SunTrust Bank Nigeria Limited has partnered with the Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG) to establish a new Non-interest banking window in Nigeria.
The two institutions are determined to collaborate and facilitate information and expertise exchange in order to develop effective cooperation to finalize the project and establish a window that incorporates non-interest banking products and services in Nigeria.
The MD/ CEO, SunTrust Bank, Muhammad Jibrin said: “we realize the many benefits of our close collaboration. By establishing the new window, we will diversify our banking offer and will attract investors not only from Nigeria but also from the Islamic Development Bank Group member countries, and we consider ICD as our strategic partner in those countries.”
SunTrust Bank is Nigeria’s first Financial Technology Commercial Bank. Its Financial Technology (FinTech) business model is based on limited physical branches and digital banking via various channels. SunTrust Bank grew from being one of the strongest Mortgage Banks in Nigeria into a full Commercial Bank, obtaining a license from the Central Bank of Nigeria in 2015.