Stanbic IBTC Holdings PLC has acquired a Payment Solutions Provider (PSP) regulatory approvals and licenses to commence the operation of its wholly-owned financial technology subsidiary under the name Stanbic IBTC Financial Services Limited.
The license will allow Stanbic IBTC to focus 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 Chief Executive of Stanbic IBTC Holdings PLC, Dr. Demola Sogunle said in a statement.
Dr. Sogunle indicated that the establishment of a Fintech business would provide Stanbic IBTC with the opportunity to penetrate further into the payments and Fintech markets and thus contribute to the growth of the overall business of the Group.
”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 added.
Stanbic IBTC Holdings PLC’s strategic intent is to be Nigeria’s leading end-to-end financial solutions provider. In furtherance of this objective, Stanbic IBTC Financial Services Limited will facilitate payments processing, eCommerce, consumer lifestyle payments and other value-added services, thus complementing other businesses currently being operated by the Group.
Stanbic IBTC Financial Services Limited will operate as a separate legal entity under the Stanbic IBTC umbrella, with its Management team and dedicated resources to drive innovation and growth. The subsidiary will work closely with the Group’s existing teams to identify new opportunities and develop customised solutions to meet the unique needs of its customers.
“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,” said Stanley Jacob, Chief Executive, Stanbic IBTC Financial Services Limited. “We look forward to driving true platform orchestration that delivers robust payment solutions to businesses, consumers and Government.”
Enhancing the Group’s overall operations and contributing to the growth of the Nigerian financial technology industry, Stanbic IBTC Financial Services Limited will leverage agile practices and innovation to drive financial inclusion, enhance user experiences, improve service delivery, and promote economic growth.