Stanbic IBTC Bank Archives — Business Bells

Business Bells

Tag: Stanbic IBTC Bank

  • Reward4Saving Promo: Stanbic IBTC Bank to Reward Customers with N30m Cash Prizes

    Reward4Saving Promo: Stanbic IBTC Bank to Reward Customers with N30m Cash Prizes

     

    …As 60 customers Win N6m in September Draws

     

    Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC has rewarded 60 of its new and existing customers with the sum of N6m for the September draws in its Reward4Saving Promo where the bank’s customers are expected to win cash prizes worth N30 million by the end of the promo.

     

    The draws which took place at the Stanbic IBTC Headquarters on Walter Carrington Crescent, Victoria Island, Lagos saw 60 customers win cash prizes of N100,000 each at the first draws.

     

    Speaking at the event, Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank PLC said over 109,000 new and existing customers qualified for the promo for the month of September, noting that the 60 winners at the draws were selected from the six geo-political zones of the country with 10 winners coming from each zone.

     

    Olufunke said: “There are going to be two more draws – one for October, happening first week of November and one for November, happening first week of December and then the grand finale in December.”

     

    Olufunke explained that a total of 180 winners are expected to win the sum of N18 million in the months of September, October and November, while 12 winners will win N1 million each at the grand finale in December to make up the N30 million that Stanbic IBTC Bank PLC will reward its customers within the period of the Reward4Saving Promo.

     

    According to her, apart from the cash prizes, over 2,000 customers who opened accounts and funded it with a minimum of N5,000 have been rewarded with N500 Free airtime, adding that a total of 20,000 customers who open a new Stanbic IBTC savings account or @ease wallet and deposit a minimum of N5,000 will be rewarded with N500 Free airtime throughout the period of the Stanbic IBTC Reward4Saving promo.

     

    Speaking in the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients pointed out that the Reward4Saving promo seeks to encourage customers to develop a savings culture.  He also encouraged customers to take advantage of Stanbic IBTC’s end-to-end digital services to access diverse financial products and services.

     

    On the rationale behind the campaign, Remy said: “We recognise that saving is an important aspect of an individual’s journey to financial freedom so this is an avenue to encourage our customers as well as reward them for their dedication towards building a savings culture. We will be rewarding more customers with cash prizes ranging from of N100,000 to a whooping N1 million”.

     

    Stanbic IBTC Bank PLC remains committed to its corporate purpose of serving it numerous customers and stakeholders by offering bespoke financial products and services while rewarding them for their loyalty over the years.

     

  • Stanbic IBTC Bank Identifies Opportunities for SMEs Growth in Nigeria

    Stanbic IBTC Bank Identifies Opportunities for SMEs Growth in Nigeria

    Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, recently hosted a webinar where it reiterated its zeal and commitment to assisting the Small and Medium Enterprises (SMEs) ecosystem in Nigeria.

     

    The webinar themed “Scaling Your Business in Challenging Economic Times”, was well attended by enthusiastic entrepreneurs looking to overcome the economic challenges currently faced by their businesses.

     

    In his opening remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, listed the COVID-19 pandemic, dearth of innovative solutions and lack of access to adequate business finance as some of the challenges that have plagued the SME sector in Nigeria in recent times.

     

     “As a business entity, Stanbic IBTC understands that running a business is not a bed of roses and that challenges differ from one business ecosystem to another. For this reason, Stanbic IBTC Bank is always in search of solutions to solve business challenges as they arise,” Adeniyi said.

     

    He also advocated for the diversification of the economy through policies that will be aimed at driving commercial growth in various sectors, as SMEs are vital to the vast business ecosystem of any economy.

     

     According to him, this would boost economic growth and lead to an improved standard of living for the citizenry. He further advised SMEs to monitor their expenditure and make the necessary adjustments closely.

     

    Speaking on how the pandemic affected SMEs and the outlook of the post-pandemic era, Ayodele Ojosipe, Head, Enterprise Banking, Stanbic IBTC Bank, explained that challenges faced by SMEs during the lockdowns still have profound effects on their businesses to date.

     

    He added that whilst these challenges have resulted in increased costs of doing business, the inability of most SMEs to pass these costs to their customers has led to margin compression and outright losses in most cases thereby threatening their business sustainability.

     

    Ojosipe stated further that despite the fluctuation and devaluation of the currency which has culminated in capital inadequacy for most SMEs in Nigeria, there are opportunities in the immediate business environment that small businesses can explore to turn the tide.

     

     He advised SMEs to take advantage of the Stanbic IBTC unsecured SME Loan which is available to both existing and new clients of the Bank within 24hrs to enable them to meet their financing needs.

     

    Ojosipe identified changes in business dynamics, client focus, optimising cash flows and business partnerships, talent retention, restructuring loans (if any), deferring costs and accessing cheaper funding as key focus areas for SMEs to guarantee business continuity.

     

    He further cited aspects of the recently promulgated Finance Act which would benefit small businesses.

     

    Some of the areas include the Company Income Tax Act, which stipulates those small businesses with less than N25m million turnover will no longer have to pay taxes and the CAMA act which states that small businesses with a turnover of less than N120m million need not turn in audited financials while filing their taxes, hence saving them costs in the appointment of auditors.

     

    Ife Durosimi-Etti, Founder, AGS Tribe, highlighted the need for small businesses to explore innovative ways of staying relevant through identifying what customers need.

     

    She harped on the advantages of collaborations with other business owners, avoiding unnecessary loans, seeking opportunities for grants, and the importance of joining accelerator programmes for exposure.

     

    The Bank urged SMEs to build well-positioned brands for opportunities and take advantage of services available within enterprise banking as they come with numerous benefits to boost their businesses.

     

    Stanbic IBTC Bank is committed to the continuous support and development of SMEs through targeted initiatives and products.