By PRECIOUS IYOMERE
Stanbic IBTC Bank has reiterated its commitment to facilitating financial inclusion in Nigeria by making banking easier and more accessible to operators in the informal sector through its E.susu product and service provided by the banks agent network.
According to a statement by the bank, E.susu is an easy to use transaction and savings account product which forms part of the bank’s long-term strategy to build a ‘bank for the people.’
Commenting on the forum organised to reward E.susu agents from the Lagos and Ibadan regions of the bank, Mrs. Sola David-Borha, Chief Executive Officer, Stanbic IBTC Bank said that the product and supporting agent network enables individuals and businesses in the informal market segment to make financial transactions conveniently and at low cost.
“Stanbic IBTC provides its customers with products and services that they can trust and embrace without fear of losing their money. E.susu takes the traditional mode of savings to a new level by deploying the very best processes and systems.
The product allows the activation of various personal finance pockets for those who want to save to meet specific future needs whilst giving customers the freedom to choose how much and when they want to save,” she explained.
She added that the services on the E.susu banking platform are extended to everyone who can use them, including people at the lower rungs of the economic pyramid, traders and those living in rural areas.
A unique blend of traditional banking practice and modern information technology, Stanbic IBTC’s Agent Network provides a channel for accessing alternative financial services by a diverse range of people who are currently underserved by formal banking, breaking down the walls that currently separate the unbanked from the much broader world of financial systems.
Also speaking at the event, Ada Phil-Ugochukwu, Head of Inclusion Banking, Stanbic IBTC Bank said that the bank’s targeting of the trader segment and the unbanked with E.susu portends huge benefits for the Nigerian economy.
The product has such great features like zero minimum opening balance, a simple account opening process and easy account access for customers in any of the bank’s branches. Agents sign-on to our network and customer uptake of the product is increasing geographically as we scale up our operations.
Customers are also able to access their accounts from any of the bank’s ATMs or other banks’ ATMs across the country,” she said.
She added that the bank has already rolled out the product in key commercial and urban markets in most parts of the country.
A member of Standard Bank Group, Stanbic IBTC Bank is a full service universal bank with a clear focus on three main business pillars -Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Rooted in Africa with strategic representation in key sub-Saharan and other emerging markets, Standard Bank is a bank with a global sweep.
The holding company is based in Johannesburg, South Africa, and listed on the securities exchange operated by the JSE Limited as Standard Bank Group Limited. It has been a mainstay of South Africa’s financial system for almost 150 years. Standard Bank is a leading African banking group which now spans 17 countries across the African continent.