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StanChart launches solution for FGN bonds investment on its banking app

Standard Chartered Bank (Nigeria) has increased automation of the treasuries market with the launch of an investment solution on its mobile banking platform that allows investors to buy and sell bonds issued by the Federal Government.

Tagged the Online Fixed Income Securities (FIS), the new offering provides users with the option to Invest in Federal Government Bonds or Treasury Bills on the SC Mobile App, bringing convenience, ease and simplified monitoring of their investments.

On the SC Mobile app, users are able to purchase Federal Government Bonds Naira denominated bonds issued and backed by the Federal Government of Nigeria, with fixed coupon rates which are paid semi-annually.

According to the bank, income earned is exempt from state and local taxes. “Clients can also purchase Naira denominated treasury bills issued by the Federal Government of Nigeria which are short term securities that offer more flexibility and provide competitive yields to investors.”

“At Standard Chartered Bank, our Clients remain at the centre of everything that we do, this shows clearly on how we offer products for investments, the markets where we operate and the entire process of how we deliver value to our client, Simpa Adaba, Head of Wealth Management said adding that “we continue to successfully partner with our clients through their life stages and in this journey, we continue to take learnings and rethink our strategies in terms of how we offer products conveniently to our clients.“

The Bank also stated that it is clearly focused on Digital banking from a convenience perspective which makes delivering value to its customers easier, faster, secured and a lot more efficient.

Explaining how the new offering can be used by its clients Adaba said: “On SC Mobile app today, clients can perform self-risk profiling to identify their risk ratings and also invest in Mutual Funds, Federal Government Bonds and Treasury Bills.”

According to the wealth manager, it means that its clients can start and end their journey of subscribing to any of the bank’s investment products strictly on their mobile devices and this has changed how the lender is delivering value and investment products to its clients.

Meanwhile, Standard Chartered Bank announced the launch of its Digital Bank in Nigeria in December 2019 with the SC Mobile 2.0 app.  The Digital Bank offers savings accounts, current accounts, fixed deposits (with the option of joint accounts) along with Lending and Wealth Management solutions.

According to the lender, for both existing and new to bank clients, various benefits to be enjoyed on the app include Zero charges on all interbank transfers; Zero charges on SMS Notification, Zero charges on ATM withdrawals, Performing funds transfer without adding beneficiaries and Generating a soft token for all transactions, Free bank card delivery nationwide and account management and service request.

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