Rand Merchant Bank Nigeria (RMBN) is proud to announce its recent win of ‘Outstanding Transformation by a Transaction Bank – Africa.’ The award was part of the inaugural Digital Banker Middle East & Africa Innovation Awards 2021. The awards honor and celebrate the region’s preeminent banking institutions, identifying best-in-class performance, innovation, delivery and execution in Transaction Banking and Risk Management.
Rand Merchant Bank Nigeria was honored for its platform; RMBN Digital, an online banking platform that enhances the transactional banking experience of its clients.
Taiwo Shote, Head of Corporate Banking, RMBN says, “We center our business around our client needs and built an online banking offering from scratch in response to this. This was an important transformation for our business, and we are thrilled to be recognized as an innovative and outcome-driven bank.”
RMBN’s online banking offering promotes efficient cash management through adequate and accurate financial reporting as well as the timely processing of transactions.
“We created a digital banking platform for our clients that allowed them to access and activate banking transactions on the go, while having a full view of all their transactions across different sectors and markets. Our platform incorporates the entire value chain, allowing us to provide relevant solutions for corporate banking, advisory, trade & finance and risk management.”
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Prior to Rand Merchant Bank Nigeria Digital, clients transacted through manual processes, siloed systems, batch-based processing and other obsolete technologies. Now, RMBN clients enjoy more control, enhanced service delivery and a seamless user experience. Our clients are able to originate bulk payments in both local and foreign currencies; view and download real-time account balances and statements; and loan and fixed deposit reports. Funds can also be transferred internally or across borders, beneficiary advisories may be sent to third parties; payment advisories may be generated on all transactions; and instant payments can be processed. RMBN Digital also offers multiple account structures; the benefit of interest on all operational local currency accounts; simplified end-to-end reconciliation and monitoring; remote authorisation; and multi-transactional capabilities. The platform meets all international standards of encryption and user authentication, so clients are assured of the security and confidentiality of their information and transactions.
The platform is proprietary to Rand Merchant Bank Nigeria and built specifically for the market needs. Active only in Nigeria presently, there is the potential to scale it successfully in other markets. “This is just the beginning for us as a bank.”
Taiwo Shote said, “Our strategy as a bank has been to create bespoke products and services for our clients, and this platform has been really well received. We intend to keep enhancing the capabilities of the system and make it future-proof.”
On what is next for the team, Michael Larbie, CEO Rand Merchant Bank Nigeria and Regional Head West Africa stated “We look forward to continuing our digital banking journey in partnership with our clients, using cutting-edge technologies to provide simple, better experiences. For us, that means creating an enhanced, end-to-end process which can deliver financial services that address the full spectrum of client needs. As the continent recovers from the impact of the Covid-19 pandemic, safe, digital banking is more important than ever.”
The Rand Merchant Bank Nigeria Online platform is yet another offering that lives up to RMB’s vision of continuously creating sustainable value, unique propositions and superior economic returns for clients and shareholders. Having it recognized for this award shows that scalable, meaningful transformation is possible in financial services, and that Rand Merchant Bank Nigeria’s products are relevant on the global stage.
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