SunTrust, Nigeria’s first Fintech Bank

August 22, 2018
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On Monday, August 15, 2016 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.
Also in SunTrust Bank, there is minimal security presence, no generator noise, bank customers
who come in there will find a banking hall equipped with computer
terminals for customers seeking a well secured computing link.

The
banking hall is completely different, no kiosks or cashiers and it
looks more like an airport lounge, signaling a total dependence on
technology in its service offerings to the public. Simply means that there banking system is done via  telephone, mobile and internet banking services.

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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network of expensive branch premises is obsolete.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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