One of the respected financial institutions in Nigeria, Stanbic IBTC Holdings Plc, is seeking the approval of the Central Bank of Nigeria (CBN) to operate in the country’s financial technology (fintech) industry.
Stanbic IBTC has built a reputation in the financial services world, including banking, investment, asset management, amongst others.
The fintech space in Nigeria is growing, triggering very tight competition among players in the ecosystem.
To take a bite of the market, Stanbic IBTC wants to establish a fintech subsidiary, which will primarily function as a Payment Solution Service Provider (PSSP), according to a notice filed by the financial institution.
In the disclosure posted by the Nigerian Exchange (NGX) Limited, where the company trades its stocks, it was stated that the process for securing the necessary regulatory approvals has started.
“Stanbic IBTC Holdings Plc wishes to announce that it has commenced the process of seeking regulatory approvals to establish a wholly-owned financial technology subsidiary to be known and referred to as Stanbic IBTC Financial Services Limited.
“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 will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary,” the statement signed by the company secretary, Chidi Okezie, disclosed.