Stanbic IBTC rebrands fintech subsidiary to ZEST Payment

By Onome Amuge.

Stanbic IBTC Holdings Plc, the parent company of Stanbic IBTC Bank, has renamed its fintech subsidiary from Stanbic IBTC Financial Services Limited to ZEST Payments Limited (ZEST), reflecting its commitment to its evolving vision and enhanced service delivery.

The financial services holding company  made the disclosure in a press release signed by Chidi Okezie,  the company secretary, and published on the Nigeria Exchange (NGX), following the receival of all required regulatory approvals including that of the  Central Bank of Nigeria (CBN).

Stanbic IBTC explained that the name change was driven by the desire to mirror the company’s developing vision and brand image, maintaining that ZEST remains a wholly owned subsidiary of Stanbic IBTC Holdings PLC, and no change of ownership, shareholding structure, or business objects of the company has occurred as a result of this.

The bank also reiterated its commitment to operate within the same regulatory framework set forth by the CBN.

“Our commitment to providing exceptional financial services to our customers remains unwavering, and this name change is intended to reflect our evolving vision and brand identity, enabling us to serve our clients and stakeholders better and more exceptionally,” the bank stated.

Prior to the development, Stanbic IBTC Holdings had in July 2023, announced the appointment of new directors to the board of its fintech division. The appointees included Yinka Sanni as chief executive of Africa regions at Standard Bank Group, Funeke Montjane as non-executive director,  Stanbic IBTC Bank Plc;Titi Ogungbesan as the chief executive of Stanbic IBTC Ventures; . Oladele Sotubo as executive director on the board of Stanbic IBTC Capital Limited, among others.

The commencement of a payment solution service provider by the bank is expected to raise its share in the evolving fintech market which has been projected  to hit $65 billion by 2030.