Stanbic IBTC Set to Disrupt Fintech Industry, Launches Zest in Nigeria
Stanbic IBTC Holdings PLC has unveiled its fintech brand, Zest in the Nigerian market with unique offering to disrupt the industry.The industry is forecast to reach $698.48 billion by 2030 globally and $65 billion in Africa according to the Allied Market Research report and Boston Consulting Group (BCG) and QED Investors report respectively.
The launch of Zest took place at the Eko Convention Centre in Lagos with the theme “Universe 1.0”. Also, a proxy unveil was carried out in Port Harcourt, Kano, and the FCT. People around the world also viewed the launch live online.
Zest, formerly Stanbic IBTC Financial Services is the Fintech subsidiary of Stanbic IBTC Holdings PLC. It started commercial operations in May 2023, functioning primarily as a Payment Service Provider, having received all the relevant regulatory approvals to commence operations. The unveiled of the brand marks its introduction to the public.
Some of the services and benefits of the platform include multiple payment options, helps businesses collect payments seamlessly, and power embedded fiancé, especially in areas such as e-commerce, Buy-Now-Pay-Later (BNPL), working capital solutions, and value-added services.
Chairman of Stanbic IBTC Holdings PLC, Mr. Basil Omiyi CON, in his opening remarks, explained that Zest was set up to execute a solution-driven, platform orchestration strategy that will serve consumers, businesses, application developers, and other financial services providers.
According to him, “We are collectively aligned on the role of fintechs as platform enablers to deliver on the next wave of growth, especially in the area of financial services. So, we set up Zest to execute a solution-driven, platform orchestration strategy that is positioned to serve consumers, businesses, application developers, and other financial service providers.”
Speaking in the same vein, Chief Executive of Stanbic IBTC Holdings PLC, Dr Demola Sogunle, said that Zest as the group fintech subsidiary, would be the epicenter of solutions delivery, new partnerships, and better experiences in the area of payments and customized solutions delivery.
“Zest as our fintech subsidiary is at the epicenter of everything that we are trying to do going forward. Zest is focused on delivering a true platform orchestration strategy that would enable multiple payment options in the hands of the customer, help businesses collect payments seamlessly, and power embedded fiancé, especially in the areas of e-commerce, Buy-Now-Pay-Later (BNPL), working capital solutions and value-added services.
He added, “With Zest, we see opportunities to unlock new network of partnerships, deliver better experience in the area of payments and customized solutions delivery.”
Explaining the brand’s key design principles, Stanley Jacob, Chief Executive of Zest said it is based 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.
“What we have done at Zest is to ensure that we enable consumers and businesses to be able to meet on card rails, on account-based payments, quick response (QR) code, USSD, and other forms of payments; both contact and contactless.
“We have embedded all this into one platform and built very unique APIs that can be used as a separate module or taken as a single integration kit.
He concluded by saying “When you use our platforms, we want you to experience better – better with payments, better with integrations, and better with selling”, aligning with the brand tagline ‘Go for Better’.
The hybrid event focused on unveiling the Zest brand, showcasing its identity and culture through various touchpoints. The highlight of the event was a commerce experience where guests and shoppers had first-hand experience of the e-commerce platforms.