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Stanbic IBTC Supports Digital Trade Payment Solution with First Outbound PAPSS Transaction

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Stanbic IBTC Pension Managers’ FUZE Talent Show wins Judges' Choice Award at 2023 WorldPensionSummit

Stanbic IBTC Supports Digital Trade Payment Solution with First Outbound PAPSS Transaction

Stanbic IBTC

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, completed the first outbound and inbound transaction on the Pan-African Payment and Settlement System (PAPSS) platform in Nigeria.

PAPSS, the centralised Financial Market Infrastructure (FMI) that supports payment arrangements with the objective of expanding pan-African trade and driving African Central Bank’s economic and financial integration agenda, was deployed for use in the West African Monetary Zone (WAMZ) in the following countries: Nigeria, the Gambia, Sierra Leone, Liberia, Ghana and Guinea.

 

 

The first outbound transaction was completed on Friday, 30 September 2022 from Stanbic IBTC Bank to Ghana Commercial Bank (GCB), while the return inbound transaction was completed on Thursday, 06 October 2022.

Stanbic IBTC Bank’s Chief Executive Wole Adeniyi described the transaction as the organisation’s way of supporting intra-African trade while also supporting low-cost and risk-controlled payment, settlement, and clearing systems.

 

 

 

“This is a great opportunity for new and existing clients to take advantage of. The Pan-African Payment and Settlement System will enable interested individuals and businesses make cross border payments, thereby reducing, dependencies on foreign exchange and correspondent banks. Consequently, this will reduce requisite correspondent banking fees and mitigate central delays,” he added.

Jesuseun Fatoyinbo, Head, Transactional Products and Services, Stanbic IBTC Bank, also commenting on the rationale behind PAPSS stated that the Bank is focused on driving business growth for businesses and corporates.

 

 

 

“At Stanbic IBTC, we are dedicated to moving the African economy to the next level, because Africa is our home, and we drive her growth. We understand that the operating environment is fluid, but with our expertise and array of services, we have created innovative solutions such as equity capital raises, payment solutions and a wide range of working capital and trade solutions to improve businesses.”

“These capabilities enable us deliver world-class and cost-effective transactional banking solutions customised to meet our clients’ needs. With PAPSS, we want to ensure that we provide an innovative solution that supports our clients’ business growth while responding to changing business realities,” he added.

 

 

 

Mike Ogbalu III, Chief Executive Officer, Pan-African Payment and Settlement System (PAPSS), commended Stanbic IBTC for being among one of the first banks in Nigeria to do commercial transaction with PAPSS.

“I would like to congratulate the Management of Stanbic IBTC for achieving this significant milestone while recognising the ongoing efforts of their team in making the system operational for the benefit of their customers”.

 

 

 

“By using PAPSS, Stanbic IBTC customers will now be able to do fast and cost-effective cross-border payments across countries of the WAMZ region, and in the close future across the African continent. This is in line with our objective to boost intra-African trade with the implementation of the African Continental Free Trade Area (AfCFTA)”.

Stanbic IBTC Bank remains committed to upholding its high standard of service delivery and transparency while also providing bespoke services to its clients.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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December 20, 2024

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

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December 20, 2024

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank has once again cemented its position as a leader in corporate social responsibility (CSR) by winning the prestigious Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s foremost recognition for impactful community and sustainability initiatives.

The bank was honored at the 18th edition of the SERAS Awards, held at the Oriental Hotel in Lagos, for its unwavering dedication to sustainable development and critical community interventions across Nigeria. The organizers commended Polaris Bank for its consistent efforts to improve lives and foster growth in underserved areas.

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

 

The SERAS Awards, often regarded as the gold standard in sustainability and CSR, celebrate organizations that drive innovation and create lasting societal and environmental benefits. Polaris Bank stood out this year for its extensive portfolio of impactful projects, earning the “Best in Rural Population Integration” award.

Some of the bank’s notable initiatives include:

Sponsoring the planting of 2,000 economic trees in communities like Ajingi, Kano State.
Renovating the Ibeju-Lekki Skill Acquisition Centre and donating essential equipment.
Installing boreholes in underserved rural areas to provide clean water access.
Supporting over 15,000 indigent students in public schools with educational resources, including uniforms, sandals, and books.
Providing free breast cancer screenings to 20,000 women over a decade and supporting survivors through retreats.
Establishing hospitals and rehabilitation centers for victims of sexual violence and vocational centers for women.
Donating ICT labs to skill acquisition centers and promoting financial literacy among students.
Organizing medical outreach programs and aiding Internally Displaced Persons (IDPs).
These initiatives have not only improved living conditions but also reduced rural-to-urban migration by making communities more self-reliant and livable.

Rebuilding Community Resilience
Polaris Bank recently demonstrated its commitment to resilience by rebuilding its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. The bank fully reconstructed and re-equipped the branch, restoring critical banking services and supporting economic recovery in the community.

Commitment to Sustainability
Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, emphasized the institution’s dedication to sustainability. “This recognition underscores our deliberate efforts to drive impactful socio-economic interventions and address the effects of climate change on our environment, economy, and people,” he said.

Lawal reiterated that for Polaris Bank, sustainability is not just a destination but a continuous journey of creating positive change.

Celebrating Africa’s Sustainability Leaders
The SERAS Awards brought together policymakers, business leaders, and global sustainability experts to celebrate organizations shaping Africa’s future through innovative solutions. Attendees used the event to connect with like-minded professionals and reaffirm a shared vision of lasting positive change across the continent.

As a trailblazer in sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion solutions to pressing societal challenges.

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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December 19, 2024

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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