Stanbic IBTC Holdings PLC has commenced the process of seeking Regulatory approvals to establish a wholly-owned Financial Technology (FinTech) 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).
“Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary,” Stanbic said in a statement on the Nigerian Exchange Group (NGX).