Stanbic IBTC Capital Limited, a subsidiary of the Stanbic IBTC Holdings Plc, has established a N300 billion Domestic Bond Programme for the African Export-Import Bank (Afreximbank). The signing ceremony which held recently in Lagos, marked the official kick-off of the initiative.
Afreximbank, a multi-product partner of Stanbic IBTC and the Standard Bank Group, is one of Africa’s largest Developmental Finance Institutions and a seasoned issuer in the international capital markets.
The establishment of the debt issuance programme in the Nigerian capital market by Afreximbank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market. It is vital to establish the bond programme in local currency, considering the strong liquidity and current low yields in the domestic market.
This initiative by Afreximbank aligns with global best practice in treasury management and innovation to stay abreast of evolving market conditions. It will aid in stimulating the expansion and development of Nigeria, through the intervention in various sectors of the Nigerian economy.
The transaction was consummated in the presence of members of the Stanbic IBTC team, members of the Afreximbank Executive management team, representatives from the Nigerian Stock Exchange and FMDQ OTC Plc, amongst others.
Stanbic IBTC Capital Limited remains fully committed to developing the Nigerian capital markets and has been at the forefront of driving financial innovation and advising clients on staying ahead of changing times.
Meanwhile, Stanbic IBTC has unveiled new feature on Its @ease wallet.A statement from the bank says the leading end-to-end financial solutions provider, is committed to providing seamless financial transactions to Nigerians, hence the addition of Paycode to the @ease wallet, hence the addition of a new feature: ‘paycode’ to its @ease wallet.
“The Paycode feature has been introduced to give customers the opportunity to withdraw cash from their wallet on an ATM or from an agent at any location nationwide without using a debit or credit card,” the banks explains in a statement.
The paycode can be used at any partner bank ATM. A total of 12 banks’ ATM are currently paycode enabled. These include Stanbic IBTC, Sterling, Heritage, Fidelity, FCMB, UBA, Zenith, Wema, Union, Access, Unity and Keystone