Stanbic IBTC Holdings Plc it hopes to get the blessing of regulators for the fintech subsidiary it plans to establish in the near term, the financial services group said on Tuesday.
Under the name Stanbic IBTC Financial Services Limited, the financial technology The firm will emerge at a time of bad luck for Stanbic IBTC Holdings, which reported an after-tax profit of N39.9 billion for the nine months through September compared to N66.2 billion the previous year.
Revenues also plummeted a fifth in the period.
Lenders in Nigeria have to seek new sources of income to cushion the hit of the COVID-19 pandemic on earnings, particularly the halted growth they reported in loans and advances, the main source of income for banks, in the middle of the year. year 2021 as they got wary. of your loan book.
“Subject to receiving all required regulatory approvals, including license from the Central Bank of Nigeria, the new subsidiary will operate primarily as a payment solutions service provider (PSSP),” the holding company said in a note to Nigerian Exchange Limited.
Last January, Stanbic IBTC Holdings discontinued its Foreign Exchange operations, some seven weeks later. established a life insurance business, citing the policy change that had allowed clients to buy foreign exchange at the branches of its commercial banking division.
The group is majority owned by Stanbic Africa Holdings Limited, a subsidiary of Limited Standard Bank Group, the largest bank in Africa by assets.