Stanbic IBTC Bank Product Knowledge Assessment Test Study Pack

October 2010

Compiled by: Success Dossou & Godwin Akpong

Contents

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Stanbic IBTC Bank Products & Services Overview

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Personal Savings Account Investment Accounts: o o o Call Deposit Fixed Deposit ContractSave 6 10

Current Accounts High Yield Current Account Childrens Education Savings Scheme Domiciliary Accounts 11 15

Unsecured Personal Lending Personal Loans Home Loans Vehicle and Asset Finance 16 - 30

Acknowledgement

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Selling Stanbic IBTC Bank Products

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Overview The Standard Bank Group, which has been part of the fabric of South Africa fr the past 145 years, is Africas largest bank with a network in 18 African countries and 21 countries outside of Africa including the key financial centres of Europe, the United States and Asia. In 1962, The Standard Bank of South Africa (SBSA) was formed and registered as a South African company, operating as a subsidiary of Standard Bank in London (subsequently to become Standard Chargered Bank Plc). Standard Bank Group was established in 1969 as the holding company of SBSA. Standard Chartered sold its 39% stake in Standard Bank Group in 1987, transferring complete ownership of the holding company to South Africa. In September 2006, Standard Bank Group (represented by Stanbic Africa Holdings Limited (SAHL), Stanbic Bank Nigeria (SBN) and IBTC Chartered Bank entered into a Memorandum of Understanding which set out the basic principles and guidelines under which they agreed to work to accomplish a combination of Stanbic Nigeria and IBTC Chartered Bank Plc that would lead to an enlarged IBTC Chartered Bank Plc. This was followed by subsequent discussions between the Managements of the two 2 banks which led to the acquisition of majority shares in IBTC Charted Bank by SAHL and subsequently, the merger between IBTC Chartered Bank and Stanbic Bank on 24 September 2007, leading to the emergence of Stanbic IBTC PLC, a name which adopted in March 2008. Stanbic IBTC Bank Plc is the partent company of both Stanbic IBTC Asset Management Limited (SIAML) and Stanbic IBTC Pension Managers Limited (SIPML). The 2 Subsidiaries leverage on the parent companys banking business and branch networks. There is therefore a need to understand the gamut of products and services offered by the Stanbic IBTC Bank so that we optimize our union as a whole. In this vein, we would take a look at some of the products and services offered by the Bank.

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Banks Products & Services At the end of this module, participants should be able to: Describe and explain the main features of some of the Banks products and services

Segmentation Generally, the banks retail clients are grouped into 4 main segments when considering the individual and the corporate clients as follows: Individual Accounts Personal Market Blue Silver Gold Private Bank Income Level (Net per month) N30,000 N140,0000 N140,000N300,000 N300,000 N750,000 >N750,000

Corporate Accounts Business Banking Pre-optima Optima Focus Expert Turnover N0 N18 million N18 N60 million N60 N120 million N120 N1.92 billion

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The following Banks products and services are described below:

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Personal Savings Account Investment Accounts:

Call Deposit Fixed Deposit Contract Save

Current Accounts High Yield Current Account Childrens Education Savings Scheme Domiciliary Accounts Unsecured Personal Lending Personal Loans Home Loans Vehicle and Asset Finance

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Personal Savings This is an account used mainly for setting some funds aside for the rainy day and interest is earned on such funds as a form of reward. The account holder mainly operates it. Features Minimum Opening Balance is N2000.00 (Two Thousand Naira Only); Minimum Daily Credit Balance of N500.00 (Five Hundred Naira Only); Attracts Monthly Interest 2.125%; Maximum number of withdrawals in a month is three or interest will be forfeited; Cheque lodgements are not allowed except customer has submitted two reference forms which have been duly verified from the bank; and Cheque lodgments into the account will attract COT. Benefits Interest is capitalised monthly; Encourages saving culture and helps customers to meet personal expenses.

