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Stanbic IBTC to establish Fintech firm with N100m capital base

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Stanbic IBTC Holdings is set to enter the tech market in Nigeria as the creditor is establishing a Financial Technology subsidiary

Stanbic IBTC Holdings is set to enter the tech market in Nigeria as the creditor is establishing a Financial Technology subsidiary, and in the process of receiving approval.

The technology company would be called Stanbic IBTC Financial Services Limited, and will be operating as a Payment Solution Service Provider (PSSP), a statement seen by Ripples Nigeria said.

As a PSSP company, Stanbic IBTC Financial Services Limited – which will have a N100 million minimum capital – will be providing payment processing gateway as part of its e-payment infrastructures for the Nigerian market.

Other permissible activities authorised by the Central Bank of Nigeria (CBN) includes merchant service aggregation, portals, and payment solution/application development.

Read also: Stanbic IBTC result fails to sway investors, U.K owner moves to boost confidence

The statement sent to the Nigerian Exchange Group (NGX) and investing public disclosed, that “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).

“Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.”

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