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Stanbic IBTC Launches Fintech Subsidiary, Zest

October 6, 2023 • 2 min read

Stanbic IBTC Holdings Plc has launched its pioneering fintech subsidiary, called Zest, to revolutionise the payment sector.

During the launch event in Lagos, the Group Chairman of Stanbic Holdings, Basil Omiyi, speaking on the company’s vision, said: “We aspire to become the leading end-to-end financial services provider for businesses and individuals in our country and region.”

Omiyi stressed the strategic focus on fintech, emphasising the need for a solution-driven orchestrator platform that invited partners to create a comprehensive ecosystem.

He said: “As you may know, we have subsidiaries dedicated to this mission, including banking, pensions, insurance, and asset management. Within our group, we have well-defined divisions.

“We recognised the need for a fintech platform. This platform could catalyse the next wave of growth in the financial services sector, benefiting businesses, consumers, and technology enthusiasts alike.

“We understood the potential of fintech in revolutionising our society’s financial services. Thus, we decided that our finTech initiative should be a solution-driven orchestrator platform.”

Instead of entering existing markets, Omiyi said it invited partners to join it in creating a comprehensive ecosystem.

“I’m delighted to share that in the first quarter of 2023, we obtained regulatory approvals to establish our FinTech subsidiary. This subsidiary operates under our holding company, marking a significant milestone in our journey. This achievement is the result of the hard work put in by our dedicated executive management team”, he added.

The Managing Director, Demola Sogunle, said: “We operate with a clear financial goal, leveraging global digitisation demands to enhance our value proposition. Our commitment to growth and scale within digital domains is unwavering.”

The Chief Executive Officer of Zest, Stanley Jacobs, outlined innovative approach, stating: “Our platform embraces diverse payment methods, offering businesses unique APIs for seamless integration.”

Jacobs emphasised Zest’s mission to democratize online selling, eliminating barriers and simplifying the process for businesses to establish their online presence.