Stanbic IBTC Holdings has unveiled a new name, ‘ZEST’ for its financial technology arm that was launched in May after 16 months in the works.
The group while making the announcement through a statement on Monday said Stanbic IBTC Financial Services Limited will now be known as ZEST Payments Limited, with the regulatory authorisations sanctioning the move already in place.
It reads, “Notwithstanding the name change, 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 corporation said in a note to the Nigerian Exchange (NGX) Limited.
“ZEST will also continue to operate within the same regulatory framework set forth by the Central Bank of Nigeria.”
Recently, Stanbic IBTC Holdings appointed new directors to the board of its fintech division, including Yinka Sanni (chief executive of Africa Regions at the Standard Bank Group), Ndidi Nwuneli, Funeka Montjane, Efe Omoduemuke, Joyce Dimpka among others.
However, the likes of Access Holdings, Sterling Financial Holdings, and Guaranty Trust Holdings Company have recently launched payments subsidiaries.
Other Nigerian banks are in the process of restructuring to diversify their revenue base and remain competitive with other financial services. These banks’ primary focus has been on providing core banking services for nearly a decade. As a result of this push by the apex bank, many financial institutions are moving towards the holding company form.