Account Opening Requirements: A valid identity card and utility bill Two passport photographs A valid international passport, driver's license or national identity card

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Investment Accounts Call, Fixed and Contract Save Call Account This is an investment account that allows you to put aside cash and earn an interest that is higher than the Savings Account rate. The account affords you availability to your cash without any redemption fee. Fixed Deposit Account This is an investment account, which attracts interest rate higher than savings account. The bank operates ordinary fixed deposit accounts for different periods, that is 30, 60, 90,180 and 365days. Accrued interest is subject to withholding tax (10%). Benefits Interest Income Encourage savings culture and helps customers to meet personal target expenses. It is for the general banking public who have something to put aside from their income. For Customers without a regular account: A signature/mandate card will be filled. 2 Passport photographs and means of Identification

For customer with existing accounts (s) deposit taken, which specifies name, account number, deposit amount, duration of deposit and signature should be duly completed. Also note that premature termination or part liquidation attracts a penal charge of the lower of 2% (p.a) of principal for outstanding tenor or the accrued interest earned. This charge will be deducted from accrued interest earned. The weekly rate guide will advise the prevailing rates.

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Fixed Deposits FAQs Q What is the minimum amount that can be invested? A: N100,000.00 (one hundred thousand naira)for local currency and $10,000.00 (ten

thousand dollars) or its equivalent for foreign currency. Q. A. Q. A. What is the minimum tenure for which I can place a Term Deposit? 30 Days. How is interest applied? Interest less withholding tax is paid on maturity. However, if you select to re-Invest your

initial principal and your interest earned (less withholding tax) on maturity, your monies will be lodged back into a new Term Deposit account at the prevailing rate. Q. A. What interest rate will apply to the additional Term Deposit? Where the consolidated amount falls into the next volume band on the Rate Guide, the

applicable rate for this volume band based on the tenor of the new investment should be applied. Where the consolidated amount does not move to the next volume band, the same interest rate as the existing investment should be applied. Q A. Is there a penalty for premature liquidation? Yes. Premature liquidation attracts a penalty of the lowerof2%p.a.on the principal for

outstanding tenor or accrued interest. This charge will be deducted from the accrued interest earned and not the principal. The penal charge should be applied for pre-liquidation requests from the next day after value date. Q. What happens when the penal charge to be deducted from the accrued interest is more

than the accrued interest? Do we deduct such from the principal? A. Under no circumstance will the correct application of the penal charge result in

deductions from principal. The worst case scenario will be for the customer to lose100% of accrued interest only. The principal should not be affected. 8|Page

Q. A.

What happens when my Term Deposit matures? You have three options to choose from:

Re-invest your principal only Re-invest your principal and interest (less withholding tax) Redeem your investment

We will undertake the necessary action as per the maturity instructions specified by you in the account mandate form. In a case where no maturity instructions were provided in the form or we did not receive any other instructions (either termination or rollover, is not received from the clients 24 hours before the maturity date), the fixed deposit investment will be rolled over at the Banks call rate.

ContractSave This is an investment account that offers competitive interest rates over a short to medium term with bonus Interest been paid at the end of the contracted period if a customer honored the contract. A compulsory, monthly payment order is required to fund the account, This ensures that customers saves consistently over a selected period. Features & Benefits Defined period of investment (3, 6, 9, 12, 18 and 24 months); Enables customers to save in a regular and disciplined way for specific goals and events; Low minimum opening Balance of N5,000 (Five thousand naira); Compulsory minimum monthly payment of N5,000(Five thousand naira) from a transactional account or cash deposit; Additional deposits can be made at any point in time. However the funds will only be available at the maturity date of the investment; More than one ContractSave account is allowed per personal customer;

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Competitive interest rates and bonus interest at the end of the period to reward monthly savings; No transaction or management fee; and Increasing bonus interest for long term savers (the longer you save, the more your bonus interest becomes). Terms & Conditions An account qualifies for bonus interest if a customer has not missed his contractual payment more than once; An early termination of the investment would not qualify for a bonus interest Maturity The available options are either to roll over or transfer into the clients CA or SA accounts. N.B. If the method of maturity is a roll over, then due care should be taken because some

standing orders might have expired.

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Current Account This can also be referred to as a chequing account. It allows cheque lodgments and withdrawals by third parties. Individuals, companies, government institutions, clubs and societies, may operate this account. The bank charges Commission on Turnover (COT) at month end on the transactions, which passes through the account. Features Minimum Account Opening Balance of N10,000 .00 (Ten Thousand Naira Only) for Personal and N50,000.00 (Fifty Thousand Naira Only) for Business respectively Attracts COT of N5/mille (if you want to get concession for the customer there are processes that have been circulated to all PBB staff.) Benefits Full E-Banking options Eligibility for temporary overdraft facility based on length of relationship Documentation Required Account Opening form duly completed Two Reference forms (Referees should be current account holders and must have maintained the account for a minimum of 6 months.) One Signature/ Mandate card duly completed Customer Identification Personal Two clear recent passport photographs of each signatory to the Account with their names written on the reverse A valid international passport, driver's license or national identification card of each signatory; Proof of addresses (e.g. Utility Bill or Customer address verification) Resident Permit (where applicable) 11 | P a g e

