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Squad by GTCO: Reshaping the Nigerian Payment Space

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Squad by GTCO: Reshaping the Nigerian Payment Space

Squad by GTCO: Reshaping the Nigerian Payment Space

-Fragmentation in the Nigerian payment space has served more as a constraint than an enabler; Squad by GTCO positions to lead with innovation and efficiency

By Olorunfemi Adejuyigbe

 

Squad by GTCO: Reshaping the Nigerian Payment Space

Without a doubt, digital payment is the next growth frontier for financial services. Amongst other extenuating factors, growing digitalisation, mobile penetration, and evolving consumer behaviour have accelerated the shift towards cashless thereby creating entirely new business models and solutions built around payments.

Given the key role digitalisation plays in the financial lives of many people today, electronic payments are at the core of the payment ecosystem. As is the case with all things economic, Nigeria remains a most attractive market. Over the past years, we have seen largely foreign investors make a play to participate in the Nigerian technology and financial sector with considerable investments in FINTECH companies creating so-called “unicorns” of these establishments. This is helping to generate needed cohesion within the payment landscape and putting it at the forefront of innovation. The gains from the payment sector will serve to spur the global remittance industry as well as enhance financial inclusion. Increasingly, it is expected that newer, more efficient form factors and product offerings will look to enhance the digital payment experience for consumers and merchants alike.

 

 

 

 

Despite this trend, a more critical assessment of the payment industry shows that existing FINTECHs are merely scratching the surface of the payment landscape and its massive potential for financial inclusion. If anything, the fragmentation of the merchant-facing payments value chain has served to dampen the massive prospects of this sector. Available research point to the fact that asides security and privacy concerns, a major challenge presently facing the mobile payment ecosystem is the high level of market fragmentation as seen in multiplicity of platforms and the different service configurations on offer. With consumer adoption stalling, mobile payments still represent a small portion of total consumer payments. The complexities around payments and the rapid evolution of merchant services require a re-evaluation of business focus and value propositions.

 

 

 

In comes Squad by GTCO

It is against this backdrop that the launch of Squad, a full-service digital payment company conceived by Guaranty Trust Holding Company Plc (GTCO Plc), is a most welcome development. For one thing, GTCO Plc is renowned for its strong corporate governance culture, bias for innovation and superior financial performance. Few financial institutions in Nigeria, and indeed Africa, can boast of GTCO’s impressive credentials. From its humble beginnings in 1990 as a pureplay banking institution, the company has morphed into a fully-fledged financial services powerhouse in a little over three decades. Underpinning this remarkably successful transformation is GTCO’s rich history of firsts: from pioneering industry-wide innovations in Online/Mobile Banking, USSD Banking, Instant Card issuance, and Fingerprint Banking to creating free business platforms to support small and medium-sized business owners in the food and fashion industries and revolutionising consumer lending with QuickCredit, GTCO has differentiated itself from other financial institutions by a mile.

 

With the launch of Squad, GTCO Plc aims to deploy its trademark efficient operations and innovative capacity to drive adoption in payment services and enhance financial inclusion. With the overarching goal to be the most efficient off-line and online merchant acquiring platform in all of Africa, Squad is well positioned to serve four important enterprise verticals namely: micro- businesses (kiosks), online sellers, digital natives, and corporates.

 

 

 

Reinventing the in-store payment experience, no longer limited to POS

Squad’s top offerings will include a payment gateway and the Soft POS. While most are familiar with the functionalities of payment gateways, the Soft POS solution is as cutting-edge as it is simple-to-use.

The Soft POS is a multiform-factor white-label solution that enables a smartphone to function as a merchant acceptance device.

 

 

Essentially, the Soft POS allows any mobile phone with the NFC feature to be used as a point-of-sale. While this service is enjoying growing acceptance and use in other parts of the world like America, Europe, and Asia, Squad will be amongst the very first financial payments service in Africa to introduce this unique payment functionality. Merchants who have traditionally accepted cash payments or struggled with the sub-optimal nature of physical POS terminals, now have a simpler and more secure way to manage their transactions.

The solution effectively addresses the needs of micro and small businesses as it provides a cost-efficient card acceptance solution as well as complete visibility of merchant transactions making reconciliation and decision making faster and easier. With Soft POS, the consumer experience is elevated as it facilitates line-busting to streamline check out queues and eliminates friction. How does the Soft POS work? Quite simple and fast. Sellers can start accepting contactless payments in just few minutes by downloading the app from Google Play Store and completing the registration process.

