Stanbic IBTC Holdings Plc announced the initiation of regulatory approvals to launch a new financial technology subsidiary, Stanbic IBTC Financial Services Limited. The proposed subsidiary aims to function as a payment solution service provider, expanding the group’s reach in Nigeria’s fintech sector.

In an official statement, Stanbic IBTC noted that the establishment of this subsidiary is pending the required regulatory approvals, including licensing from the Central Bank of Nigeria. Company Secretary Chidi Okezie stated, “Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.”