Stanbic IBTC Holdings, a leading financial institution in Nigeria, has officially unveiled its fintech subsidiary, ‘Zest,’ with the aim of revolutionizing the payment landscape in the country. The launch event took place in Lagos and marked a significant step in Stanbic IBTC’s strategic vision to become the foremost end-to-end financial services provider for both businesses and individuals in Nigeria.
During the launch, Basil Omiyi, the Group Chairman of Stanbic Holdings, emphasized the strategic importance of entering the fintech space. He highlighted the need for a solution-driven orchestrator platform that enables partners to create a comprehensive financial ecosystem. Omiyi disclosed that Stanbic IBTC Holdings has subsidiaries dedicated to various aspects of its mission, including banking, pensions, insurance, and asset management. He also noted that the necessary regulatory approvals had been obtained to establish the fintech subsidiary.
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Demola Sogunle, the Managing Director of Stanbic IBTC, shared the company’s commitment to leveraging global digitization trends to enhance its value proposition. Zest, as a fintech subsidiary under the IBTC Holdings umbrella, aligns with this vision.
Stanley Jacobs, the CEO of Zest, outlined the innovative approach of the payment company. Zest aims to provide businesses with unique APIs and diverse payment methods for seamless integration, eliminating barriers and simplifying the process of establishing an online presence.
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Formerly known as Stanbic IBTC Financial Services Limited, the subsidiary has been rebranded as ‘ZEST Payments Limited (ZEST).’ With its official launch, Zest enters the competitive landscape of Nigerian fintech, where it will face other established players like OPay, Kuda, and Moniepoint, as it strives to capture a significant share of the market.
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