Customer Identification Business Board Resolution appointing the Bank as the companys bankers Certificate of Incorporation/ Registration of the business Memorandum and Articles of Association Copy of form CO7 Particulars of Directors-CAC Form 2.3 Copy of form CO2 Allotment of Share-CAC form 2.2 Partnership Deed, Constitution, Rules or Trust Deed

High Yield Current Account (HYCA) HYCA is a premium banking product developed for discerning and high net worth individuals who appreciate the need to reduce the cost of their banking transactions. It avails the holder the dual advantage of both current and savings account relationships. Purpose This product serves the following purposes: To reduce banking transaction costs for customers; To improve returns to customers; To drive the Banks current account balances; and To expand customer base Benefits Some of the benefits of HYCA include the following: Zero COT on account when daily credit balance of N500,000 is maintained; Dual advantage of both current & savings account;

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Free cheque book at 1st collection. Stanbic IBTC Bank ATM card; No commission on Personal and Business travel allowance; and Allows free access to e-banking facilities. Features The main features of the product are: Low minimum daily credit balance requirement of N500,000; Competitive interest rate on balances from N500,000 Account can be operated from any Stanbic IBTC Bank; Standing Orders to and from other Stanbic IBTC Accounts; Operated by individuals for personal banking and business banking for sole proprietorship and partnerships; Multiple Withdrawals allowed; and SMS Alert when a deposit or withdrawal is made.

Childrens Education Savings Scheme (CHESS) The Childrens Education Savings Scheme (CHESS) was developed by the Bank in 1997 along with other banking products to meet the various educational needs of our discerning customers. CHESS is a special savings product developed to support its customers in meeting cash flow and timing needs of their children and wards education. Features Minimum opening and daily balance of N5,000; Withdrawals restricted to once every three months, loss of 1% interest if there is more than one withdrawal during this period;

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Free insurance policy cover in case of accidental death /permanent disability of parent /guardian (paying ten times the balance in the account, subject to a maximum of N5,000,000); Lodgment of cheques and dividend warrants into the account with references in place; and A savings account with a lot of benefits for the account beneficiary. Benefits Helps our customers to plan for the education of their children and wards through a dedicated savings scheme; Pays interest of 2.125% provided that withdrawals are not made more than once from the account in a quarter; and Parents who have accounts with Stanbic IBTC Bank have the additional benefits of the a standing order for the regular transfer of specified amount to their child/wards account at no cost.

Domiciliary Account This is an account operated by both individuals and corporate bodies in foreign currency; for example Dollars, GBP, Euro, Rand etc. A walk-in customer can open the subject account provided he has all the requisite documents. The same documentation required for operating a current account will suffice. For an existing customer, previous record must be reviewed to ensure the completeness of documentation. For a business account, there must be a Board resolution approving the opening of the account, a list of authorized signatories must be provided while specifying the terms for signing instruction. Features & Benefits Minimum Opening Balance is $100 for Personal and $500 for Business Accounts; Inflows can be received from abroad and also funds transferred abroad. This is, however, subject to prevailing CBN rules and regulations on such transactions; 1% flat per transaction

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Interest is paid on balances of $10,000 and above (equivalent in other currency) and Enables the client to transact business overseas; Account Opening Requirements: Two Reference forms A valid ID, Utility Bill One Mandate card Two Passport Photographs A completed Know-Your-Customer (KYC) form Certification of Registration (For Business owners) Search Report, Partnership Deed Agreement (If any) A Valid resident permit for foreigners.

N.B This is just a summary of all Liability products

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Unsecured Personal Lending (UPL) Unsecured Lending Positioning Structured as standardized, parameter driven, segment based lending. Target market is made up of individuals in paid employment who work in companies acceptable to the Bank. The UPL Product Fixed Term Loan (FTL) - Has a definite repayment date - Repayable in fixed monthly amortized principal plus interest installments. - Early settlement allowed (within 60 days of initial disbursement) subject to an early settlement fee Revolving Term Loan (RTL) Difference between the outstanding balance and loan limit may be revolved. Revolve capability is subject to: 6 months satisfactory conduct of account repayment of 25% of the original facility has occurred zero excesses record zero returned cheque record. No definite repayment date due to revolving nature (initial term is to determine monthly

repayments & facilitate account conduct review). Only Gold & Private segment customers are eligible.

