Stanbic IBTC Bank has said it introduced a new banking product to help small and medium-scale enterprises save on cost and optimise their revenues.
According to a statement, the product, Biz-Smart Account, enables enterprises open and operate the account without paying maintenance fees and other related charges.
The lender described Biz-Smart Account as a hybrid current naira account with the features of both a savings and current account.
It said 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 Acting Head, Enterprise Banking and Trade Finance, Stanbic IBTC Bank, Ayodele Ojosipe, said, “We recognise the importance and pivotal role of enterprises in the growth and development of our economy.”
He described SMEs as the key drivers of the economies of developing countries, creating thousands of jobs and enhancing Gross Domestic Product 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,” he said.
According to Ojosipe, Stanbic IBTC Bank is very popular for its SME capacity building series, which holds annually in select cities across Nigeria, and the bank is fully committed and well-experienced in the area of promoting SMEs.
According to the statement, the account offers zero account maintenance fees and it attracts interest based on the available deposit on the account, and gives the holder access to internet/mobile banking channels and access to MasterCard naira debit card.
It said other benefits would include third-party cheque lodgement, setting up of direct debits or standing orders for regular bills payment and receiving transfers.
The lender said, “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 to 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.”
According to the statement, the Biz-Smart Plus allows for monthly unlimited withdrawals but requires a minimum account opening balance of N520,000 and a daily minimum account balance of N500,000.