Sterling Bank - March 2021

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evolving partnership

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STERLING BANK PLC intellectual properties. We have built (wBizmanager) – which plugs a major will be a core platform and major focus months. o drive insightful decision making through more context-based products and oping new projects such as ‘Alt Mall’. space, we will be building application erface – a monetisation platform. e ties into our mission, vision, and core responsibility and sensitivity. We have licy. We encourage ‘bottom up’ and ure, which drives innovation. rugby, Wragby combines ruggedness ake the world a better place through o this through our products, consulting sformation projects with our partners.

At the HEART of Digital Banking in Nigeria

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IN ASSOCIATION WITH:

n requires a simple approach; talking rica’s leading Information Technology ow boundlessly.

NESS BOUNDLESSLY TODAY

DIGITAL REPORT 2021

STERLING BANK PLC

At the HEART of Digital Banking in Nigeria Sterling Bank is accelerating its digital innovations to further strengthen its links across key sectors to drive Nigeria’s economic growth

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ith the majority of its arrows pointing refreshingly upwards, Nigeria’s Sterling Bank had a strong 2020 with key metrics showing deposits up 17.4 percent, and both EPS and Profit After Tax recording 15 percent growth.

After talking online to Olayinka Oni, who doubles up as Chief Information Officer and Chief Digital Officer, it’s not hard to see why the figures are heading in the right direction. He barely pauses with my questions, demonstrating a clear knowledge not only of every facet of the business but perhaps more crucially in these uncertain times, where the fully mobile, cloud-based bank is heading. Previously he was CTO at Microsoft Nigeria, who is now one of Sterling’s key partners.

Underpinning Sterling’s commercial foundations is a simple acronym, HEART, enabling all managers and employees to keep a firm eye on its five key sectors – Healthcare; Education; Agriculture; Renewables and Transportation – and beneath these are eight pivotal secondary

STERLING BANK PLC

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Work Smart, Achieve More!

Based in Lagos Nigeria, Wragby with its indigenous team of professionals provide innovative solutions for customers in various industries by leveraging its expertise in Cloud Platform & Application Infrastructure, Data & Artificial Intelligence, Software Engineering & Application Development, Enterprise Workplace Security and Productivity, Business Solutions, and Advisory Services.

In addition to its Pedigree of firsts, Wragby recently attained the Microsoft Azure Expert MSP Status as the first partner in Nigeria and West East Central and Sub-Saharan Africa.

Wragby Solutions and Sterling Bank: an evolving partnership Oluyomi Alarape, Managing Director of Wragby Business Solutions & Technologies Ltd, outlines the Cloud services which are taking Sterling Bank’s business to a new level and major plans to boost Nigeria’s SME sector Our partnership with Sterling Bank started five years ago.

It’s a classic case of digital transformation – I don’t mean that from the perspective of technology, but from the view of strategy, business process and leadership, and the way Sterling leverages data for decision making, and creates innovative products and delivers value.

We created various cloud solutions that cuts across Business service monitoring, Disaster recovery Enterprise mobility & Security, Centralized communication & Collaboration and took Sterling from a Microsoft Enterprise Agreement to a Cloud Service Provider. With this, the bank has enhanced its operations and can now better manage costs, drive efficiency, empower their employees, optimize productively, and deliver superior returns to shareholders.

We are proud to be the premier Microsoft partner in Nigeria and been selected as worldwide finalists across a range of areas – Enterprise, Mobility and Security, and Application Innovation – in recent years.

Now we are looking at how we can maximise data, make faster services and raise revenues for the bank.

We have introduced a solution called Business

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Service Monitoring (BSM) for Sterling, which talks to all the services across the chain, and gives the bank a competitive edge.

We build our own intellectual properties. We have built an ERP for SMEs (wBizmanager) – which plugs a major gap in Nigeria. It will be a core platform and major focus in the next 12-18 months.

We will continue to drive insightful decision making through data and provide more context-based products and solutions – developing new projects such as ‘Alt Mall’.

In the Enterprise space, we will be building application programming interface – a monetisation platform.

My leadership style ties into our mission, vision, and core values, combining responsibility and sensitivity. We have an open-door policy. We encourage ‘bottom up’ and create a fluid culture, which drives innovation.

Like the game of rugby, Wragby combines ruggedness and beauty, to make the world a better place through technology. We do this through our products, consulting services and transformation projects with our partners.

STERLING BANK PLC

“ One of our first objectives was to build a mobile and cloud first in strategy, and we are proudly the most advanced user of cloud in the country”

OLAYINKA ONI TITLE: CHIEF DIGITAL OFFICER COMPANY: STERLING BANK PLC INDUSTRY: BANKING LOCATION: LAGOS, NIGERIA

OLAYINKA ONI

markets (Manufacturing, Real Estate, Wholesale & Trading, Power, Public Sector, Mining, Oil and gas, and telecoms).

