Rand Merchant Bank Wins Award

Rand Merchant Bank Nigeria (RMBN) has announced that it recently won the ‘Outstanding Transformation by a Transaction Bank – Africa,’ award.

According to a statement, 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.

RMBN was honored for its platform – RMBN Digital – an online banking platform that enhances the transactional banking experience of its clients.

Head of Corporate Banking, RMBN, Taiwo Shote, said: “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 recognised as an innovative and outcome-driven bank.”

He added: “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.”

According to the statement, prior to RMBN Digital, its clients used to transact 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,” it added.

Shote added, “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, the CEO RMB Nigeria and Regional Head West Africa, Michael Larbie, said: “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.”