Stanbic IBTC Holdings To Own FinTech Subsidiary

Stanbic IBTC Holdings Plc, on Tuesday said it has commenced the process of seeking regulatory approvals to establish a wholly-owned Financial Technology subsidiary to be known as Stanbic IBTC Financial Services Limited.

A statement to the Nigerian Exchange Limited by Chidi Okezie, the group’s company secretary explained that “subject to receiving all required regulatory approvals, including licensing by the Central Bank of Nigeria, the new subsidiary will function primarily as a Payment Solution Service Provider (PSSP).”

Accordingly, Stanbic IBTC said it will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.