E-Financial
Stanbic IBTC Bank Launches NCR Interactive Teller Machine
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, has introduced NCR interactive teller machine (ITM), an innovative product that will allow customers perform full banking activities 24 hours of the day, in furtherance of ongoing drive to serve its customers better through excellent and innovative products and services.
The bank said ITM will further enrich customers’ banking experience as it enables them perform banking operations such as account opening, cash deposit and withdrawal, cheque deposit and other general account enquiries like account balance, loan enquiries, card related services, among other functions, without having to use their debit cards.
The ITM was unveiled at a ceremony at the Idejo, Lagos, office of the bank on Monday, November 23, to further burnish Stanbic IBTC’s leadership and innovativeness in the financial services industry.
The Interactive Teller Machine, according to NCR, is a device that offers customers the benefits of both self-service video banking and the branch teller experience combined in one solution.
The ITM combines video banking collaboration and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction.
The machine’s interactive nature helps to close the ‘intimacy gap’ that is currently missing on the conventional automated teller machine (ATM).
Speaking at the unveiling ceremony, Mr. Obinnia Abajue, executive director, Personal and Business Banking, Stanbic IBTC Bank, said the partnership with NCR reinforces the bank’s commitment to take the industry lead in providing financial solutions that will help drive fulfilling banking experience while addressing the needs of existing and potential customers. He added that the ITM will ensure faster turnaround time, convenience, privacy, efficiency, and safety of banking transactions.
“The interactive teller machine speaks to our market leadership, which is underscored by our ability to provide innovative financial solutions that help enrich our customers’ banking experience. We are glad to tell our customers and Nigerians in general that full banking service is no longer constrained by time. The special features of the ITM ensure that customers will enjoy round-the-clock full banking service,” Abajue said.
ElSayed Usama, managing director of NCR said the company was delighted to partner with Stanbic IBTC for the launch of the innovative ITM.
He said the choice of Stanbic IBTC Bank for the pilot rollout of the Interactive Teller is due in large part to its industry leadership in innovation, deployment of technology, security of its platforms, e-banking and its strong retail banking drive.
“We are delighted to be partnering with a leading financial institution for the launch of this product. The partnership between Stanbic IBTC Bank and NCR is due to our shared value and vision to provide solutions to customers that will make their lives easier and create exceptional experiences,” Mr. Usama stated.
The provider said some of the special features of the ITM, which makes it distinctly different from the conventional ATM, include: its two-way video and audio technology, which allows the customer see, speak or interact directly with a virtual teller when initiating a transaction on the machine; signature pen and pad, which allows the customer to endorse and sign-off every transaction performed on his account; a scanner, which allows customers to scan small sized documents like utility bills, cheques and identity cards; and a camera, which is used to take the pictures of the customer using the machines as source of evidence or for the purpose of taking the customer’s photograph for account opening purpose.
A customer can withdraw above the maximum allowable daily ATM cash limit of N150,000 from the ITM in the denomination of his choice and can make high value cash deposits into his account or the account of a third party, NCR said.
“Stanbic IBTC Bank will continue to leverage the rich heritage and proven expertise of the Standard Bank Group, to which Stanbic IBTC belongs, to deliver on its promises to customers and exceed their expectations in the provision of innovative and bespoke financial solutions to meet their needs,” Abajue said.
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is rooted in Africa with strategic representation in 20 key sub-Saharan countries and other emerging markets; Standard Bank has been in operation for over 153 years and is focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
Senate Moves to Compel Social Media Companies to Open Offices in Nigeria
Nigeria Leads Africa in Online Gambling Regulation – GCI
CBN Has Not Published Annual Financial Statements Since 2022 despite Legal Requirement
ChatPay Unveils Public Waitlist for WhatsApp-Based Banking Platform
GSMA Says High Smartphone Costs Threatens Africa’s AI Future
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
General News3 days agoFG Launches C.L.I.C.K.D., Consumer Credit Scheme for Tech Devices
Telecom3 days agoAirtel Nigeria Expands Retail Footprint to Strengthen Customer Access Nationwide
News3 days agoNPC Opens Nationwide Digital Birth, Death Registration Platform
Telecom3 days agoMTN Nigeria Opens Applications for Next Afrobeats Star Season 2 with Bigger Prizes
Telecom3 days agoKaspersky Survey Highlights the Need for Smartphone Security
E-Business3 days agoOvaloop Technologies Unveils Digital Tools to Formalize SMEs Operations Across Africa
E-Financial3 days agoCBN Retains Interest Rate at 26.5% as Cardoso Cites Global Uncertainty Despite Inflation Drop
Telecom2 days agoCourt Dismisses Pan African Towers’ Bid to Halt Ex-CEO’s Suit, Awards ₦500,000 Costs