Nigeria: The first online-only bank in Africa starts operations
SunTrust Bank will distribute its products solely via internet and mobile phones.The first fully digital bank in Africa has officially started operations on August 15th in Nigeria.
SunTrust Bank will distribute its products only through electronic channels such as mobile phone and the internet.
Nigerian billionaire Aliko Dangote, who is behind the project, said that these innovative distribution channels will enable SunTrust Bank to become the most profitable bank in the country.
"SunTrust Bank was born from the realisation that banks' old expansion model through a branch network is expensive and outdated. You can now carry out banking transactions from home, saving time and money," he said, quoted by the Ecofin news agency.
The bank aims to reach the 40 million unbanked Nigerians, who often live in remote areas and therefore have no access to commercial bank branches.