Exclusive: Stanbic IBTC scrapping Non-Interest Banking operation, may begin customers conversion



By Abdulwaheed Usamah

There are indications that Central Bank of Nigeria (CBN)’s introduced Non Interest Banking (NIB) system as financial inclusion designed to meet some religious dictates has reached its peak, as financial houses who obtained certificates of the system operation may soon start backing out.

Since inception of the NIB in 2011, none of known conventional lenders who approached the CBN for the certificate of operation, including Sterling Bank and Stanbic IBTC, aside Jaiz Bank founded to run full fledged system, were reported to not have been able to achieve good performance or result through the system as those others practicing interest-attracted system, despite the apex bank’s sensitization and other efforts to ensure the scheme stay.

http://www.theguildng.com/exclusive-stanbic-ibtc-scrapping-non-interest-banking-operation-may-begin-customers-conversion/