Stanbic IBTC to Inject USD 2.48 Million into Zest Payments for Fintech Growth
Stanley Jacob, Zest Payments CEO
Stanbic IBTC Holdings Plc, the Nigerian arm of Standard Bank Group, is set to inject ₦4 billion ($2.48 million) into its fintech subsidiary, Zest Payments Limited, as part of a broader ₦148.71 billion capital-raising effort. The allocation represents about 3% of the total funds being raised, with an additional ₦1 billion directed toward the bank’s venture business.
Zest Payments, launched in May 2023, has faced challenges in competing with industry players like GTCO’s HabariPay and Access Holdings’ Hydrogen. Despite its efforts, Zest reported a ₦1.2 billion loss in 2023, with revenues of just ₦68 million. Losses widened to ₦1.89 billion in the first nine months of 2024, though revenue improved to ₦93 million.
CEO Stanley Jacob highlighted that while competitors have an 18-month head start, Zest officially commenced full operations in October 2023. The fintech focuses on e-commerce and digital payments, offering businesses tools for online sales, payment integration, and bill processing.
The recapitalization signals Stanbic IBTC’s commitment to strengthening its fintech ambitions and positioning Zest Payments for long-term growth in Nigeria’s competitive digital finance sector.
Source: Innovation Village