What Stanbic IBTC Bank is offering SMEs

by | May 16, 2018 12:34 am

For Small and Medium scale Enterprises (SMEs) to save on cost and optimize their Business margins/revenues, they need to embrace the bundled-benefit banking services offered by Stanbic IBTC Bank.

The product, Biz-Smart Account, enables enterprises open and operate the account without paying maintenance fees and other related charges. Biz-Smart Account is a hybrid current naira account specially tailored to enterprises and offers the unique features of both a savings and current account. The account was developed to help Enterprises reduce to the barest minimum the cost of business, especially the ones that emanate from transactional accounts, Stanbic IBTC Bank says.

The account offers zero account maintenance fees and it attracts interest based on the available deposit on the account. The account also gives the holder access to internet/mobile banking channels and access to MasterCard Naira Debit card. Other benefits include third party cheque lodgment, setting up of direct debits or standing orders for regular bills payment and receiving transfers, amongst others.

This unique enterprise banking solution from Stanbic IBTC Bank is offered in two variants namely Biz-Smart account and Biz-Smart Plus account. The Biz-smart requires an opening balance of N60,000 and a daily minimum balance of N50,000 and enables the holder receive interest on their account. In addition to this, a maximum of four cash withdrawals is allowed at the branch. However, there are no limits for transactions on e-channels (ATM, Web payment, Mobile Banking, POS and Internet Banking) so applicable transaction fees for using these channels would apply.

The Biz-Smart Plus on the other hand allows for monthly unlimited withdrawals but requires a minimum account opening balance of N520,000 and a daily minimum account balance of N500,000.

According to Ayodele Ojosipe, acting head, enterprise banking and trade Finance, Stanbic IBTC Bank,  “We recognize the importance and pivotal role of Enterprises in the growth and development of our economy. Small and Medium Scale Enterprises are the key drivers of the economies of developing countries, creating thousands of jobs and enhancing GDP growth. This explains the efforts of Stanbic IBTC Bank Plc in supporting this critical sector with the ultimate aim of achieving entrepreneurial optimisation in the Nigerian economy.  We call on all SMEs in the country to embrace this unique offering that would help in boosting their business continuity, growth and productivity”.

Ojosipe noted that Stanbic IBTC Bank is very popular for its SME Capacity Building Series which holds annually in select cities across Nigeria and that the bank is fully committed and well experienced in the area of promoting Small and Medium Scale Enterprises.