Stanbic IBTC launches non-interest banking

Stanbic IBTC bank has introduced Imaan Current Account, a non-interest product into the Nigeria banking market.
According to the chief executive officer of the bank, Mrs Sola David-Borha, launching the Imaan current account, an interest free banking product, partly fulfills a crucial aspect of Stanbic IBTC group’s long-term strategy to build a strong retail banking franchise by expanding the range of services and products available to all segments of society.
David-Borha, stated that non-interest banking, for which the Central Bank of Nigeria (CBN) granted Stanbic IBTC bank a licence in 2011, represents a new window through which a significant proportion of Nigeria’s unbanked population, as well as people seeking products and services that meet their specific needs, can be brought into the financial services system.
“We are always delighted to bring best-in-class banking and financial products and services to suit the specific needs of different segments of society. Stanbic IBTC bank has consistently emphasized its commitment to furthering financial inclusion in Nigeria. The launch of Imaan Current Account is another demonstration of this commitment,” David-Borha said.
She noted that over the past three years, the bank has broadened its presence in Nigeria through a rapid branch expansion project designed to make its products and services accessible to most Nigerians, wherever they are located in the country.
The Imaan Current Account is available to customers at all branches of Stanbic IBTC Bank nationwide, according to the Executive Director for Personal and Business Banking, Mr. Obinnia Abajue.
He described the non-interest banking window as an alternative financial service offering that is open to all regardless of tribe, race or religion


Daily trust