Stanbic Holdings Pauses Fintech Plans in Kenya After CMA Approval
Stanbic Holdings of Kenya has announced a halt to its fintech subsidiary launch plans. This decision follows approval from the Capital Markets Authority (CMA) to commence operations in Q4 2023.
The Standard Bank has not disclosed specifics regarding the future of the subsidiary. Joshua Oigara, CEO of Stanbic Bank Kenya and South Sudan, stated that the board, after a thorough review, agreed to postpone the launch temporarily.
He said,
“We reviewed that decision at the board level and what we have done is put it on hold at the moment. If we need to come back to it, we will, but for now, that is the position”.
While the board’s future decision remains uncertain, Oigara reassured that Stanbic will proceed with launching the subsidiary if deemed necessary. However, for the time being, the company will maintain its current stance.
In the fiscal year ending December 2022, Stanbic disclosed its contemplation of partnering with or acquiring a fintech or mobile network operator to expand its business substantially. In the fourth quarter of 2023, the CMA announced its approval of the holding company’s request to establish a fintech subsidiary.