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Borrowings by such customers are usually restricted to the RTL. Overdrafts are thus not

entertained while the RTL is still running. Eligibility Criteria Be a confirmed, permanent staff of an approved company and in continuous employment for a minimum of 12 months. Earn a minimum net income of =N=30,000 monthly. Be a minimum of 21 years and maximum of 60 years in age as at date of loan expiry. Conduct salary current account satisfactorily with regular and consistent salary deposits (No unauthorized excesses or returned cheques over in 6 months prior to applying for facility). Have last salary received in Stanbic IBTC salary current account. Have a clean record in relation to any prior facilities availed. Be a Nigerian citizen with permanent residency. Have a fixed, verifiable address. Pensioners, casual or part time workers as well as contract staff (except where contract clearly exceeds loan duration and at Credits discretion) are not eligible and are excluded. Where a customer moves his/her salary account from Stanbic IBTC while loan is still running, loan must be immediately paid down in full. Requisite Documentation UPL The following are minimum documents required for a complete UPL application: A properly completed, signed & signature verified valid UPL Application Form. A properly executed & signature verified Offer Letter. Copy of eligibility calculator/amortization schedule. Copy of valid means of ID. Properly executed & signature verified PLPP Direct Debit Authorization Form. 17 | P a g e

Properly executed & signature verified PLPP Coupon. Properly completed & signed CRMS 100 Form (for facilities > =N=1m). A valid Letter of Introduction from employer signed by authorized signatories. A properly executed Letter of Salary Domiciliation with signature verified; Last 3 months pay slips Last 6 months salary account statements (for new customers). A Valid/current utility bill * Letter of introduction of authorized signatories from employer required, if not already in place. ** PLPP: Personal Loan Protection Plan.

Staff Personal Loans Features Tenor: 24 months maximum. ITI: Permanent staff - 33%. Contract staff - 30%. DSR: shall be maximum 50% for combination of mortgage & personal loans. shall be maximum 40% for combination of car & personal loans shall be maximum of 33% for just personal loans. Pricing: PLR minus 6.5% p.a.

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Stanbic IBTC Home Loans Stanbic IBTC Home Loans (Home Loans) are designed for individuals looking for long term mortgage financing to purchase a new home or to raise equity in their existing home. The Home Loans can only be used to purchase a residential property. Product Offering There are 3 products available: Mortgage for an outright purchase of a residential property Equity Release Loan to purchase another property or for any other purpose Off Plan building loan to purchase a residential property still under construction The Segments applicable for home Loans include; Silver individuals that earn monthly salary from (N140,000 to N299,999) Goldindividuals that earn monthly salary from (N300,000 to N749,999)

Private- individuals that earn monthly salary from (N750,000 and above) The main features of Stanbic IBTC Home Loans include: A loan tenure of up to 20 years (subject to full repayment by age 60) Equity contribution starting from 15% of purchase price Flexible repayments (monthly, quarterly, bi-annually, annually) Equity Release Loans of up to 80% of existing property value Minimum loan facility of N3million (Minimum property value of N5million) Competitive Interest rates of 18% (preferential rates available for groups of 5 or more applicants)

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Eligibility Criteria Client must be in full time employment; Client must be earning an income in Naira; Client must earn a salary of at least N140,000 net per month; Client must have been in continuous employment for at least 12 months; Client must be a confirmed and permanent staff member; Client must be age 59 or below; Property must be within one of our approved locations; Property must have adequate title Thus, eligibility for the Stanbic IBTC home loans is subject to assessment of income and clients risk profile. The Home Loans are available for properties located in Lagos, Abuja, Ibadan, Ogun, Port Harcourt, Kano and Kaduna. Below is the Home Loans Checklist. Stanbic IBTC Home Loan requirements If in paid employment - Immediate requirements to commence processing Duly completed Home Loan Application form 3 Months Pay Slips 12 months Bank Account Statement(s) Equity contribution 15 per cent minimum. Offer letter from the vendor Stanbic IBTC Current Account opening package to be filled by non - Stanbic IBTC Bank Account holders

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Letter of introduction from employer indicating current remuneration package. Company ID Card Most recent utility bill KYC report Copy of identification (International Passport, Drivers License, National ID Card, etc) Copy of title documents to the property. A valuation report. If in self employment, immediate requirements to commence processing should, in addition to the above, include: Company Profile 12 months Company Bank Statement(s) 3 years Company Audited Account 5 years Cash flow Projections.

