Stanbic IBTC Bank Launches Non-interest Banking Product

Initiatives aimed at enhancing financial inclusion in Nigeria have received a major boost as Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, introduced a non-interest product into the market – the Imaan Current Account.

Launching the Imaan Current Account, an interest free banking product, partly fulfills a crucial aspect of Stanbic IBTC group’s long-term strategy to build a strong retail banking franchise by expanding the range of services and products available to all segments of society.

Confirming the development in Lagos, Chief Executive Officer, Stanbic IBTC Holdings, Sola David-Borha, stated that non-interest banking, for which the Central Bank of Nigeria granted Stanbic IBTC Bank a licence in 2011, represents a new window through which a significant proportion of Nigeria’s unbanked population, as well as people seeking products and services that meet their specific needs, can be brought into the financial services system.