It was celebration galore on Monday, August 15, 2016 when the President of the Dangote Group and Africa's richest man, Aliko Dangote led other dignitaries to flag off Nigeria's first full-fledged technology bank, SunTrust Bank.
SunTrust Bank is the first regional bank to receive a new license by the Central Bank of Nigeria (CBN) since 2001 and the first full-fledged financial technology bank in Nigeria.
The Bank is the first commercial bank that runs minimal branches and focuses on electronic channels by offering telephone, mobile and internet banking services.
According to Mr. Dangote who chaired the opening ceremony at the bank's headquarters in Lagos, Fintech Bank is a welcome development in this era of cashless economy. He emphasized that SunTrust Bank will help the country harness its potential in the digital world.
He explained further that technology-driven platform would distinguish the bank and make it the most cost-effective bank in the country with fewer personnel and attendant lower overhead cost.
"SunTrust bank has elements that appeal to me in its Fintech strategy driven by its focus on technology," the businessman said.
"SunTrust has recognized that the old model of business expansion via a network of expensive branch premises is obsolete. What you need now is to sit down at home and do your banking transactions thereby saving money and time."
Mr. Dangote commended the board, management and staff of the bank for their courage in taking the bold step at a time "banks all over the world are facing multiple challenges and headwinds" and noted that the Bank's focus will drive it to success.