SunTrust Bank, a newly licensed regional commercial bank provides services entirely base on electronic channels: Telephone; Mobile and Internet.
The bank is therefore the first Nigerian bank that runs with minimal branches.
As the first Fintech Bank in Nigeria and west Africa, it will have the advantage of offering services cheaper than conventional banks.
Fintech, which means Financial Technology, is a sector that adopts the use of technology in channelling financial transactions and making financial services more efficient. Fintech services include Peer-to-Peer lending, Digital Insurance, Digital Banking, Online Stock trading, Crowdfunding and CrowdInvesting.