Stanbic IBTC to inject ₦4 billion into fintech subsidiary, Zest
- Stanbic IBTC Holdings Plc is recapitalizing Zest Payments Limited with ₦4 billion.
- The funding represents about 3% of the total ₦148.71 billion capital raising exercise.
- Zest Payments has recorded a loss of ₦1.2 billion in 2023.
The recapitalization of Zest Payments is a strategic move by Stanbic IBTC to enhance its fintech capabilities, but the ongoing losses highlight the challenges faced in a competitive market. It will be crucial for Zest to refine its business model and accelerate its path to profitability to remain viable against established competitors.
