CRC Credit Bureau has launched its Data Submission Application Programming Interface (API) that enables institutions access and submit data on their credit customers online real time.

This innovation in Nigeria, the first in the industry, is an automated medium that enables institutions, provide CRC with information on credits  immediately they are booked on the system and update existing credit records as soon as repayments have been made by their customers. The API also enables them to access relevant information about their customers through live connections.

Traditionally, lenders submit credit data once or twice a month which leaves some customers who have paid, in between this cycle, either waiting for an update to be done, while others are not able to build a credit history especially if they have taken and repaid the loan before the information is provided to the credit bureau.

An example of these are short-tenured facilities e.g. 24 hours, 7-day facilities etc. The traditional reporting often causes a delay for borrowers who want to access new loans immediately after they pay off outstanding facilities or for those who want to build credible profiles to access loans/postpaid products thereby improving their standard of living.

On the lenders side, they spend additional man hours updating information manually thereby increasing their operational cost and negatively impacting efficiency.

By adopting this technological advancement in data reporting, institutions can eradicate these challenges, as their customers begin to build credible profiles and histories immediately facilities are taken. Instant updates are conducted on loans and postpaid products as repayments happen and are fully made. Therefore, by taking advantage of this API, lenders assist all their customers to continuously build accurate and reliable credit profiles that enable them to enjoy additional opportunities.

This solution completes the operational reporting cycle for lenders to CRC Credit Bureau, as now they can automate both the generation of credit information for decision making and the submission of data on their credit customers. Lenders can reduce their loan processing costs and increase efficiency emanating from the challenges associated with the manual reporting of credit files, ultimately scaling up their business and increasing profitability.

Even though the Federal Government of Nigeria, has eased the lockdown significantly in order to kick-start economic activities, the use of online mediums or Electronic-Channels for digital lending will continue to be the most favorable method of initiating credit requests and CRC’s API is a welcome innovation in the credit bureau sub-sector which will benefit lenders and borrowers alike.

According to the Managing Director/CEO of CRC Credit Bureau Limited, Dr.‘Tunde Popoola‘ “We are always listening to our customers, individuals and institutions alike, and during the restriction of movement one overarching challenge was the need to have an automated means of accessing and submitting data 24/7. As a data company, we should ensure that beyond just providing credit data, our customers are able to access and submit data as efficiently as possible. We know that timely data reporting is essential to the quality of data which ultimately increases access to finance and postpaid products for consumers and businesses. Consequently, our Data Submission API makes this process more efficient and effective for all parties involved’’

Lenders can have access to CRC’s API solutions in 4easy steps: Request for the API Integration Kit, Implement API, Test and Go Live. Further information can be obtained by sending CRC Credit Bureau an email to [email protected] or [email protected].

CRC Credit Bureau provides a nationwide repository on credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions. The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers and fintechs.

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged employees to embrace digitization and build career resilience through diversity and upskilling in order to be outstanding in the workplace.

Olufunke Amobi, Country Head, Human Capital, Stanbic IBTC Holdings PLC, gave this advice  during a Virtual Learning Series themed “Building Career Resilience.”

Mrs Amobi revealed that forces of change such as globalization and rapid technological advancements such as Artificial Intelligence, Robotics, cognitive technologies and crowdsourcing, amongst others, are the rationale for the evolution of careers and their shift from traditional to contemporary.

She noted that the traditional career path was defined in terms of linear progression up the firm’s hierarchy while seeking to obtain greater extrinsic rewards. The contemporary career trajectory, on the other hand, focuses on experiences and competencies that exist across firms, driven by values that are more flexible and dynamic.

The Stanbic IBTC Holdings PLC Country Head of Human Capital encouraged participants to build contemporary careers as well as a strong network to enable them attain success in their professions. She also advocated the need for workers to invest in technology and exploit various websites for free online courses to develop their digital literacy skills.

Mrs Amobi further stated that the COVID-19 pandemic has changed the workplace culture, emphasizing that workers that would survive these times are those that can easily adapt in the rapidly changing world. She counselled employees to acquire various skillsets to enable them to respond to changes in the workplace, noting that “we are in a Volatile Uncertain Complex Ambiguous (VUCA) world.”

According to her, the internet age bordered on contemporary career, which is self-directed and non-linear. “Building diversity and depth of skill are key in multiplying knowledge and skillset and making them future proof. That is the reality of the 4th industrial revolution that sees a rise of the internet age” she said.

She cited how most jobs during the lockdown were done remotely and online, adding that the dexterity in such times will be considered during recruitment processes. She however encouraged workers to build their careers based on their passion as that is a sure way to build their network faster while on the job.

She also urged workers to respond to the new normal by being proactive and not reactive. “There is the need to be creative, innovative and knowledgeable about digitization and the wave of change” she said.

As the need arises for the establishment of additional testing centres across the country, Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has partnered Inoyo Toro Foundation, a Non-Governmental Organisation, to support the fight against the Coronavirus (Covid-19) pandemic.

The leading full services financial institution has donated the sum of N20 million towards the set up of certified testing centre in the State.

Speaking on the rationale behind the donation, Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC said: “Now more than ever before, the country needs every available resource to fight this pandemic. In recent times, the country has experienced an increase in the number of confirmed Covid-19 cases. This is one of the reasons we decided to donate to the state towards fighting this pandemic. We have no doubt that the the establishment of the centre will help in diagnosis of the virus, which would then form the basis for treatment.”

