Connect with us

General News

Stanbic IBTC Unwraps Business Banking Device

Published

on

Kindly share this post

Stanbic IBTC Bank has taken the wrapper off its new business online in the country that will help people at the comfort of their home or offices transact their businesses.
Chris Newson, chief executive officer of the bank, said that the product is wholly Nigeria and is meant to serve the interest of Nigerians.
According to him, with the new system, excessive cash will be eliminated while people transact their businesses. "This did not come by accident, it was seriously thought of and the security aspect of it well taken care of" Chris said.
He said that Stanbic IBTC has about 34 years banking experience in South Africa where 17 of these years saw it as a market leader.
He said: "But this is not a South African product. It is a Nigerian product. We took our time to understand the Nigerian customers. The product is for Nigeria and meant to serve Nigeria. We are working with some local partners.
"Some of the advantages of the product are that customers can make payments locally and across banks and give you your account balance wherever and whenever you want. Each user has a unique Identification Number to access the system." He said
It will be recalled that Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC.
The merger, by way of the first ever tender offer in Nigeria and a $525 million FDI, the largest in Nigerian financial history, gave birth to a new entity now known as Stanbic IBTC Bank PLC which became part of the Standard Bank Group.  The merger was officiated in August of this year and legalised on the September  24, 2007.
Stanbic IBTC Bank PLC through its wholly owned stock broking and asset management subsidiary, IBTC Asset Management Limited has several excellent mutual funds including the IBTC Nigerian Equity Fund, which is Nigeria’s largest mutual fund with a net asset value in excess of N25 billion (as at December 2007).  It is the only bank that has a direct subsidiary that is a pension fund administrator; through the market leading IBTC Pension Managers Limited (IPML).
The Corporate and Investment banking offering includes global markets, project and structured finance, equities trading, corporate finance, global custody and a myriad of transactional and electronic banking solutions.  As part of Africa’s largest bank, it is able to give its clients access to expertise and on the ground presence across the globe, a vital service in the ever increasing global requirements of business.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

General News

FG Asks MDAs to Halt New Policies Until Full Compliance with RIA

Published

on

Kindly share this post

Federal government has directed all Ministries, Departments and Agencies (MDAs) to suspend the introduction and rollout of new policies, regulations, or major regulatory changes until full compliance with the Regulatory Impact Analysis (RIA) Framework is achieved.

FG Asks MDAs to Halt New Policies Until Full Compliance with RIA

The directive, issued by Princess Zahrah Mustapha Audu, director general of the Presidential Enabling Business Environment Council (PEBEC), is part of efforts to strengthen regulatory quality, ensure policy coherence, and improve the ease of doing business in Nigeria

According to the statement, the RIA Framework, which was formally implemented in January 2025, requires that all new policies or amendments introduced after the date must undergo review and approval in line with its provisions.

She noted the framework has already been circulated to MDAs by the Office of the Secretary to the Government of the Federation and is also accessible on the PEBEC website.

MDAs are therefore expected to familiarise themselves with the framework and align their policy development processes accordingly.

Audu emphasised that while the government remains committed to working collaboratively with regulatory institutions, no new reform or policy would be allowed to proceed without being backed by clear and verifiable evidence.

She explained the directive aims to prevent policy shocks that could negatively affect businesses, investors and citizens, eliminate inconsistencies and frequent policy reversals, and institutionalise evidence-based policymaking across government.

The directive also seeks to enhance transparency, improve predictability, and boost stakeholder confidence in public policies, while ensuring adequate engagement to minimise resistance prior to implementation.

Consequently, all MDAs have been instructed to suspend any planned policy rollouts that have not yet been implemented, ensure that new policy proposals are supported by comprehensive RIA and necessary approvals, and integrate the RIA process into their internal policy formulation procedures.

They are also required to undertake structured and inclusive stakeholder engagement as part of policy development to improve acceptance and implementation outcomes.

The PEBEC boss added that MDAs can access the RIA Framework through its website or seek technical support from the council’s secretariat.

She, however, noted that exceptions would only be granted in cases of urgent national interest, subject to appropriate approval.

Audu stressed that cooperation from all MDAs is crucial to building a stable, consistent and business-friendly regulatory environment capable of driving sustainable economic growth and boosting investor confidence.

 

 

 


Kindly share this post
Continue Reading

General News

FG Unveils Digital Platform to Showcase Nigeria’s Culture, Tourism Destinations

Published

on

Kindly share this post

The Federal Government has unveiled a new digital platform, NITOUREY, aimed at showcasing Nigeria’s rich cultural heritage and tourism destinations to global audiences.

