A new banking product that will help small and medium scale enterprises save on cost and optimize their business margins/revenues has been introduced by Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc.
Called Biz-Smart Account, the new product makes it possible for business owners to open and operate the account without paying maintenance fees and other related charges.
The Biz-Smart Account is a hybrid current naira account specially tailored to enterprises and offers the unique features of both a savings and current account.
It was developed to help enterprises reduce to the barest minimum the cost of business, especially the ones that emanate from transactional accounts, Stanbic IBTC Bank says.
The account offers zero account maintenance fees and it attracts interest based on the available deposit on the account.
The account also gives the holder access to internet/mobile banking channels and access to MasterCard Naira debit card. Other benefits include third party cheque lodgement, setting up of direct debits or standing orders for regular bills payment and receiving transfers, amongst others.
This unique enterprise banking solution from Stanbic IBTC Bank is offered in two variants namely Biz-Smart account and Biz-Smart Plus account.
The Biz-smart requires an opening balance of N60,000 and a daily minimum balance of N50,000 and enables the holder to receive interest on their account. In addition to this, a maximum of four cash withdrawals is allowed at the branch. However, there are no limits for transactions on e-channels (ATM, Web payment, Mobile Banking, POS and Internet Banking) so applicable transaction fees for using these channels would apply.
The Biz-Smart Plus, on the other hand, allows for monthly unlimited withdrawals but requires a minimum account opening balance of Five Hundred and Twenty Thousand Naira and a daily minimum account balance of Five Hundred Thousand Naira.
Commenting on the new banking product, Mr. Ayodele Ojosipe, the Acting Head of Enterprise Banking and Trade Finance at Stanbic IBTC Bank, stated that, “We recognize the importance and pivotal role of Enterprises in the growth and development of our economy.
“Small and Medium Scale Enterprises are the key drivers of the economies of developing countries, creating thousands of jobs and enhancing GDP growth.”
“This explains the efforts of Stanbic IBTC Bank Plc in supporting this critical sector with the ultimate aim of achieving entrepreneurial optimisation in the Nigerian economy.
“We call on all SMEs in the country to embrace this unique offering that would help in boosting their business continuity, growth and productivity,” he added.
Mr. Ojosipe noted that Stanbic IBTC Bank is very popular for its SME Capacity Building Series which holds annually in select cities across Nigeria and that the bank is fully committed and well experienced in the area of promoting Small and Medium Scale Enterprises. The bank has received several awards for its support of the sector.
In 2016, Stanbic IBTC Bank was adjudged the Most Innovative SME Bank of the Year in Nigeria by The Asian Banker Awards. The bank is also known for its digital solutions designed to ensure strong and viable operations in the small and medium scale enterprises sub-sector.
Its online platform as well as its Digital Bank, the Enterprise Direct, provides quick turnaround time for SMEs, ensuring they are able to take advantage of the unique offerings available via the mentioned channels for business growth and expansion opportunities.
Stanbic IBTC Bank is a member of Stanbic IBTC Holdings Plc, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Stanbic IBTC Bank is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power, infrastructure and real sector support.