Loan Repayments - Interest must be serviced monthly - Principal can be serviced as follows: Monthly Quarterly Bi-Annually Annually - Repayments made by Debit Order from a Stanbic IBTC Account - Strike date is clients salary date Pricing Interest rate: PLR 2% (currently18%) 21 | P a g e

One- off Arrangement Fee: 1% + VAT (on facility amount) Annual Management Fee: 1% + VAT (on reducing balance) Early Repayment Charge: 1% (within first 60days from disbursement) Other Documents required: - Valuation report from a Bank approved Valuer N50,000 - Title search by Banks Legal Dept N10,000 upwards depending on the location Staff Home loans Confirmed Staff can access a Stanbic IBTC Home Loan as follows: Loan To Value (LTV): Up to 100% Installment To Income (ITI): 50% (including all loans) Interest Rate: PLR 10% (currently10%) Property Location: No restrictions (although state capitals may be preferred)

Vehicle and Asset Finance - VAF The Vehicle and Asset Finance is a product whereby the Bank leases out vehicles and assets to its clients. Basically, it is an Asset Acquisition option. Lease Definition A lease is a contractual agreement between the owner of an Asset (the Lessor) and the user of that Asset (Lessee) whereby the Lessee gains possession and use of the Asset in return for periodic payments (Rentals) over an agreed period of time. The Lessor retains ownership of the Asset over the Lease Period. It is not a LOAN. Types of Leases: Finance Lease The Lessee also enjoys possession and use of the Asset during the Lease 22 | P a g e

The primary aim of the Lessee is to own the Asset. The Lessor does not provides other services required for the use of the Asset as he is only interested in financing the equipment and earning income. The Lessee has the first option to purchase the Asset from the Lessor at a predetermined rate/price (Purchase Option). The Lessee is entitled to claim capital allowance. Lease term covers substantially 80% or more of the Asset Value Non-cancellable. Other Type of Lease Operating Lease Benefits of Leases Lessee (the client) Immediate possession of required Asset Convenient repayment plan Conserves Cash flow Balance sheet management Tax Benefits Inflation Technology Lessor (the Bank) Asset backed financing Good return on investment Opens doors to other banking services. Avenue to high volume investment (economy of scale) Specialised unit made up of experienced staff in VAF Established and tested network/Leverage with dealers Ability to take on big ticket leases Parent company support.

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We do business in the clients office

Acceptance Criteria: Quality of the Supplier Integrity of the supplier. Must guarantee delivery of the goods and transfer legal ownership to the bank. Warranties. After sales services / maintenance. Re-marketing Agreements. Bye-back guarantees.

Acceptance Criteria: Quality of the Asset Movable assets Immovable assets Commonly used Durability/lifespan Easy to repossess Easy to dispose Good resale value Degree of obsolescence (due to frequent technology changes) Non productive assets are usually discouraged (e.g. exotic cars, non commercial aircrafts etc.) Opportunities We can sell VAF to all our existing and potential clients.

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We can sell Corporate VAF, Administrative and Guarantee Schemes to our corporate clients. We can also refer individual clients and other smaller corporate organisations to PBB. Take advantage of the current trends (i.e. outsourcing, cash flow management, general decline in lending) Soon it will be compulsory to open a contract save or chess account along with a transaction account for VAF customers VAF Products VAF for Individuals We finance leases to individuals VAF Guaranteed Scheme The scheme provides assets on lease to salaried employees of an organization under a Group Scheme guaranteed by the employer. The employer guarantees to deduct the installments from the earnings of the Employee(s) and pay such installments to the Bank while the employee is in his employ. VAF Administration Scheme This scheme is designed to provide assets on lease to salaried employees of an organization under a Group Scheme and administered by the employer. The employer does NOT guarantee but undertakes to administer the scheme by deducting the installments from the earnings of the Employee(s) periodically as and when due and paying such installments to the Bank. Corporate Leases This offers equipment lease solutions to corporate organizations and business entities. Product Feature Minimum Tenor-6 months Maximum Tenor 5 year (subject to applicant repaying in full by age 60) Interest Rate 20% (PLR )

