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He did say that the investment could be justified on its PE alone but the AG Code held by IDSB gives them a significant competitive advantage because of the ability to deduct from the salary of civil servants from the paymaster source which banks cannot do. This makes partnering with IDSB attractive for banks and by extension IOU's stake in the IDSB gives IOU the ability to partner and market back into the banks customers.

He also mentioned that civil servants have established credit histories, they like to have multiple accounts and they generally have higher credit limits.

Sure IOU could do a targeted campaign on Facebook or other social media platforms but that is exactly what every other competitor is doing.

Paul mentioned several times the advantage this stake will give IOU in relation to the retail banks. Signing an agreement would have left the door open for the competition whereas the stake gives IOU direct competitive advantage.