Stanbic IBTC Holdings 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 by Chidi Okezie, its 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 the opportunity of purchasing foreign exchange – personal travel allowance (PTA and business travel allowance (BTA) directly from Stanbic IBTC Bank at any of its branches nationwide,” he said.
It said SIBC would 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.
Last December, CBN directed deposit money banks and international money transfer operators to pay recipients of remittance inflows in the foreign currency of their choice.