Stanbic IBTC discontinues BDC operations

Stanbic IBTC Holdings Bank Plc says its bureau de change subsidiary, Stanbic IBTC Bureau de Change (SIBC), has relinquished its operating licence and discontinued operations.

According to a statement signed by Chidi Okezie, The company secretary, this took effect from January 1, 2021.

“The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange—personal travel allowance and business travel allowance (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide,” the company said.

It said SIBC will be repurposed for other business ventures, adding that “stakeholders would be duly notified when all engagements have been concluded”.

SIBC was established in December 2012 and licensed to commence operations on April 17, 2014, following approval from the Central Bank of Nigeria (CBN).

It was also a member of the Association of Bureau de Change Operators of Nigeria (ABCON), trading in foreign exchange and making travel allowance available to customers.

In December 2020, the Central Bank of Nigeria (CBN) directed deposit money banks and international money transfer operators to pay recipients of remittance inflows in the foreign currency of their choice.

The apex bank also directed banks to close the naira accounts of money transfer operators.

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