Stanbic IBTC to establish Fintech firm with N100m capital base

-

 

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.

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.”



Comments

Post a Comment

Message Sent

Popular posts from this blog

Meet the world's hottest transgender - Amiyah Scott

-
Image
Yep, all that used to be male. Her name is Amiyah Scott, but she was born ‘Arthur Scott’ in New York in 1988. She's a transgender model and make-up artist. Arthur started the process of turning into a woman when he was 17. He got breast augmentation, booty shots, light filler in the cheeks etc etc.  by linda ikeji       
Read more

Man shot dead by police officer who tried to jump fuel queue in Lagos; police identifies officer responsible

-
Image
  A police officer has gunned down a Lagos resident who prevented him from jumping the queue to buy fuel at a Nigerian National Petroleum Company Limited (NNPCL) filling station at Obalende in the Ikoyi area of Lagos State.    Toheeb Eniafe was in the queue to get petrol on Wednesday evening, May 1, when two men, said to be police officers, attempted to drive into the station to buy petrol even though they were not in the queue to get the product.  This attempt by the police officers to jump the queue was met with stiff resistance from people in the queue who had been waiting for hours.   Eniafe was at the forefront of the resistance, telling the men to join the queue like everyone else.   This degenerated into a physical fight and one of the men shot Eniafe before fleeing the scene.  An angry mob was said to have chased and caught up with one of the officers but he later escaped after firing shots in the air.  On Thursday, May 2, the La...
Read more

Ugandan President Museveni claims IMF, World Bank and Western countries purposely keep African countries in perpetual poverty (video)

-
Image
President Yoweri Museveni of Uganda has claimed that the West and various international monetary lenders keep Africa in continuous poverty. Speaking at the World Bank’s International Development Association summit for African Heads of state, held in Nairobi, Kenya, Museveni took a bold swipe at world leaders saying that most of Africa’s problems predicted over 60 years ago were a result of philosophical, ideological, and strategic economic mistakes. He claimed that a fundamental African problem is that aid from the World Bank and other Western bodies was majorly for profiteering. “The crisis which is in Africa today is because of philosophical, ideological, and strategic economic mistakes which we have been talking about since the 1960s. It is not an accident when you see the crisis in many African countries, the collapse of States. We predicted this in the 1960s – philosophical, ideological, and strategic mistakes. I don’t have time to amplify each one but I was very happy to hear the...
Read more