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Monday, 15 August 2016

BUSINESS / BANKING NEWS: Branchless Bank "SunTrust Bank" Opens in Lagos Today

A new bank called "SunTrust Bank" will formally open for business today at Oladele Olashore street in Victoria Island Lagos. The funny thing is that the bank has no branch and the question is, will people even
patronise a branchless bank like this.

According to Muhammed Jubrin, SunTrust Bank’s CEO, adopting a branchless strategy, SunTrust will save the N100m-N120M required to build a modern branch and the about N2.5m it costs to run the generators at a typical bank branch.

Customers of SunTrust will be encouraged to use any bank ATM because the bank will not be charging them the fee charged by other banks for using ATM machines belonging to other banks.
SunTrust was licensed on September 15, 2015 as the first new commercial bank license given by the Central Bank in 15 years and its journey as a bank began in 2009. It commenced business on August 1, 2016.
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Questions:
GUYS, WHAT DO YOU THINK OF THIS KIND OF BANK?
Will you patronise them in Lagos?
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Edited by: Endy Edeson
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facebook comments

Anita Okonkwo

business is business. people will patronise oo

Atoyebi Abass Akinloye

How do customer save their money?

Endy Edeson

@Ayotebi: go to the bank to confirm and more info. I wonder if they will have much patronise

 

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