Nairobi, March 12 -- Stanbic Holdings has put on hold plans to set up a fintech subsidiary months after the Capital Markets Authority(CMA) granted it approval.

The lender had not given details about what it intended to do with the subsidiary but now says the board has decided to pause the idea.

"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," said Joshua Oigara, CEO at Stanbic Bank Kenya and South Sudan.

Stanbic had in the financial year ended December 2022 said it was open to acquiring or partnering with fintech or mobile network operators as an option to "exponentially grow business."

The CMA had in the qua...