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Stanbic IBTC Holdings has adopted a new name for its financial technology arm that was launched in May after 16 months in the works, the financial services group announced Monday.
Stanbic IBTC Financial Services Limited will now be known as ZEST Payments Limited, with the regulatory authorisations sanctioning the move already in place.
“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 Limited.
“ZEST will also continue to operate within the same regulatory framework set forth by the Central Bank of Nigeria.”
The commencement of a payment solution service provider by the local unit of Africa’s biggest lender Standard Bank Group keeps up the evolving tradition of Nigerian lenders with the holding company license branching out into sectors like fintech to grow revenue.
Peers like Access Holdings, Sterling Financial Holdings and Guaranty Trust Holding Company have launched payments subsidiaries, each hoping for a fair cut of Africa’s fintech revenue projected to touch $65 billion in 2030.
“The idea is that wherever you are in the world, if you are making payment to anyone on the continent, one out of every three transactions that come into this continent will be settled on Access Bank’s platform,” Access Holdings CEO Herbert Wigwe said while revealing the motivation for setting up the group’s fintech arm Halogen during a shareholders’ meeting last November.
Last month, 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.
The Standard Bank Group holds a 67.5 per cent interest in Stanbic IBTC Holdings through Stanbic Africa Holdings Limited, its nominee.
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