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Stanbic IBTC Births New Company- Stanbic IBTC Financial Services Limited

Stanbic IBTC Holdings PLC has announced the commencement of operations of its wholly owned financial technology subsidiary

The subsidiary will be known as Stanbic IBTC Financial Services Limited once it has received the relevant regulatory permissions and licenses. Its primary focus will be on developing innovative technology solutions to complement Stanbic IBTC’s existing financial services capabilities, primarily as a Payment Solutions Provider (PSP).

The establishment of Stanbic IBTC Financial Services Limited (SIFSL) is a significant milestone for Stanbic IBTC as it aspires to remain at the forefront of the rapidly evolving financial services sector. Through creative payments and eCommerce solutions, the subsidiary will use cutting-edge technology and expertise to provide customers with new and improved ways for businesses to manage their finances, conduct online sales, and receive payments.

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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