After obtaining all necessary regulatory approvals and licenses, the subsidiary will operate under the name Stanbic IBTC Financial Services Limited. Its primary focus will be on developing innovative technology solutions to enhance Stanbic IBTC’s current financial services offerings, functioning primarily as a Payment Solutions Provider (PSP).
The launch of Stanbic IBTC Financial Services Limited (SIFSL) represents a crucial achievement for Stanbic IBTC, as the company strives to remain at the forefront of the rapidly changing financial services sector. The subsidiary will use cutting-edge technology and expertise to provide customers with fresh and improved ways for businesses to manage their finances, conduct online sales, and receive payments through creative payments and eCommerce solutions.
Speaking on this development, Dr Demola Sogunle, the Group Chief Executive of Stanbic IBTC Holdings PLC, 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.”
Stanbic IBTC Financial Services Limited will function as a separate legal organization under the umbrella of Stanbic IBTC, with its own management team and committed resources to support innovation and growth. The subsidiary will collaborate closely with the Group’s current teams to find new opportunities and provide tailored solutions to address the specific demands of its clients.
“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.”
SIFSL’s implementation of agile practices and innovation will contribute to the growth of the Nigerian financial technology industry and enhance the Group’s overall operations. The subsidiary will facilitate financial inclusion, improve user experiences, enhance service delivery, and promote economic growth.
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