Nigeria is one of those markets that demands constant focus, with its bustling 200-million population, and 22 million living in the business heartbeat, Lagos, alone; as a consumer-focused bank, Sterling is central to Nigerians’ business and leisure activities.

“When I joined in 2016, it was clear that we needed to find a different way to compete, so we pivoted our strategy to three areas – digital, agility and specialisation. We decided to concentrate on five core growth sectors, that also have a social impact from an outlook standpoint. We always seek to enrich lives.”

We skip through each of the five.

He proudly says the bank has made “significant progress” with all of them.

While he highlights achievements – such as with blockchain technology that allows commodities trading and tap-and-ride

EXECUTIVE BIO

CHIEF DIGITAL OFFICER, STERLING BANK PLC

Yinka, as he is fondly called by colleagues and associates, is an experienced IT professional with over two decades in designing and implementing digital transformation solutions in Nigeria.

A published professional with a background spanning Accenture, Microsoft and some of the largest financial services providers in Nigeria, Yinka has successfully helmed some of the largest and most complex digitization projects in the recent history of financial services in Nigeria.

A fellow of the British Computer Society (now the Chartered Institute for Information Technology), Yinka has also served on the board of the National Broadband Council and on the consultative committee for partner ecosystems on the National Information Technology Development Agency, both in Nigeria.

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STERLING BANK PLC

The Rising Sun (Reveal)

“ There is increasingly a lot of desire to adopt blockchain – we’ve used it for commodities and finding an appetite for remittances, as Nigerians are spread all over the world and there is an active diaspora” OLAYINKA ONI

CHIEF DIGITAL OFFICER, STERLING BANK PLC

contactless cards – he doesn’t gloss over the challenges, be it COVID, fake drugs or inadequacies in power supplies.

Without diminishing the pandemic’s impact, Sterling appears to have weathered it better than some of its rivals – as its 6

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results would indicate. One fortuitous element was last year’s March lockdown which coincided with the launch of the Onebank app, providing consumers with convenient services while living and working from home.

The crisis also prompted changes in employment contracts, with more flexible-work arrangements, as well as significant investment in fraud detection

STERLING BANK PLC

solutions (AI based and “Another trend we’re finding built internally) – which in is embedded banking – that’s many respects, was simply an area where we’re more a continuation of trends that advanced than competitors. were already underway. “When There’s no open banking Year founded COVID happened, it was a lot standard in Nigeria yet, but more seamless for us,” he said. we are taking API and open Moving forward, it is looking banking seriously,” he said. at the UI experience and “Before anyone in the market thinking about business more embraced data, we appointed a from a contactless and digital Chief Data Officer and aid a lot perspective. “The digital play more attention to analytics and Number of is open to anyone. On the recommendation services.” employees flip side, internet penetration This leads to deeper still has a way to go, so there relationships with third party is a place for the physical. But we’re finding a players – whether providing a wallet or rapid growth in agency networks – even if lending as a service. “There is increasingly physical branches are not growing, and ATM a lot of desire to adopt blockchain. We’ve networks are shrinking. used it for commodities but finding an

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STERLING BANK PLC

OWN TOMORROW Solving technological challenges often requires a simple approach; talking to those who think without limits. As Africa’s leading Information Technology solutions provider, we help business grow boundlessly.

CLICK TO GROW YOUR BUSINESS BOUNDLESSLY TODAY

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STERLING BANK PLC

“ Specta has been a runaway success for us and helped differentiate us in the market”

200million Population of Nigeria

22million Living in Lagos

appetite for remittances, as Nigerians are spread all over the world, and there is an active diaspora.”

In recent times, another positive development was the launch of the Specta lending platform, which cut time for approving loans from 48 hours to five minutes. Other eye-catching tools include Doubble by Sterling, an automated investment platform which accepts Naira or US dollars, either in lump sum or scheduled contributions.

“Specta has been a runaway success for us, and helped differentiate us in the market,” he said. “One of our first objectives was to build a mobile and cloud first in strategy, and we are proudly the most advanced user

OneBank by Sterling

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STERLING BANK PLC

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STERLING BANK PLC

The Rising Sun (Reveal)

“ Almost every company will become a fintech and if you’re not taking that seriously, you’ll be left behind”

of cloud in the country. Almost every company will become a fintech and if you’re not taking that seriously, you’ll be left behind.”

The four key objectives for Nigeria’s banks, identified by Sterling Bank, are efficient liquidity management; cost efficiency; excellent service delivery and asset protection in order to sustain optimal returns on capital. With his eyes on emerging technologies, Oni is ensuring that all four will flourish in the months and years ahead.

OLAYINKA ONI

CHIEF DIGITAL OFFICER, STERLING BANK PLC

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Sterling Bank Plc 20 Marina Street.

Lagos Island, Lagos.

Nigeria 100221

T 0700 822 0000 | sterling.ng

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