I don’t relate much with Sterling Bank. But, recently, my attention caught an update by Harry Iwuala, unarguably Nigeria’s finest sports journalist, on his Facebook page. He wrote:
“There’s still bright spots in this our country. Pleasantly surprised when Sterling Bank had my ATM card delivered to (my) house after completing an online form.”
He supported the update with graphic proof showing a Red Star Express package in which the ATM card was delivered to him. Not only was I fascinated with Harry’s testimony, I was also taken in by most of the commentaries that followed, which said that Sterling Bank may be offering Nigerians something of a different experience in banking.
Like I said, I don’t have any banking relationship with the bank. However, the fact that a bank in Nigeria has innovated a system of reaching out to its customers over things as ‘big’ as delivering ATM cards to their homes excites me. According to Harry, the bank charged him N1,000 for the Verve card. This is the same amount other banks charge for Verve cards. But those others would rather have their customers queue in banking halls wasting valuable hours and standing before ‘executives’ who leave customers with the impression that they (executives) are doing them some very unimaginably difficult favour.
Harry’s experience also made me to go on a voyage to know more about Sterling Bank and its leadership. Hitherto, I did not know much about the bank, except for its sign-off as “the one-customer bank.”
But from my curiosity, I realized that the bank had some very impressive results and “moderated (its) operating expense further by 4.5 per cent.”
That feat, it said, “was driven by reduction in administrative and depreciation expenses” and “continued to optimize our investments across board.”
Also, its customer deposits grew by 9.3 per cent while it maintained a healthy deposit mix of 70.5 per cent in low-cost funding. The bank’s loans and advances increased to N632.5 billion and, overall, “the bank grew its balance sheet by 7.3 per cent to N1.39 trillion and delivered a profit after tax of N2.40 billion in the first quarter of the year 2021.”
The figures spoke differently by the end of year 2021. It posted a profit before tax of N9.861 billion in Quarter 3 of 2021, a figure N1.837 billion higher than N8.024 billion made during the corresponding period in 2020.
The bank’s profit after tax was N9.465 billion for nine months ending September 2021, which was N2.096 billion higher when put against the N7.369 billion it made during the same period of 2020.
But my interest here is not about the bank’s financials. Though it stands firm, strong and healthy, I am more interested in understanding the mind that is driving this success story, which Sterling Bank has turned out to become. This is because the success of every business venture is largely dependent on the vision of the being in the driving seat and his capacity to interpret his dream into a realizable agenda. Of course, this involves creating a reliable and dependable team of success-hungry team-mates, who share in the vision and are also ready to break barriers in order to deliver results. This is what Abubakar Suleiman has done, and is still doing at Sterling Bank. His vision of creating a bank that is silently audacious in delivering innovative products that answer to customers’ needs is his driving force.
Through this, Suleiman created the HEART concept, which is driving the bank to specifically pursue a mandate that gives it an edge. HEART, according to Suleiman, represents Health, Education, Agriculture, Renewable energy and Transportation. These are five key focus areas that are pumping the bank’s adrenalin for difference and for success, which has also positioned it to surpass its 2021 financials.
Added to this is what Suleiman and his team call ‘Alternative Banking’. This is a new model banking platform with a bank. According to Suleiman, Alternative Banking, or Alternative Finance, encapsulates his vision to create a different platform, one that is taken away from conventional banking and empowers customers to enjoy the benefits of non-interest banking with Sterling Bank.
Information on the bank’s website says that Alternative Banking is one which believes that everyone should have a viable and credible alternative to conventional banking. It says “our solutions are borne out of detailed customer value architecture where we create specific offers to assist with your financial needs.”
Begun in 2014, the option is “dedicated to ensuring adherence to non-interest banking principles.”
This is value-added banking from a reclusive banker who now may be on the high rave, having achieved full recognition by the Central Bank of Nigeria of his Alternative Banking vision as a full-fledged standalone bank. The approval-in-principle for the bank, which will be known as Alternative Bank Limited, was given in January, as at now, however, is “still a subsidiary under the strategic intragroup restructuring of the bank.”
The bank explained that “The Alternative Bank Limited would act as a standalone non-interest bank” and “would focus majorly on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving an individual’s daily financial needs.” It added that “the overall business will focus on social impact, corporate responsibility and ensure religious compliance in all its dealings.”
Suleiman became chief executive officer of Sterling Bank in 2018. Between then and today, he has worked the bank’s system to become the most customer-friendly, delivering results that excite stakeholders of the bank. He started out with Sterling Bank in 2003 as group treasurer, rising through the ranks to become executive director, retail banking, a position he held till 2013. Prior to that, he led the bank’s interim management and was also integration director overseeing the acquisition and merger of Equatorial Trust Bank with Sterling.
He later became chief financial officer of the bank, a position he managed so well, leading to his appointment as CEO in 2018. His experiences, earned from his time at Arthur Andersen (present-day KPMG Nigeria), MBC International Bank and Citibank, either as financial advisor, treasury manager, asset and liability chief, risk manager and corporate finance and strategy expert, no doubt, built in him the capacity to let his rays shine from Sterling Bank.