Stanbic IBTC Renames Fintech Subsidiary as ZEST Payments Limited

Stanbic IBTC Holdings Plc, the parent firm of Stanbic IBTC Bank, has initiated a renaming process for its fintech subsidiary. Formerly recognized as Stanbic IBTC Financial Services Limited, the subsidiary has been rebranded as ZEST Payments Limited (ZEST).

This rebranding move positions ZEST to compete with other fintech players like OPay, Kuda, and Moniepoint for a share in the market. The disclosure of this name change was conveyed through an official press release, endorsed by Chidi Okezie, the Company Secretary, and published on the Nigeria Exchange platform.

Stanbic IBTC clarified that the decision to alter the subsidiary’s name was motivated by the aspiration to align with the company’s evolving vision and brand identity. In the statement, they conveyed:

“We hereby notify the Nigeria Exchange Limited and our esteemed stakeholders about the modification in the appellation of our fintech subsidiary, transitioning from ‘Stanbic IBTC Financial Services Limited’ to ‘ZEST Payments Limited’ (ZEST), subsequent to obtaining all obligatory regulatory authorizations, including the approval from the Central Bank of Nigeria (CBN).

“Despite the name adjustment, ZEST remains entirely owned by Stanbic IBTC Holdings PLC, and this alteration does not impact ownership, shareholding structure, or the company’s business objectives in any manner.

“ZEST will persist in its operations within the established regulatory framework set forth by the Central Bank of Nigeria.

“Our steadfast commitment to delivering exceptional financial services to our valued customers remains resolute. This name alteration is conceived to mirror our progressing vision and brand character, thus enabling us to enhance our service to clients and stakeholders with greater excellence.”

Stanbic’s Recent Board Appointments

Additionally, Stanbic IBTC has made notable changes to its board members across various holdings and subsidiary entities. The appointments encompass:

Mrs. Ndidi Nwuneli: Assigned the role of Independent Non-Executive Director at Stanbic IBTC Holdings PLC.

Mr. Yinka Sanni: Introduced as a Non-Executive Director on both the Holding Company’s Board and Stanbic IBTC Bank.

Mrs. Funeka Montjane: Undertook the position of Non-Executive Director at Stanbic IBTC Bank PLC.

Mr. Efe Omoduemuke: Joined the Board of Stanbic IBTC Asset Management as an Executive Director.

Mrs. Joyce Dimpka: Designated as Non-Executive Director at Stanbic IBTC Insurance Brokers.

Mrs. Temitope Popoola: Recently appointed as Executive Director at Stanbic IBTC Insurance Brokers Limited.

Mr. Oladele Sotubo: Assumed the role of Executive Director at Stanbic IBTC Capital Limited.

Mrs. Titi Ogungbesan: Stepped into the position of Chief Executive at Stanbic IBTC Ventures