Stanbic IBTC Holdings Plc, the parent company of Stanbic IBTC Bank, has changed the name of its fintech subsidiary.

The subsidiary, formerly known as Stanbic IBTC Financial Services Limited, is now called ZEST Payments Limited (ZEST).

ZEST will now challenge other fintech, such as OPay, Kuda, and Moniepoint, for market share.

The rebranding was disclosed in a press release signed by the Company Secretary, Chidi Okezie, and published on the Nigeria Exchange.

Stanbic IBTC explains name change

According to Stanbic IBTC, the decision to change the name was driven by the desire to mirror the company’s developing vision and brand image.

The statement reads:

“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 including CBN.

“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 the Central Bank of Nigeria set forth. “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 serve our clients and stakeholders better and more exceptionally.”