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expensive branch premises is obsolete.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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