Aliko Dangote Unveils SunTrust Bank, Nigeria’s First Fintech Bank

Aliko Dangote unveils Nigeria’s first Fintech Bank
August 24, 2016
Press Release
It was celebration galore on Monday, August 15,
2016 when the President of the Dangote Group
and Africa’s richest man, Aliko Dangote led other
dignitaries to flag off Nigeria’s first full-fledged
technology bank, SunTrust Bank.
SunTrust Bank is the first regional bank to
receive a new license by the Central Bank of
Nigeria (CBN) since 2001 and the first full-
fledged financial technology bank in Nigeria.
The Bank is the first commercial bank that runs
minimal branches and focuses on electronic
channels by offering telephone, mobile and
internet banking services.
According to Mr. Dangote who chaired the
opening ceremony at the bank’s headquarters in
Lagos, Fintech Bank is a welcome development
in this era of cashless economy. He emphasized
that SunTrust Bank will help the country harness
its potential in the digital world.
He explained further that technology-driven
platform would distinguish the bank and make it
the most cost-effective bank in the country with
fewer personnel and attendant lower overhead
cost.
“SunTrust bank has elements that appeal to me
in its Fintech strategy driven by its focus on
technology,” the businessman said.
“SunTrust has recognized that the old model of
business expansion via a network of expensive
branch premises is obsolete. What you need now
is to sit down at home and do your banking
transactions thereby saving money and time.”
Mr. Dangote commended the board, management
and staff of the bank for their courage in taking
the bold step at a time “banks all over the world
are facing multiple challenges and headwinds”
and noted that the Bank’s focus will drive it to
success.