The Oasis Reporters
August 30, 2023
When the Fintech companies came in from the sides to make their cuts deep into the war chest of the traditional financial institutions, leading financial giants like Stanbic IBTC and others were ready for the technology battle.
The financial services industry is witnessing a boom among big banks in Nigeria. Stanbic IBTC, Wema Bank, and GTBank are among the top banks playing in the fintech space recently in a jostle to battle big players like OPay, Flutterwave, PalmPay, and others .
A rising number of Nigeria’s big banks are entering the financial technology space, thereby tightening the fintech space for entrenched players in the industry. In 2017, when fintech firms became threats and primary disruptors in the financial services ecosystem, it was thought they would battle the big banks to the ground.
As part of it’s own rebranding process,
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.”