Stanbic IBTC renames fintech subsidiary

Stanbic IBTC Holdings Plc has announced a change of name for its wholly owned financial technology subsidiary, IBTC Financial Services Limited.

The fintech subsidiary which was launched in May will now be known as ZEST Payments Limited, according to a statement sent Monday to the Nigerian Exchange by Chidi Okezie, the company secretary.

“Notwithstanding the name change, ZEST remains a wholly owned subsidiary of Stanbic IBTC Holdings Plc”, Okezie said.

“No change of ownership, shareholding structure, or business objects of the company has occurred as a result of this. ZEST will continue to operate within the same regulatory framework set by Central Bank of Nigeria”, Okezie added.

At the launch of the company in May, Group CEO of Stanbic IBTC Holdings Plc, Dr Demola Sogunle said the Fintech company “will function primarily as a Payment Solutions Provider, focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings.

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“The launch of Stanbic IBTC Financial Services Limited marks an important milestone for Stanbic IBTC as the company seeks to remain at the forefront of the rapidly evolving financial services industry”, Sogunle said.

He said it would function primarily as a Payment Solutions Provider, focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings.

“The subsidiary will leverage cutting-edge technology and expertise to provide customers with new and improved ways for businesses to manage their finances, sell online and collect payments via innovative payments and eCommerce solutions.”

Sogunle also indicated that the establishment of a fintech business would provide Stanbic IBTC with the opportunity to penetrate further into the payments and fintech markets.

He said it would contribute to the growth of the overall business of the Group.

“This development is exciting for our company as we continue to invest in new technologies and solutions that will allow us to serve our customers better and remain a leader in the financial services industry,” he said.