SunTrust Bank Review: The Best Digital Bank for SME Banking?

Have you ever heard about SunTrust bank and wondered what the bank is all about?

With so many digital banking platforms and fintechs available in Nigeria, it can be hard to notice when a good banking opportunity comes around.

In this review, we’ll be looking at SunTrust Bank, a new banking platform in Nigeria that is positioned to serve SMEs and Agricultural businesses.

So, what is SunTrust Bank all about?

First of all, the first thing that caught my attention about SunTrust bank was getting the information that the bank is owned by Aliko Dangote, Africa’s richest man.

Well, I’d like to think that Dangote is the largest shareholder of the bank, which is not a bad move.

But more importantly, the bank is positioned as a Branchless Digital Bank aka Fintech bank in its bid to serve the unbanked and underbanked SMEs.

You could open a SunTrust account from anywhere in Nigeria, as long as you have a mobile phone, even a feature phone will suffice.

Truly a Branchless Digital Bank?

Well, maybe a marketing slogan.

SunTrust bank actually has a few bank branches in Lagos, to serve customers who want to walk in and bank with them.

However, in a traditional sense, the bank is Branchless, in that, you cannot find any of its branches spread across the country.

This indicates that the bank runs a minimal physical operation, and is therefore positioned for the cashless economy.

Bank Account in Minutes

I tried opening a bank account with SunTrust bank via their website, and the whole process took less than 5 minutes.

Good and great, eh?

All you need is your BVN and your phone to confirm a code they would send to you.

The account type I was able to open was a personal current account. I don’t know how that works though, as I’m yet to fund the account.

SunTrust USSD Banking

The bank also has a quick account opening USSD code for people with feature phones.

All you have to do is dial *5230#

The USSD platform is swift and better than many others I’ve used before.

The USSD account opening process is similar to the one on the bank’s website.

All you need is your BVN and the phone number linked to it.

SunTrust Bank SME & Personal Loans

SunTrust bank offers personal loans and SME loans, especially for agric businesses.

I tried taking a loan from the bank, but I was to understand that customers need to build a relationship with the bank before applying for a loan.

According to the bank, you should have maintained an account with them for at least 3 months, and have a registered business that has been active for at least 2 years.

Not a bad criteria for many SMEs out there, so you could give them a try if you want.

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