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Monday, August 15, 2016

A new commercial bank officially begins operation in Nigeria today Monday

Ten months after it was granted a regional commercial banking licence by the Central Bank of Nigeria, SunTrust Bank Limited will be unveiled to the public today, Monday August 15. The bank which commenced business on August 1, 2016 obtained the first new commercial banking license in the last 15 years in the country on September 15, 2015.  

The Managing Director and Chief Executive Officer of the bank, Muhammad Jibrin said the bank will carve a niche for itself in the area of financial technology as it is set to deliver quality banking services to its customers. The Sun Trust Bank Chief, who disclosed that the bank hope to bring into the Nigerian financial system an additional two million new customers, revealed that the vision of the bank is to offer quality retail and commercial banking services in a modern and innovative way. 

“We will use technology and a new way of thinking to provide banking services to many people in Nigeria whose access to bank accounts has previously been impossible,” he stated.   Jibrin also said that the bank will offer banking services through various mobile and internet banking platforms enshrined with traditional banking values adding that the goal of the bank is to drive vigorously the financial inclusion goal of the country by reaching out to the unbanked in the country.   

According to him, the goal of the bank is to target those that have not been captured in the financial system, while focusing on helping local companies to grow their businesses. The bank which has a regional banking license focused on the south-south and south-west areas of the country will, at its commencement, have branches in Lagos, Port Harcourt and Abuja.

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