Stanbic IBTC launches ‘Biz-Smart Account’ for SMEs

A new banking product to enable Small and Medium scale Enterprises (SMEs) save on cost and optimize their business/revenues has been introduced by Stanbic IBTC Bank, one of Nigeria’s financial institutions and a member of the Stanbic IBTC Holdings Plc.

According to the bank, the new product called “Biz-Smart Account” would enable entrepreneurs open and operate the account without paying maintenance fees and other related charges.

In a statement by the bank, Ayodele Ojosipe, Acting Head, Enterprise Banking and Trade Finance, Stanbic IBTC Bank, noted that the bank recognizes the relevance of Enterprises in the growth and development of Nigeria’s economy.

He said, “Small and Medium Scale Enterprises are the key drivers of the economies of developing countries, creating thousands of jobs and enhancing GDP growth.”

Read also: We are impressed by Nigeria’s growth- World Bank

The banking product is coming at a time the country aims at diversifying its economy away from Oil sector and encourage SMEs to foster economy growth.

According to Ojosipe, “We call on all SMEs in the country to embrace this unique offering that would help in boosting their business continuity, growth and productivity.

The 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,” the bank said.

It 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.

 

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