A financial technology bank, SunTrust, has won the most innovative bank of the year award for providing services entirely based on electronic channels, telephone, and the internet. It is the first commercial bank in Nigeria that runs minimal branches.
According to the organizer of Businessday Top 25 Innovative Companies and Institutions awards 2017, Businessday newspaper, the innovation emerging in Nigeria’s banking sector is the digitalization of banking and the growth of the fintech segment with financial transaction and activities occurring via digital channels “to deliver products and services to consumers and clients.”
One of the targets of SunTrust is to bring financial services to over 40 million unbanked Nigerians since over 90 percent of financial services are executed electronically.
“As the first digital bank in Nigeria and West Africa, SunTrust will have the advantage of offering services cheaper than conventional banks”, the bank said in its marketing literature.
Share this
