Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has introduced a new banking product that will help small and medium scale enterprises save on cost and optimize their business margins/revenues.
The product, Biz-Smart Account, enables enterprises open and operate the account without paying maintenance fees and other related charges.
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. The account 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 lodgment, setting up of direct debits or standing orders for regular bills payment and receiving transfers, amongst others.
- How Fintech Lending Helps SMEs Access Bank Funding
- Nigeria Gross Domestic Product: Reforms restrict real output growth to…
- UBA wins FT's The Banker's Africa top award, best bank in 8 countries
- Zenith Bank,CFA Institute team up to strengthen financial markets
- Providus Bank,Mastercard launch new payment solution to bridge digital…
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 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 unlimited monthly withdrawals but requires a minimum account opening balance of N520,000 and a daily minimum account balance of N500,000.
“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,” Ayodele Ojosipe, acting head, enterprise banking and trade finance, Stanbic IBTC Bank .
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 received 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.