The parent company of Stanbic IBTC Bank, Stanbic IBTC Holdings Plc, has started a renaming process for its fintech division.
The subsidiary has changed its name to ZEST Payments Limited (ZEST), formerly known as Stanbic IBTC Financial Services Limited.
This rebranding initiative puts ZEST in a competitive position to compete for market share with other fintech businesses like OPay, Kuda, and Moniepoint. A formal news release that was approved by Chidi Okezie, the company secretary, and posted on the Nigeria Exchange platform announced the name change.
According to Stanbic IBTC, the choice to change the subsidiary’s name was made in an effort to better reflect the company’s evolving vision and brand identity. They stated in the statement:
“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.”
Also in the news: Recent Board Appointments for Stanbic
Additionally, across all of its assets and subsidiary companies, Stanbic IBTC has made significant changes to its board of directors. the following appointments:
- Mrs. Ndidi Nwuneli: Assigned the role of Independent Non-Executive Director at Stanbic IBTC Holdings PLC.
- Mr. Yinka Sanni: Introduced as a Non-Executive Director on both the Holding Company’s Board and Stanbic IBTC Bank.
- Mrs. Funeka Montjane: Undertook the position of Non-Executive Director at Stanbic IBTC Bank PLC.
- Mr. Efe Omoduemuke: Joined the Board of Stanbic IBTC Asset Management as an Executive Director.
- Mrs. Joyce Dimpka: Designated as Non-Executive Director at Stanbic IBTC Insurance Brokers.
- Mrs. Temitope Popoola: Recently appointed as Executive Director at Stanbic IBTC Insurance Brokers Limited.
- Mr. Oladele Sotubo: Assumed the role of Executive Director at Stanbic IBTC Capital Limited.
- Mrs. Titi Ogungbesan: Stepped into the position of Chief Executive at Stanbic IBTC Ventures.