Stanbic IBTC Bank’s innovative API-led cash management solution delivered transformative impact in Nigeria’s power sector in 2024, addressing longstanding inefficiencies in payment validation and electricity vending for BEDC Electricity PLC, a major distributor serving over 17 million people in the country.
BEDC had previously relied on manual processes to validate payments from electricity aggregators, which caused delays – especially outside business hours – and disrupted vending. Stanbic IBTC responded with a real-time collection notification service that integrated directly with the client’s enterprise resource planning system.
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