Aliko Dangote unveils Nigeria’s first Fintech Bank
August 24, 2016
Press Release

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“SunTrust has recognized that the old model of business expansion via a network of expensive branch premises is obsolete.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.


Source: http://www.trezzyblog.com/2016/08/aliko-dangote-unveils-nigerias-first.html

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Good development. Hope it's not try and error? Every kobo counts now

Awesome

let's go there.

Baba nau jack of all trade

We need a branch here in Abj

I first thought it was a bank that will serve as a venture funder of innovative technological solutions or for startups, seems it's a cashless ideology backed bank.

Still good, first of its kind.

Bet Dangote group bank accounts will be domiciled there sharp sharp.

A jack of all trades comes to mind.

Ok

Recruitment starts.....that's what we want to hear

Hmmm... interesting.

Please someone should come and tell us how much they charge per dollar if we use their ATM on foreign sites.

It's [size=15pt]LadyF[/size] again

By the time this man is done, our official currency will be called Dangote. For example;

Person A: Madam, how much be one mudu of garri?

Person B: Na two Dangote I dey sell o

smart guy. targetting youths...

$

[size=18pt] Allah bless my uncle dangote for all he has been doing for nigerians...i will continue to pray for you. My latr father dantata told me you will be a great man when he first borrowed you 500k to start up.
I am worth 100 billion naira and dont want to risk it investing so that i will rather spend it till i die since my interest of 10 billion naira a yr is enough for me.Thank you uncle.

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How can this help the poor?

So as regional bank, wch region will it focus on as its market. and wats d big deal abt d fintech thingy wen most banks services r now technologically-drivN abi dem tink say Nigerians r bush ppl?

Bank s bank why the necessary addition of fintech

Hope i will still be able to withdraw certain amount from my card with 0 balance since its fintech. If not....nothing new

Dangote is always useful to the economy

Good one.

when God has picked your call, and decided to still call you back. Even when your phone is on silence mode, you will notice his incoming call asap.

Nice development. It's a gradual process, Nigeria will surely get there.

Dangote the Carlos Slim of Mexico (Nigeria) I love his business acumen

Na only this guy?

The Bank is the first commercial bank that runs minimal branches and focuses on electronic channels by offering telephone, mobile and internet banking services.

Does the bank have a kind of ATMachine through which I can credit my account (or others) directly with my cash at hand?

'cos I am not understanding the bolded.

omaiyale:
We need a branch here in Abj

no branch, internet all the way

More businesses, lesser employment, ICT is taking over

Welcome development but IMO, I think they will still face certain limitations (tech platform). Nigeria heavily relies on cash regardless but let's see how this model works out, who know, this may yet be the newest era of banking.