Official: Stanbic IBTC Has Been Selected By NBET As Payment Service Provider

1. Stanbic IBTC and the Nigerian Bulk Electricity Trading Plc (NBET) yesterday signed an agreement affirming the former as payment management service provider to the bulk trader.

2. Stanbic IBTC was chosen after a selection process that involved other competing banks.

3. The proceas lasted Stanbic IBTC  six months and was managed by KPMG.

4. NBET is the agency that handles all electricity payment across the entire value chain from distribution to gas suppliers.

5. This is a big deal for Stanbic considering the cash float that may pass through them.

Thisday