Stanbic IBTC Holdings Plc rebrands its fintech subsidiary as ZEST Payments Ltd

Stanbic IBTC Holdings Plc has revealed a significant change in its fintech subsidiary’s identity. The corporate modification, which has received regulatory approvals, sees the former Stanbic IBTC Financial Services Limited transformed into ZEST Payments Limited (ZEST). This strategic shift reflects Stanbic IBTC’s commitment to its evolving vision and enhanced service delivery.

A recent corporate filing, dated August 21, 2023, and signed by Chidi Okezie, the Company Secretary, marks the official announcement of this change. The company’s statement, titled ‘Notice of Name Change for Stanbic IBTC Holdings PLC’s fintech Subsidiary,’ asserts:

“We wish to inform the Nigeria Exchange Limited and our valued stakeholders about the transformation of our fintech subsidiary from ‘Stanbic IBTC Financial Services Limited’ to ‘ZEST Payments Limited’ (ZEST), after receiving all requisite regulatory authorizations.”

The core essence of this transition is illuminated in the statement:

“Despite the name alteration, ZEST remains a wholly owned subsidiary of Stanbic IBTC Holdings PLC. This change in nomenclature does not alter the company’s ownership, shareholding structure, or business objectives in any manner. ZEST will continue its operations within the regulatory parameters stipulated by the Central Bank of Nigeria.”

The commitment to maintaining exceptional financial services for customers remains a cornerstone of Stanbic IBTC’s approach. The rebranding underlines a dynamic vision and brand identity, positioning the company to better serve its clients and stakeholders with unparalleled excellence.

This transformation is not an isolated event; it follows a larger trajectory. Stanbic IBTC Holdings PLC adopted a Holding Company structure in 2012, as mandated by the Central Bank of Nigeria. This transition allowed the institution to consolidate its diverse subsidiaries under a unified umbrella, streamlining its operations and strengthening its service offerings.

The Stanbic IBTC Holdings PLC group comprises various subsidiaries, each contributing to the holistic financial services ecosystem. These subsidiaries include Stanbic IBTC Bank PLC, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Nominees Limited, Stanbic IBTC Trustees Limited, and Stanbic IBTC Financial Services Limited (now rebranded as ZEST Payments Limited).

Stanbic IBTC’s impact extends beyond Nigeria, as it operates as a member of the Standard Bank Group, active in over 20 countries across Africa and beyond. The institution’s global footprint encompasses a comprehensive suite of wealth management services and banking solutions, firmly grounded in its commitment to exceptional service delivery.