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Minimum Loan Amount N700,000 Maximum Loan Amount linked to ITI Minimum net Income requirement is N90,000. Approved Areas Stanbic IBTC VAF is available to all clients across the country where we have our branches. Eligibility Criteria Client must be in full time employment Client must be earning an income in Naira Client must earn a salary of at least N90,000 net per month Client must have been in continuous employment for at least 12 months Client must be a confirmed and permanent staff member

Client must be age 55 or below Installment to Income (ITI) The Maximum Loan that can be given to an individual is based on theMonthly repayments as a percentage of their net monthly income. This is referred to as Installment to Income Ratio (ITI). The maximum ITI requirement for each segment is as follows: BLUE SILVER GOLD PRIVATE ALL LOANS COMBINED 35% 35% 35% 35% 50%

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Approved Areas Stanbic IBTC VAF is available to all clients across the country where we have our branches. Leasable Assets Movable Assets Cars Camry, Accord, 607, Jaguar, Passat, etc SUVs CRV, Rav 4, Explorer, X5, Navigator, Pilot etc Light pick-up vans Hilux, Tacoma, Tundra etc Light Busses Hyundai H1, Toyota Hiace, Nissan Urvan etcImmovable Assets Power generators Honda, Yamaha, Hyundai, Jubaili Bros, Mikano, FG Wilson, CAT, etc Essentially, assets of good brand names with a minimum value of about N800,000 can be considered. Pricing & Fees Interest Rates Segment Net Salary Range (000) Base Rate Blue Silver Gold Private NGN 90 NGN 139 NGN 140 NGN 299 NGN300 NGN 749 NGN 750 and above 20% 20% 20% 20% + 1.5% + 1% + 0.5% 0 21.5% 21% 20.5% 20% Margin Interest Rate

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Pricing Upfront Fee: Mgt fee -1.5% & Processing fee 0.25% Interest: The banks Prime Lending Rate 20% End of facility fees; Purchase Option / Transfer fee 1% (payable at the end of the facility period) Insurance:5% for private vehicles 6.5 upwards % for commercial vehicles Plant and Machinery Between 1% & 2% Tenor Vehicles: Maximum 60 months (5 years) for brand new & cumulatively for fairly used vehicles subject to age of vehicle at the time of purchase. Maximum 36 months for Self Employed Applicants. Generator: Max 24 months Documents Required for Application

Self Employed Applicants

Salaried Applicants:

Fully completed Vehicle & Asset Finance application Fully completed Vehicle & Asset Finance form application form

Original Proforma Invoice from Stanbic IBTC Banks 2 passport photographs approved Vendor in the Banks name. (VAT inclusive)

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2 passport photographs Letter of introduction.

Last 3 months pay slips Immediate past 6 months salary account statements (for new customers)

Copy of valid means of identification (preferably drivers license)

Original Proforma Invoice from Stanbic IBTC Banks approved Vendor in the Banks name. (VAT inclusive)

Most recent utility bill

Letter of introduction from employers HR. (stating salary and confirmation)

Details of any existing loans in place Company profile

Copy of company ID card Copy of valid means of identification (preferably drivers license)

Companys last 18 months account statements (for new customers) Form CO2/CO7 (Particulars of Directors)

Most recent utility bill

Evidence of equity contribution (10% minimum for Stanbic IBTC Salary Account holders / 30% for non-Stanbic IBTC salary account holder as well as execution of standing order from main banker)

Certificate of Registration/Incorporation Minimum Initial Deposit of 25% of Asset Cost

Details of any existing loans in place Fully completed Vehicle & Asset Finance application form

Fully completed Vehicle & Asset Finance application form Original Proforma Invoice from Stanbic IBTC Banks approved Vendor in the Banks name. (VAT inclusive)

2 passport photographs

Last 3 months pay slips

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Personal VAF

Pre-Approval Steps Customer fills the application form and attaches the following supporting documents: 3 months pay slips 6 months bank statement Letter of introduction from employers HR(template on VAF download centre) Copy of employment/ review letter. Copy of confirmation letter (where employment is less than 12 months) 2 recent identical passport photographs Copy of personal profile (CV/ Resume) Means of identification Vat Inclusive Proforma Invoice in the banks name from one of the approved bank Dealers

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Acknowledgement We would like to acknowledge the invaluable contributions of the following staff of Stanbic IBTC Bank who have made the compilation of this Study Packs possible: Hamidu Adamu Deborah Akinwale Damilola Ogunsi Tola Ogunsakin Oyin Olukoga Esther Kolawole Chijioke Okoronkwo Ronke Martins Tubosun Ogunmola

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