Stanbic IBTC holdings, a financial service holding company in Nigeria, targets setting up a Financial Technology (fintech) unit. The company kicked off the process by seeking regulatory approval and licensing from the Central Bank of Nigeria. This FinTech unit will be known as Stanbic IBTC Financial Services Limited.
From time immemorial, loans and advances have been the primary source of revenue in the banking industry. However, the advent of the COVID-19 pandemic forced bank operators to diversify to seek other sources of income due to the inability of lenders to pay up. Beyond this harsh reality is the global embrace of technology and promoting its advancement. This new FinTech unit will aid the company in pursuing growth beyond the activities in the banking system while meeting global demands. Chief Executive Wole Adeniyi emphasized Stanbic IBTC dedication to FinTech at the Nigerian Fintech Week. He stated, “To think that we can do more with technological evolution in the financial sector is even more exciting, and I am glad that the Nigeria Fintech Week has created an opportunity to accelerate this growth further”.
As it will be known, Stanbic IBTC Financial Services Limited will function as a Payment Solution Service Provider (PSSP). It is launching Stanbic IBTC to an ever-evolving FinTech ecosystem and the use of Artificial Intelligence (AI). This move will set Stanbic IBTC above other Companies in the Nigerian Banking industry as it continues to stride into uncharted territory.
Nigeria in focus
Population: 206.1 million in 2020 as compared to 201 million in 2019
GDP: $432.3 billion compared to $448.1 billion in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019