 

 

Squad would also be offering other high-impact, value-adding services to merchants and corporates in various sectors of the economy to enhance their business operations and propel wide-scale growth.

 

 

 

 

What makes Squad unique?

As the name suggests, Squad denotes the power of a TEAM. The team at Squad is peopled by young, dynamic professionals who have imbibed GTCO Plc’s culture of innovation and efficiency to power next-generation payment solutions. If GTCO’s track-record of trailblazing achievements is anything to go by, Squad will in no time set the marker for merchant and customer fulfillment in payments. Squad is backed by a successful ‘Proudly African, Truly International” brand in GTCO Plc and is run by well-trained, digital-savvy minds with a keen understanding of market needs and trends. This is markedly different from what currently obtains where one or two founders set up and struggle to balance vision with ambition, and ultimately, falter off-course.

With no less a visionary than Segun Agbaje leading the Holding Company, we can be sure that values like transparency and integrity, which have become synonymous with the Guaranty Trust brand, will come on to define the payment space resulting in more clarity of purpose and extensive trust in the reliability of digital solutions. In a recent forum to review GTCO Plc’s prior year financial statements and projections for the 2022 financial year, Mr. Agbaje pledged to disclose the performance of the Group’s new businesses on a quarterly basis. This is a rarity in today’s clime. It is exactly what one would expect from a brand looking to champion Africa’s growth as it serves to enhance competitiveness and value creation for all stakeholders. You would recall that the Group recently started Guaranty Trust Fund Managers Ltd and Guaranty Trust Pension Managers Ltd to compete in the Asset Management and Pension sectors. These, alongside the new payment company, will certainly add to the viability of GTCO Plc long-term.

 

 

 

 

The future of payments is digital

To reference one of Segun Agbaje’s seminal submissions, ‘the future of payments is digital.’ The launch of Squad is timeous if Nigeria, and indeed Africa, must ride the wave of continued cash displacement and go on to drive digital payment adoption and financial inclusion. And, if there is a question of how to radically transform Africa’s payment space, Squad is the answer.

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Union Bank’s Save & Win Promo Returns! More Customers to be Rewarded With Over 55 Million Naira

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Union Bank’s Save & Win Promo Returns! More Customers to be Rewarded With Over 55 Million Naira

Union Bank’s Save & Win Promo Returns! More Customers to be Rewarded With Over 55 Million Naira

 

Union Bank’s Save & Win Promo Returns! More Customers to be Rewarded With Over 55 Million Naira

 

Union Bank has announced the return of the Save & Win Promo, its flagship campaign aimed at rewarding new and existing customers with cash rewards and other gift items worth over N55,000,000.

Following a successful first season, this second edition of the nationwide campaign which coincides with the Bank’s 105th anniversary will benefit more customers to appreciate them for their support and loyalty over the years.

 

 

 

 

Speaking on the reason for the campaign’s rerun, Lola Cardoso, Union Bank’s Head, Retail Banking & Digital said:

“Union Bank is excited for the return of our Save & Win promo. This campaign is another opportunity to give back to our customers in a way that matters while promoting the savings culture among Nigerians. As we celebrate our 105th anniversary, we remain committed to delivering products and services that enable our customers to achieve their personal and business goals.”

 

 

The promo which will run from June to December 2022, is open to new and existing customers who save a minimum amount of N10,000 monthly. Savers who qualify to participate in the monthly, quarterly and end of the year draws stand a chance to win N105,000 monthly, while 5 winners will go home with N500,000 each in two of the quarterly draws. One lucky customer will snag the star price of N5,000,000 during the grand finale set to hold in December alongside other consolation prices.

To increase their chances of winning in the draws, customers can continue to top up their savings in multiples of N10,000. Winners in the promo will emerge through a series of transparent, electronically- generated draws which will be supervised by relevant regulatory institutions.

 

 

 

 

Prospective customers can download the UnionMobile app on their mobile phones to open accounts, or walk into any Union Bank branch. To reactivate existing accounts, returning customers can call the 24-hour Contact Centre on 07007007000 or also visit any of Union Bank’s branches across the country/

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Stanbic IBTC Hosts Women in Tech Event

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Stanbic IBTC Hosts Women in Tech Event

Stanbic IBTC Hosts Women in Tech Event

By Olorunfemi Adejuyigbe

 

Stanbic IBTC Hosts Women in Tech Event

 

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, has held the second edition of its Women in Tech event.