Responding on behalf of the AkwaI bom State government, Dr. Domic Ukpong, Health Commissioner, AkwaI bom State said:“Akwa Ibom State Government is grateful to Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holding PLC, who in partnership with Inoyo Toro Foundation, a Non-Governmental Organization focused on human capital development, has committed to extending support in laboratory equipment to the state for the establishment of a testing center. This will ensure early testing of suspected cases and accurate diagnosis of Covid-19.”

Stanbic IBTC Holdings PLCalso donated the sum of N250 million to the Central Bank of Nigeria led organised private sector driven initiative to combat the Covid-19 pandemic. The organisation is also supporting other initiatives towards fighting the Covid-9 scourge.

Mr. Ifie Sekibo

Managing Director/CEO

Heritage Bank Limited

Mr. Ifie Sekibo, Managing Director/Chief Executive, Heritage Bank Limited, has advised Small and Medium Enterprises (SMEs) to reinvent themselves in order to remain competitive and overcome the challenges of the COVID-19 pandemic.

Speaking on “Converting ideas into reality with focus on SME’s”, Sekibo also stressed the need for SMEs to continually embrace partnership and function as an integral part of a value chain.

He said: “For SMEs to strive, they must continually re-invent themselves, one big plus for SMEs is that they are quite small, and they can easily change. Co-operation is key at this very time. I advocate always, competition is good but complementing each other is better, it comes with value chain principle.

“When you plan yourself in a value chain, you gain more because the big dinosaurs need the small SMEs to survive. The economy of Nigeria needs the SME to survive. I recommend that partnerships are developed in the space of SMEs, one-man business find it difficult to survive in an economy that is changing on daily basis or even hourly. If you want to remain viable, your dreams being viable, partnerships are good way to go.”

Sekibo also counselled SMEs on the need to adapt to the realities of a new world occasioned by the COVID-19 pandemic, especially the increased adoption of electronic channels (E-Channels) for productivity and product marketing.

He said: “The truth is that even after this pandemic, we can never return to the normal way because this is the new normal and in our desperation to find solution, mistakes abound, failures will set in and most of us will hide from our failures other than face it.

“We will blame everybody for it and some of us will throw in the towel. My advice to SMEs at this critical time is that since this is a failure not caused by you or anybody, you should accept the failure. Let us begin to make amends. We are having a conference today and it is on E-Channel, can we begin to sell our products by E-Channel, can we begin to sell our ideas on E-Channel, can we begin to work at home and still be as productive and disciplined as we should. Those are the new normal. So, if we know the new normal, then we should courageously face it and go on.”

The firstever digital graduation ceremony of the Stanbic IBTC Group was recently held in honour of the 17^th Stream of Stanbic IBTC Holdings PLC Graduate Trainees who were themselves trained digitally.

In his welcome remarks at the ceremony, Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC said the decision to organise a ‘virtual’ graduation ceremony for the graduates was based on the COVID-inspired lockdown currently in place in many parts of the country.

Describing the occasion as epoch-making, the Stanbic IBTC Holdings PLC Chief Executive advised the Graduate Trainees to imbibe the values of the organisation while also taking responsibility in various spheres of their lives.

He said: “I would like to challenge you to take responsibility on various fronts as you join Stanbic IBTC full time. Taking responsibility means you would accept to be accountable for many things. Take responsibility for the values, vision and mission of Stanbic IBTC Holdings PLC. Try to understand them and make up your mind to live by them. Those that live by them will be very successful at Stanbic IBTC. You should also take responsibility for your career development, progression and learning. I also advise that you should also take responsibility for your health, knowing that whatever you do may impact the health of other people.”

Sanni further urged the Graduate Trainees to be good citizens of Nigeria while he also charged them to display the tenets of innovation and creativity.

According to Funke Amobi, Country Head, Human Capital, Stanbic IBTC Holdings PLC, the training of the 17^th Stream of Graduate Trainees kicked off ‘physically’ in the classroom at the Stanbic IBTC Blue Academy. When the total lockdown order was instituted in some states of the federation, the Stanbic IBTC management decided to convert the Graduate Trainees classroom experience to a full digital training programme, thereby converting a challenge into a historical experience. The Stream 17 Stanbic IBTC Graduate Trainees thus became the first set to hold an online graduation ceremony, in contrast to earlier sets which had attended physical graduation ceremonies.

Amobi said: “Today, I am excited to receive into the Stanbic IBTC workforce an exciting group of talented and highly intelligent graduates. You worked diligently to achieve this spectacular outcome. You are evidence to us that digital is real at Stanbic IBTC. We are a digital financial services organisation. The outcome of this digital learning is indeed a testament to the fact that the future of work is digital and Stanbic IBTC is ready and prepared for this future.”

In his remarks, Oluseye Awojobi, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) congratulated the Graduate Trainees on the historical occasion,while also extolling the curriculum of the Stanbic IBTC Holdings PLC Graduate Trainee Program, which he said aligned with the competency framework of the CBN, thus earning the graduates exemptions in the CIBN certification process.

He stated: “I congratulate the entire Stanbic IBTC Group and the Graduate Trainees. You are part of the future and you are driving it. The CIBN is ready in its role to continue to make you a relevant and formidable team in the banking industry.”

The graduation ceremony is the final phase of the Stanbic IBTC Graduate Trainee recruitment and on-boarding process. The programme was specifically designed to build capability and create a sustainable pipeline in the Group, by developing young, talented and passionate professionals for the future.

Even though the Stanbic IBTC Graduate Traineeship programme commenced in 2010 and has been classroom-based since then, in 2020, the 17^th Stream of Graduate Trainees marked the first set to learn and graduate ‘virtually’.