO), Mr. Muhammad Jibrin, said STB started about six years ago as a mortgage bank and would be a financial technology institution that would focus on electronic channels by offering telephone, mobile and internet banking services.

He said: “Banking is no longer where you go to, it is what people do. Therefore, the only thing that can stand the future is no longer physical branches, but banking services would be driven by technology.

“Therefore, most customers of tomorrow would no longer be the customers that want to go to the banking hall. So, you need to be able to position the institution to respond positively to the needs and expectations of customers of tomorrow. That is at the heart of our own vision and strategy as tomorrow’s bank today.”

Speaking also, the Obi of Onitsha Igwe Alfred Nnaemeka Achebe commended the management of the bank for going into business at this time when “everybody else is trying to get out of business, takes a lot of courage, and to go particularly into banking takes triple courage.

“But, even such occasion throws up opportunities to those who can see far and beyond. It is the courage of the founders of this bank that I want to applaud. If you are just coming in to be another bank, then it is not worth coming in.

“So, you have to come in as a bank with a difference. You must change the game. Service and quality should be your focus. I personally believe that the cost level of banks is very high, so if you can bring your own down, you will win.”

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.