Titan Trust Bank’s Titanic Rise At 1, Adding ₦500m Profit In First 3 Months

Titan Trust Bank Limited, one of the three newest entrants into the Nigerian banking industry, began operations in October 2019, many people gave it just a passing glance, but within a year, the achievements of the lender have taken industry watchers by surprise and this, has further warmed it into the hearts of its customers and Nigerians alike.

Established on the 12th of December 2018 with a solid post-capitalization financial base in real cash, the bank has proven that it is ready to compete with long-standing and well-rooted Nigerian banks. With a mission to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates, Titan Trust Bank, has risen to become a financial institution to reckon with and as a result, is experiencing an influx of business-minded customers.

At the inception of the bank’s operations in October 2019, the management team led by seasoned banker, Mudassir Amray, the group managing director/CEO, drew up a holistic and integrated approach to business modernization, which has formed the foundation for the Bank’s superior customer-centric experience.

The impact of this strategic decision led to a positive impact in the Bank’s performance within its first three months of operations where the bank recorded a profit after tax (PAT) of N500 million. In addition, despite the rage of the coronavirus (COVID-19) pandemic, the bank has opened four branches in strategic locations in Lagos and Port Harcourt with more still under consideration.

The bank positioned itself for delivering service to its customers during the pandemic, by continued investment in its alternative banking channels:

The Titan Mobile Application, Titan Internet Banking platform and the Titan *922# Unstructured Supplementary Service Data (USSD) solution. Titan Trust Bank is a financial service provider that is passionate about the future, committed to tomorrow, and laser-focused on building a pan-African world-class financial institution with innovation, youth, and strength at its heart.

In a demonstration of its commitment to deliver superior, convenience and innovative banking solutions to its customers, the bank has invested substantially in technology and developed fully integrated service models that enable its customers to enjoy banking services through a wide range of channels and these have also placed the bank on an upward trajectory.

The bank’s mobile-based banking application, Titan Mobile App, has exciting user-friendly and interactive features to aid banking, whilst allowing customers to perform unlimited transactions with simple taps on their mobile phones. Customers enjoy many benefits and access self-service options such as easy account opening, expanded list of bill-payment options, easy activation of standing instructions and fund transfers in a secure environment anytime, anywhere. With the Titan Mobile App, the bank is always open 24/7.

Titan Trust Bank

The lender’s internet banking solution, Titan Internet Banking has improved features to promote and safeguard the electronic banking experience of customers vis-à-vis payment efficiency, versatility, and productivity in their business transactions. The user-friendly and secure internet banking tool, which can be carried out on one’s computer or mobile device is designed for both individual and corporate customers to experience with ease, cutting-edge banking services anywhere, at any time and place, with a good internet connection.

Some of the leading-edge features on the Titan Internet Banking include self-verification for intercepted transactions, statement download in different file formats, multiple transactions with a single token entry, bills payment, creation and cancellation of standing orders or recurring transfers, improved security, to mention a few.

Titan Trust Bank’s *922# Unstructured Supplementary Service Data (USSD) solution is another effort by the bank to provide cutting-edge, round-the-clock and seamless banking services to its customers. With Titan’s *922# banking channel, customers can carry out various banking activities on the go, wherever they are. Launched in December 2019, the *922# USSD solution is an easy-to-use, convenient, fast, user-friendly mobile that enables the bank’s customers to conveniently perform third-party transfers to both Titan Trust and other bank account holders in Nigeria, open Titan Trust accounts, buy airtime, pay bills, BVN enquiry, and access mini statements such as balance enquiry.

The solution also allows customers to request, activate and manage their cards using their mobile phones without necessarily having internet data or airtime. The *922# USSD service works on all GSM networks, on any type of handset or device; iPhone, Android, BlackBerry and even simple-feature phones. The bank has also introduced a SMART number – 07000200200, for customer support.

This eliminates the need for customers to remember multiple numbers while removing the uncertainty as to which of the lines are actively engaged. These and many other moves leveraging technology and building a culture of innovation have positioned the bank on an upward trajectory. As part of its Corporate Social Responsibility (CSR), and a robust effort to combat the deadly Coronavirus outbreak in Nigeria, the bank donated N50 million for the purchase of relief materials, critical care facilities and protective gear to contain the spread of the virus.

The fund was made through the Nigerian Private Sector Coalition Committee against COVID-19 which was coordinated by the Central Bank of Nigeria (CBN). With the robust and steady growth of the bank, without mincing words, it is clear that the bank means business and has really come to redefine retail banking in Nigeria.

Theophilus Onyegwu, a financial analyst writes from Lagos, Nigeria.