The event is a celebration of women in the Nigerian tech space while encouraging more women and young girls to take up careers in science, technology, engineering and mathematics (STEM). It preaches the need to close the gender gap and empower women and young girls to seize the opportunities that the tech world offers.

 

 

 

 

 

The event, themed “Building a career in tech: break the glass ceiling”, was held on the Zoom virtual meeting platform. It had in attendance guest panelists from different tech-led careers, including Bisola Alabi, founder, Heels and Tech; Olatokunbo Ogunlade, System Engineer, Factorial HR; Ibifuro Apiafi, Manager, Entrepreneur Selection and Growth, Endeavor; and Moyinoluwa Aiyeniko, Software Developer, Stanbic IBTC Bank. The event was moderated by Vivian Obiajulu.

Bunmi Dayo-Olagunju , Executive Director, Client Solutions, Stanbic IBTC, said the event is one of the ways the organisation is supporting women to bridge the gender gap in the tech space. “With today’s conversation, we will attempt to debunk those myths that have become obstacles to us women fulfilling our potentials in the tech world”

 

 

 

 

 

 

She said, “Despite the advancement in technology globally, studies have shown that women only account for about 30 per cent of professionals in the field. More women in the tech space means the reduction of inequalities, leading to a more gender-balanced society and an increase in technological innovation, productivity, and job creation. All these will give a boost to our economy and Stanbic IBTC is ever ready to support and encourage women, and young girls, to take up careers in technology.”

Bunmi stated that women have demonstrated the capacity to excel beyond expectations when they are encouraged in their endeavours and technology will not be an exception.

 

 

 

 

 

 

 

Stanbic IBTC is committed to the advancement of a gender-balanced society while providing excellent innovative services to its customers.

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Stanbic IBTC Boosts Customer Experience with Digital Loans Solutions

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Stanbic IBTC Boosts Customer Experience with Digital Loans Solutions

Stanbic IBTC Boosts Customer Experience with Digital Loans Solutions

By Olorunfemi Adejuyigbe

 

Stanbic IBTC Boosts Customer Experience with Digital Loans Solutions

 

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has said it would continue to boost customer experience through its digital loans. This is part of the company’s efforts to assist Nigerians with gaining access to affordable funding for personal and business use.

 

The non-collateralised loans, consisting of Stanbic IBTC Unsecured Personal Loan, Top-Ups, Smart Loan, EZ Cash, and Device Financing, would help customers access loans ranging from N20,000 to N20 million. All the loans can be accessed from any location 24/7 without having to visit the branch and without paperwork as they are all digitised end-to-end.

 

 

 

 

 

 

 

Commenting on the rationale behind the Stanbic IBTC Digital Loans, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, noted that the solutions were geared towards addressing the challenges facing individuals in accessing finance.

 

“The Stanbic IBTC Digital Loans, which are available via our Super App, our website, our *909# USSD service and Internet Banking, help alleviate some of the challenges individuals experience in meeting urgent financial needs. The loans are available to both new and existing customers of Stanbic IBTC and are geared towards helping customers meet their financial obligations at any time, no matter the urgency.”

 

 

 

 

 

 

 

 

According to the Chief Executive, “Customers, through the Stanbic IBTC Device Financing solution, can acquire new mobile devices from MTN partner stores and enjoy additional benefits such as 4GB data, 100 minutes talk time monthly and insurance against loss and screen damage.”

 

Through the Stanbic IBTC Smart Loan solution, customers of the bank who also have mutual fund investments with Stanbic IBTC Asset Management can access up to N20 million instant loan to finance personal and business projects while their investments continue to earn them returns.

 

 

 

 

 

 

 

 

 

 

With the upgraded Stanbic IBTC Unsecured Personal Loan, salary earners can apply for a top-up of existing loans through their mobile devices from the comfort of their homes.

 

Similarly, with Stanbic IBTC EZ Cash, customers can access loans of up to N7.5 million via the bank’s USSD code *909*44#, the My Bank Module of the Stanbic IBTC Mobile App and the Bank’s online banking portal. Customers can access loans quickly and conveniently with up to 48 months of repayment, depending on the loan type.

 

 

 

 

 

 

 

 

 

The Chief Executive reinforced that the bank would continue to design financial solutions that will meet the needs and enhance the financial growth of its esteemed customers. “With economic empowerment as a core pillar of our corporate social investment initiatives, we remain committed to ensuring not only the growth of our customers but also their business activities,” Adeniyi concluded.

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