Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has confirmed it’s a first-of-its-kind agreement with Bento Africa to give additional value to Nigerian businesses of all kinds.
Bento Africa is a firm whose purpose is to meet work wherever it takes place,increase financial inclusion across the continent as well as increase the number of people with access to various financial services. The company specializes in payroll and human resource management.
When asked about the reasoning behind the cooperation, Wole Adeniyi, Chief Executive Officer of Stanbic IBTC Bank, noted that the bank was committed to delivering more digitized value-added services to enterprises and SMEs. This was one of the primary motivating factors behind the partnership.
Every client will also have staff that they pay salaries to – This strategic alliance was driven by deploying a technology platform of world-class standard, which strengthens how clients relate to our bank.
He stated: “We are happy to work with Bento Africa, which already serves more than 1,000 businesses in Ghana, Rwanda, Kenya, and Nigeria and has plans to roll out to an additional ten nations by the end of the year.”
Bento Africa is revolutionizing the African payroll and human resource management market, which has historically relied on arduous and manual processes to handle payroll. One-click is all it takes for the start-up to assist enterprises of any size in automating the disbursement of salaries and other mandatory remittances, such as taxes and pensions.
Customers of Stanbic IBTC can access Bento’s services through our digital platforms. These services include payroll and HRM services, detailed financial data analytics, and seamless payment of employees working in the formal and informal sectors, all while maintaining compliance with local laws, as Wole explained.
The service will be provided at no cost for the first three months to Stanbic IBTC customers. This represents a significant improvement for companies that spend significant time manually processing payroll each month.
Submitting and calculating statutory remittances is not only arduous but often leads to errors and the problem of “ghost workers.”
When asked to comment on behalf of the Bento team, the company’s founders, Ebun Okubanjo and Chidozie said: “We consider this to be the foundation of much deeper cooperation with major institutions and start-ups,” said David Okonkwo.
We’re not amazed that Stanbic IBTC was the first to show up. The bank and its history are built on innovation. We’ve enjoyed working with them and are very excited about how salaries and benefits will change in the future and what that will mean for employers, employees, and society as a whole.”
Bento Africa and Stanbic IBTC believe that the innovative attitude brought about by this relationship would surely result in further value-added services being made available to Stanbic IBTC’s customer base.