Stanbic IBTC, Bento Africa partner to offer more value to Nigerians businesses

By Grace Airhule

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has announced a partnership with Bento Africa, a payroll and human resource management (HRM) company, to offer more value to Nigerian businesses of all sizes.

Bento Africa company is on a mission to meet work wherever it happens, expand broader access to a wider range of financial services and drive inclusion across the continent.

Wole Adeniyi, chief executive of Stanbic IBTC Bank, speaking on the rationale behind the partnership, said the bank was committed to delivering more digitalized value-added services to businesses and Small and Medium Enterprises (SMEs).

“Every business we serve pays salaries and has employees, so the provision of a world-class technology platform that enhances how they relate with our bank drove this strategic partnership,” Adeniyi said.

“We are delighted to partner with Bento Africa, who currently serve over 1,000 businesses in Nigeria, Ghana, Kenya, and Rwanda, with plans to roll out to an additional 10 countries by the end of the year,” he said.

Adeniyi said Stanbic IBTC customers can access Bento’s services through the bank’s digital platforms, including payroll and HRM services, detailed financial data analytics, and seamless payment of employees in both the formal and informal sector, while staying compliant to local laws.

Ebun Okubanjo and Chidozie David Okonkwo, who spoke on behalf of the Bento team founders, said the collaboration with Stanbic IBT was the beginning of much deeper partnerships with established institutions and start-ups.

“We are not surprised that Stanbic IBTC was the first to the table, as the bank and its history are grounded in innovation and we have enjoyed working with them and are extremely excited about the future of salaries and benefits and what that will mean for the employer, the employee and society as a whole,” they said.

Bento Africa is on a mission to modernize the payroll and HRM market in Africa, which has traditionally relied on laborious, manual processes to handle payroll. The start-up helps businesses of all sizes to automate the disbursement of salaries and other statutory remittances, including taxes and pensions with a single click.