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Stanbic IBTC’s Zest Payments records N2 billion loss in 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
April 15, 2025
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Stanbic Holdings suspends plans for fintech division in Kenya
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Zest Payments, the fintech division of Stanbic IBTC Holdings Plc, reported a loss of N2 billion ($1,296,890) after taxes for the full year 2024, up from N1.2 billion ($778,134) in 2023.

This result demonstrates the continuous difficulties bank holding corporations encounter when trying to launch profitable digital payments ventures in Nigeria’s cutthroat fintech market. When Guarantee Trust Holding Company (GTCO), a banking efficiency lender, launched Habari Pay, its fintech division, precisely seven years ago, it encountered a similar challenge to Zest.

Initially, Habari Pay struggled with adoption due to its focus on non-banking services, such as streaming and e-commerce, when it was first introduced in 2018.

Competition from Access Holdings’ Hydrogen and GTCO’s HabariPay

Zest faces competition from rivals such as Access Holdings’ fintech, Hydrogen, and GTCO’s fintech business, HabariPay.

RelatedPosts

Stanbic IBTC Holdings grows pre-tax earnings by 108%

Stanbic IBTC renames fintech subsidiary as ZEST Payment Limited

Fintech is still lagging behind, though. Since its May 2023 launch, Zest has failed to make a profit. Compared to Hydrogen and Habari Pay, which both finally made a profit in their second year, the fintech’s road to profitability is slower.

Stanbic IBTC’s fintech Zest records N124 million revenue in 2024

Zest may have a difficult time turning a profit, but overall revenue is not. According to its financial statement, the fintech showed significant traction and promise as it quadrupled its overall revenue to ₦124 million ($80,407) from ₦68 million ($44,094) in 2023.

Although financial records show losses going back to 2022, CEO Stanley Jacob previously ascribed the fintech’s delayed progress on its relatively recent operational launch in October 2023.

Injection of N4bn by Stanbic IBTC to revitalise Zest

With its parent firm, Stanbic IBTC, attempting to reinvigorate its fintech aspirations with a ₦4 billion ($2,593,781) capital infusion, Zest has hope for the future. The bank’s larger recapitalisation initiatives will include this capital increase.

The goal of the investment is to support Zest’s distinctive e-commerce platform, which incorporates several payment methods like bank transfers, USSD, QR codes, and card payments, and offers customised product listings. Zest is also licensed to handle payments and provide value-added services.

Tags: Stanbic IBTCZest Payments
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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