Stanbic IBTC Holdings Plc has announced the commencement of operations of its wholly-owned financial technology subsidiary. Having received all required regulatory approvals and licenses to commence operations, the subsidiary will operate under the name Stanbic IBTC Financial Services Limited, the bank said.
“It will function primarily as a payment solutions provider (PSP), focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings.
“The launch of Stanbic IBTC Financial Services Limited marks an important milestone for Stanbic IBTC as the company seeks to remain at the forefront of the rapidly evolving financial services industry. The subsidiary will leverage cutting-edge technology and expertise to provide customers with new and improved ways for businesses to manage their finances, sell online and collect payments via innovative payments and eCommerce solutions,” the group said.
Group Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle, said the establishment of a fintech business would provide Stanbic IBTC with the opportunity to penetrate the payments and fintech markets.
”This development is exciting for our company as we continue to invest in new technologies and solutions that will allow us to serve our customers better and remain a leader in the financial services industry,” he said.
“We believe that Stanbic IBTC Financial Services Limited has the potential to revolutionise the financial services industry by leveraging the power of technology to provide customers with new and innovative ways to manage their finances,” Chief Executive, Stanbic IBTC Financial Services Limited, Stanley Jacob, said.
