Stanbic IBTC Holdings’ fintech subsidiary Zest Payments was fined ₦2.7 million ($1,829) for missing the March 31 deadline to submit its 2023 audited financial statements to the Central Bank of Nigeria (CBN).
Stanbic IBTC Holdings’ half-year report revealed the sanction and other regulatory penalties within the group, underscoring the increasing strain on compliance.
Licensed payment companies must submit audited statements by March 31 of each year in accordance with CBN regulations. Delays can result in daily fines ranging from ₦5,000 to more, depending on the firm’s license category.
Zest struggles
Stanbic’s fintech division, Zest, is still under strain as losses increase. Due to ₦664 million in personnel costs and ₦593 million in operating expenses, the company ended 2025 with a ₦389 million loss despite earning ₦874 million in total revenue in the first half of the year. Even after investing ₦4 billion in January to improve its e-commerce platform, profitability remains elusive.
Previous fintechs’ sanctions
The fine reminds us that, with compliance now at the core of Nigeria’s fintech industry, survival for fintechs like Zest now requires finding a balance between speed and accountability.
For operating outside of its license, Paystack was fined ₦250 million six months ago. When the CBN tightened its oversight on fraud and reporting in the middle of 2024, Moniepoint and OPay were also hit with ₦1 billion in fines for KYC violations.
Even minor delays now attract attention for fintechs; if compliance lapses, growth is meaningless.