To be christened Stanbic IBTC Financial Services Limited,
the fintech firm will emerge at a time of tough luck for Stanbic IBTC Holdings,
which reported a post-tax profit of N39.9 billion for the nine months to
September compared with N66.2 billion a year earlier.
Revenue also plummeted by one-fifth within the period.
Lenders in Nigeria are having to seek new income sources to
dampen the blow of the COVID-19 pandemic on earnings, particularly the arrested
growth they reported in loans and advances – banks’ major source of revenue –
at half-year 2021 as they grew cautious of their loan book.
“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),” the holdco
said in a note to the Nigerian Exchange Limited.
Last January, Stanbic IBTC Holdings discontinued its Bureau
De Change operations, about seven weeks after it established a life insurance
business, citing policy shift that had enabled customers to purchase forex at
branches of its commercial banking arm.
The group is majority owned by Stanbic Africa Holdings
Limited, a subsidiary of Standard Bank Group Limited, Africa’s biggest bank by
assets.
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