Create enabling environment for Fintech operators – Stellas Bank boss

The Managing Director, Stellas Digital Bank, Mr Bukola Solomon, has enjoined the Federal Government to create an enabling environment for Fintech operators to compete favourably in the global space.

Solomon said this at the launch of the bank’s new App, Ghost Mode, in Lagos on Thursday.

The Ghost Mode allows users to transfer funds to beneficiaries or make payments with their identities concealed.

Solomon stressed the need for government to provide an enabling environment for the fintech industry to enable them come up with technical innovations that could help solve the problems in the financial industry.

He pointed out that the industry would thrive if government provided basic infrastructure that would enable financial technologies expand across the globe.

On the new product, he said, the emergence of the digital bank was a strategic response to many months of industry and market analyses.

According to him, complete digitisation of the bank’s processes means customers on its platform will be able to conduct transactions in real-time and get much-needed support online.

“Beyond the anticipated disruptions, Stellas Digital Bank is set to offer the lowest transaction charges in the industry, with a cost not exceeding N10 per transfer.

The company’s Chief Technology Officer, Mr Anselem Uba, said the Ghost Mode feature was guaranteed to revolutionise customer experience.

Uba said the feature ultimately protected the bank’s customers by encrypting their transactions and isolating them from fraudsters.

According to him, automated deposit, another unique feature, allows users to transfer funds from any bank account into the Stellas app without manually transferring from one bank into the other.

This functionality, he said, saved them the rigours of deploying several Apps in other to perform a transaction, thereby creating convenience, speed and efficiency.

“The budgeting tool is a helpful feature released on the Stellas app, enabling users to plan and allocate funds to monthly expenditure similar to how individuals conventionally make a list of how to disburse monthly income.

“One of the benefits of the Budgeting tool is the ability to compare their actual spending to the budget real-time and periodically, keeping users in check on spending habits.

“The App bouquet also allows users to request loans online, with a pre-set risk management policy to notify applicants on loan eligibility,” Uba said.

Stellas Digital Bank is a wholly indigenous bank established to provide global standard financial services to customers across Nigería.

The bank is licenced by the Central Bank of Nigeria (CBN), and has all its accounts insured by Nigeria Deposit Insurance Corporation (NDIC).