Initiatives aimed at enhancing financial inclusion in Nigeria have received a major boost as Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, introduced a non-interest product into the market – the Imaan Current Account.
Launching the Imaan Current Account, an interest-free banking product, partly fulfils 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.
Confirming the development in Lagos, Chief Executive Officer, Stanbic IBTC Holdings, Sola David-Borha, stated that non-interest banking, for which the Central Bank of Nigeria 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.
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“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.
Some of the benefits of Imaan are access to non-interest based facilities and provision of the same convenient features that are characteristic of Stanbic IBTC Bank’s current accounts, including easy access to account, availability of money on demand, salary and other electronic deposits, cash and cheque deposits, cash withdrawals, standing payment orders,
