Summary of Anticipated Development Impacts
The development impact value proposition of Stanbic IBTC Bank is to provide access to financial services to individuals and businesses in Nigeria, contributing to financial inclusion and private sector development, ultimately fostering local economic growth. The impact theory of change below summarizes how Stanbic IBTC Bank will contribute to FinDev Canada’s development impact goals and the Sustainable Development Goals (“SDGs”) particularly SDG 5 “Gender Equality”, SDG 8 “Decent Work and Economic Growth”, and SDG 13 “Climate Action”.
- Strengthen local MSMEs and value chains: Stanbic offers financial services to businesses (large and small corporates, and MSMEs) that operate in critical sub‑sectors of the economy, including those that are important for domestic consumption and exports such as the food, manufacturing, telecommunications, and construction industries. Stanbic IBTC Bank also offers capacity‑building trainings for its customers on topics such as financial management, customer service, and wealth sustainability.
- Promote financial inclusion and expand local asset ownership: Stanbic IBTC Bank partners with local members of the community as banking agents that can advise and guide newcomers to banking regarding their financial needs. Aside from supporting individuals in opening a bank account and using an electronic wallet, Stanbic IBTC Bank offers access to device financing to fund the purchase of smartphones, and to facilitate access to loans through the digital platform (in 2020, 49% of the Nigerian population had access to mobile technology).
- Contribute to local employment: Stanbic supports over 2,300 employees and provides digital learning, coaching, mentoring, job shadowing and job rotation opportunities, as well as financial assistance to employees seeking enhanced qualifications or education through a bursary program.