The initiative, introduced at a press conference organised by the Nigerian Tourism Development Authority, was described as a public-private partnership designed to project Nigeria’s diverse cultural assets.

Speaking at the event on Tuesday, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the platform marked another step in repositioning Nigeria as a leading global destination for tourism, culture and creative excellence.

She explained that the digital project would harness the power of the creative economy and technology to amplify Nigeria’s cultural narratives while creating opportunities for young Nigerians, filmmakers, content creators and tourism operators.

Musawa said, “Today marks yet another significant step in our collective journey to reposition Nigeria as a leading global destination for tourism, culture and creative excellence.

“The initiative aligned with the administration’s economic diversification drive, noting that tourism had the potential to contribute significantly to national growth.

“President Bola Tinubu has a vision to use tourism as part of economic diversification and expansion, and NTDA can play a vital role in achieving that goal”.

She emphasised that NITOUREY would not only showcase destinations across the country but also create economic opportunities within the creative industry.

“Through this initiative, we are not only showcasing destinations across Nigeria but also creating opportunities for the creative industries, including filmmakers, content creators, tourism operators and young Nigerians within the creative economy,” she added.

The minister also stressed the importance of collaboration between government agencies, state governments and the private sector, noting that the platform was a PPP initiative designed to unlock the full potential of Nigeria’s tourism and creative sectors.

“This is a commendable PPP initiative that demonstrates the collaboration required to unlock the full potential of Nigeria’s tourism and creative industry,” she said.

She further assured stakeholders that the Ministry of Art, Culture, Tourism and the Creative Economy would continue to support initiatives that enhance Nigeria’s visibility, attract investment and create jobs.

In his remarks, the Director General of NTDA, Ola Awakan, described NITOUREY as a transformative platform that will redefine how Nigeria is presented to the world.

He emphasised that tourism thrives on perception, visibility, and storytelling, noting that the platform will collaborate with key institutions, including the Nigerian Film Corporation, National Film and Video Censors Board, and the National Information Technology Development Agency, to deliver high-quality content.

Awakan added that the initiative is powered by a strong public-private partnership involving TOURCLIQ Creatives Limited and JM MiSA International Limited, underscoring the importance of collaboration in unlocking the full potential of Nigeria’s tourism and creative industries.

He further revealed that NITOUREY will spotlight iconic destinations across Nigeria’s six geopolitical zones, including Zuma Rock, Yankari Resort and Safari, the Argungu Fishing Festival, Ngwo Pine Forest and Cave, Obudu Mountain Resort, and Olumo Rock, projecting them to a global audience.

The platform is expected to serve as Nigeria’s premier tourism streaming platform, projecting the country’s culture, creativity and destinations to both domestic and international audiences.

 


Kindly share this post
Continue Reading

General News

Telecoms subscribers’ compensation for poor service starts this month – NCC

Published

on

Kindly share this post

Nigerian Communications Commission has announced that its directive requiring telecom operators to compensate subscribers for poor service quality will take effect from this month.

Telecoms subscribers’ compensation for poor service starts this month – NCC

NCC

In an FAQ released on Tuesday, April 7, the Commission clarified that the directive applies specifically to Mobile Network Operators (MNOs) that fail to meet their Quality of Service (QoS) Key Performance Indicators (KPIs).

These include major operators such as MTN, Airtel, Globacom, and 9mobile, although the NCC did not specify which of them fell short of the required standards.

The Commission explained that the compensation framework covers service failures affecting voice calls, data services, and SMS. It also applies to both individual and corporate subscribers.

According to the NCC, subscribers will qualify for compensation if they experienced poor network service in an affected Local Government Area and carried out at least one revenue-generating activity, such as a billed call, SMS, or data session, during the relevant period.

The regulator emphasised that subscribers do not need to apply for compensation, as operators are mandated to automatically identify affected users and provide compensation directly. It added that only service failures falling below defined thresholds under the QoS Regulations will qualify, while brief or quickly resolved disruptions may not be eligible.

The NCC also noted that a separate compensation framework already exists for Internet Service Providers (ISPs). The directive was earlier announced in a statement by the Commission’s Head of Public Affairs, Nnenna Ukoha, as part of efforts to prioritise consumer protection within Nigeria’s telecommunications sector.

The Commission highlighted the critical role of telecom services in economic activity, communication, and access to digital opportunities, noting that poor service quality can negatively impact productivity, business operations, and public confidence.

It added that the compensation policy complements existing regulatory measures aimed at monitoring service delivery and enforcing performance standards across the industry.


Kindly share this post
Continue Reading

Trending