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Fintech is eating bank earnings in Nigeria

This is the future of  what to come:

Stanbic IBTC Holdings Plc hopes to get the blessings of regulators for the fintech subsidiary it plans to set up any moment soon, the financial services group said on Tuesday.

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.

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