It
was celebration galore on Monday, August 15, 2016 when the President of the
Dangote Group and Africa's richest man, 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 Mr. Dangote who chaired the opening ceremony at the bank's headquarters 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 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," the businessman said.
"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expensive branch premises is obsolete.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."
Mr.
Dangote commended the board, management and staff of the bank for their courage
in taking the bold step at a time "banks all over the world are facing
multiple challenges and headwinds" and noted that the Bank's focus will
drive it to success.
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