Stanbic IBTC Holdings PLC, Nigeria’s leading end-to-end financial institution, has announced a change of name of its fintech subsidiary.
A corporate filing signed by Chidi Okezie, the Company Secretary on 21 August 2023, said Stanbic IBTC Financial Services Limited will henceforth be known as ZEST Payments Limited (ZEST), with all regulatory approvals received.
The statement, titled, ‘Notice of Name Change for Stanbic IBTC Holdings PLC’s fintech Subsidiary’, read:
“This is to inform the Nigeria Exchange Limited as well as our Esteemed Stakeholders of the change in the name of our fintech subsidiary from “Stanbic IBTC Financial Services Limited” to “ZEST Payments Limited” (ZEST), following the receipt of all required regulatory approvals.
“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. ZEST will also continue to operate within the same regulatory framework set forth by the Central Bank of Nigeria.
“Our commitment to providing exceptional financial services to our customers remains unwavering, and this name change is intended to reflect our evolving vision and brand identity, enabling us to better serve our clients and stakeholders more exceptionally.”
It will be recalled that Stanbic IBTC Holdings PLC, a member of Standard Bank Group, became a holding company in 2012 following a regulation by the Central bank of Nigeria (CBN) requiring banks to divest from non-core banking businesses or adopt a Holding Company structure. The group settled for the latter which enabled it to all its subsidiaries under one umbrella.
Under the structure, the subsidiaries are: Stanbic IBTC Bank PLC, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Nominees Limited, Stanbic IBTC Trustees Limited, and Stanbic IBTC Financial Services Limited (formerly Stanbic IBTC Bureau De Change Limited).
Stanbic IBTC is a member of Standard Bank which operates in more than 20 countries in Africa and abroad. Its worldwide presence consists of an integrated suite of end-to-end wealth management services and banking solutions.
