Stanbic IBTC Bank has reiterated it support for the development of Small and Medium Enterprises (SMEs) in the country, as part of its commitment to contribute in the growth of the overall economy.
Already, it has been adjudged the Most Innovative SME Bank of the Year in Nigeria in 2016 by The Asian Banker Awards, at the 2016 Asian Banker West Africa International Convention, in Lagos. The lender was recognised for its digital solution designed to ensure strong and viable operations in the small and medium scale enterprises sub-sector.
The bank?s online platform as well as its recently launched virtual business centre, the BizDirect, provided quick turnaround time for SMEs, ensuring they are able to take advantage of business and expansion opportunities.
?The award speaks to Stanbic IBTC?s consistency in delivering innovative and relevant solutions to serve the needs of SMEs. The award also demonstrates Stanbic IBTC Bank?s capacity to consistently deliver tailored solutions that showcase the bank?s expertise and understanding of the dynamics of the SME sector,? the Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Babatunde Macaulay, said.
The SME BizDirect is a multi-channel virtual business centre that avails SME operators a personalized channel through which to engage the bank when the need arises.Through the channel, SME operators are better informed on developments within their business environment, which enables them make effective planning.
Also, the Stanbic IBTC SME seminar series across the country was conceived to expose SME operators to modern and innovative marketing, financial and management skills that are useful to their businesses, which will help them to attract the necessary funding for growth. It also collaborated with Google to train youths and SME operators in Nigeria on digital skills.
The Chairman and founder of the Asian Bankers Awards, Emmanuel Daniel, said the total scoring was based on growth in clients? profitability and revenue, the range and unique features of products and services provided by the bank, operational and platform capabilities, payment solutions and key achievements in the year under review.
The score was also based on a survey of all domestic banks based on overall satisfaction, primary provider, sustainable relationship building, flexibility in pricing and documentation, and local support capabilities, among other parameters.
?A stringent three-month evaluation process based on a balanced and transparent scorecard was used to determine the winners. We are therefore very pleased that Stanbic IBTC is part of what has become the most prestigious and anticipated Awards Programme that recognises the pursuit of excellence amongst financial institutions,? Daniel said.
He said that his organisation recognises leadership in areas like technology and innovation, trade finance and payments industries among international financial institutions in Asia Pacific and in the last three years has grown to include the Middle East and Africa.
The Innovative SME Awards evaluate banks? achievements in financial and advisory services, payment solutions, as well as risk management. The winners for these awards are determined through a combination of surveys, interviews and field research by The Asian Banker?s research staff.