Standard Bank customers in nine African countries to enjoy enhanced digital payments experience in partnership with Flutterwave
Standard Bank, Africa’s largest bank by assets, has partnered with Flutterwave, Africa’s leading payments technology company, to enhance digital payments experiences for its customers in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire and Malawi. Flutterwave and Standard Bank are collaborating to build e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for millions of Africans.
The integration will help customers including individuals, SMEs, large companies and institutions to fully leverage the power of digital payments and e-commerce to grow their businesses.
The COVID-19 crisis has changed how people buy and sell across Africa – enabling a massive shift to digital payments and e-commerce. According to Statista, digital responses were key to improving services within several sectors such as business, healthcare and education. A shift to digital payments accounted for 33% of all COVID-19 responses by governments and the private sector of Sub-Saharan African countries in 2020.
Institutions, businesses and individuals continue to think of ways to reach their customers using digital channels. With this partnership, Standard Bank will provide agile tech solutions to its customers to help them grow their businesses online and offline. This partnership denotes the unique collaborative relationship that exists between banks and fintechs across Africa where the customers’ needs and satisfaction take utmost priority.
Commenting on the news, Olugbenga GB Agboola, Founder and Chief Executive Officer of Flutterwave said: “We are proud that Flutterwave’s white label services power digital efforts for top banks in Africa. Our partnership with Standard Bank demonstrates that fintechs and banks are not competitors but trusted partners with the key focus being the customer. We plan to grow financial and digital inclusion through this partnership and in the long run, we expect to generate more jobs in the digital economy and enable rapid business growth across the continent”.
Dr. Demola Sogunle, Chief Executive Officer, Stanbic IBTC Holdings, a member of the Standard Bank Group, reinforced the importance of the partnership to Stanbic IBTC’s customers. He said: “In its over three decades of existence, Stanbic IBTC has a rich heritage of serving customers and contributing to the growth of the Nigerian economy. At Stanbic IBTC, we see Nigeria as our home and we drive her growth. The selection of Flutterwave as our digital transformation partner reflects our resolve to deliver real impact and opportunities to our various customers. It is also a reflection of our mission to adopt digital strategies to improve our services and processes, being an innovation-driven financial institution.”
Also speaking during the announcement, Eric Fajemisin, Head, Wholesale Clients, Stanbic IBTC Bank said: “One of the mandate on our evolution to a client segment-led organisation is to partner with trusted partners in our ecosystem to meet our clients’ needs. This partnership with Flutterwave is one that gives credence to that and enables us connect with our clients via digital platforms further reiterating our well-earned status as their partner as they also transform within their businesses.”
Commenting on the benefits of the Flutterwave partnership to the financial institution’s customers, Olu Delano, Head, Client Coverage, Stanbic IBTC Bank, stated: “Our collaboration with Flutterwave is a testament to a renewed drive and focus on our future-ready transformation ambition. With our clients as the focus and center of this partnership, we are building a platform and payment system to support our customers and their targeted ecosystem across Africa, ultimately delivering exceptional service and enhancing customer experience.
About Stanbic IBTC
Stanbic IBTC Holdings is a full service financial institution that offers a wide range of products and services to individuals, businesses, institutions and corporations in Nigeria and abroad. It provides end-to-end financial solutions, which include corporate and investment banking, personal and business banking, stockbroking and wealth management.
Stanbic IBTC Bank is a member of the Standard Bank Group, the largest African bank by assets, operating in 20 African countries and 5 global financial centres. Headquartered in Johannesburg, South Africa, Standard Bank listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.
Our primary focus is our customers’ journey. The direction we take is based on how our customers experience our banking services, whether large corporations or individual clients. We continue to search for simpler, and more innovative ways to offer financial services that lead by need. As the landscape of economies across Nigeria changes, we provide products, services and platforms that continue to empower our customers, and help them grow.
The group has over 3 000 employees, more than 176 branches and 732 ATMs in Nigeria, which enables it to deliver a complete range of services across retail, personal, business, commercial and wholesale banking and wealth management.
Total assets for 2020 were N2.49 trillion, with capital adequacy ratio of 24.7 per cent.
For further information, go to https://www.stanbicibtc.com
About Flutterwave
Flutterwave is a Payments Technology Company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions via one API. Flutterwave has processed over 140M transactions worth over USD $9 billion to date and serves more than 300,000 businesses including customers like Uber, Flywire, Booking.com, and so on. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave and so on. Flutterwave has an infrastructure reach in over 33 African countries, including Nigeria, Uganda, Kenya, and South Africa. For more information on Flutterwave’s journey, please visit: www.flutterwave.com
