Stanbic IBTC Bank has introduced a new banking product that will help small and medium scale enterprises, SMEs, save cost and optimize their business margins/revenues.
Biz-Smart Account enables enterprises open and operate the account without paying maintenance fees and other related charges.
Speaking on the product, Acting Head, Enterprise Banking & Trade Finance, Stanbic IBTC Bank, Ayodele Ojosipe, said: “We recognize the importance and pivotal role of enterprises in the growth and development of our economy. SMEs 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 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.”
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 account offers zero account maintenance fees and 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 lodgement, setting up of direct debits or standing orders for regular bills payment and receiving transfers, amongst others.
The unique enterprise banking solution is offered in two variants namely; Biz-Smart Account and Biz-Smart Plus Account. The Biz-smart requires an opening balance of Sixty Thousand Naira and a daily minimum balance of Fifty Thousand Naira 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 N525,000 and a daily minimum account balance of N500,000.