Stanbic IBTC Bank Makes Debut Into The Fintech Arena With The Launch of Zest

Leading investment banking franchise in Nigeria Stanbic IBTC has launched its Fintech subsidiary called Zest, to collaborate with other players in the fintech sector.

During the launch event held in Lagos state Nigeria, the Group chairman of the Bank, Basil Omiyi while speaking on the company’s vision said Stanbic aspires to become the leading end-to-end financial services provider for businesses and individuals in the country and region.

He further stated that Stanbic’s foray into fintech was strategic and stressed the need for a solution-driven orchestrate platform that allows partners to create a holistic ecosystem.

In his words,

“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 recognized the need for a Fintech platform. This platform could catalyst the next wave of growth in the financial services sector, benefiting businesses, consumers, and technology.

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

According to Stanbic, Zest was set up as a solution-driven platform to orchestrate strategy that will serve consumers, businesses, application developers, and other financial services providers.

Zest was designed with key design principles, which focus on the delivery of a multi-railed platform strategy that enables businesses to collect payments in any form that the customer wants to pay, human-centered design, growth powered by e-commerce, and operational excellence.

Notably, the Fintech platform will orchestrate and deepen financial inclusion in Nigeria, also introducing a range of remarkable offerings which include e-commerce, buy now pay later (BNPL), working capital solutions, and other value-added services.

Also, Zest will continue to operate within the same regulatory framework set forth by the Central Bank of Nigeria (CBN). 

Stanbic IBTC joins the likes of other Nigerian banks that have launched Fintech subsidiaries which include GT Bank, First Bank, and Wema Bank amongst others, in its commitment to provide exceptional financial services to customers.

The launch of a Fintech subsidiary by Stanbic IBTC Bank signifies the bank’s approach to diversifying its services and staying competitive in the rapidly evolving financial industry.

By rolling out Zest, Stanbic is strategically expanding its operations beyond traditional banking services. This move reflects a recognition of the growing importance of technology-driven financial solutions and the need to meet changing customer preferences.

Also, it will allow the bank to explore new avenues for growth, innovation, and customer engagement in an increasingly digital and tech-driven era.