Loss at Stanbic IBTC Fintech Zest Widens to N508m in Three Months

Zest Payments Limited, the fintech subsidiary of midsize lender Stanbic IBTC Holdings Plc, saw its loss widen more than threefold to N508 million for the first three months of this year from N150 million a year earlier.

Its staff costs more than doubled to N307 million from N128 million, while operating expenses surged N267 million from N26 million, according to the earnings report released on Friday.

Markets Reporters reported in January that Stanbic IBTC Holdings planned to inject an additional N4 billion into Zest Payments, formerly Stanbic IBTC Financial Services.

The subsidiary, launched in May 2023, posted a loss of N2.09 billion in its first full year in 2024.

READ MORE: Stanbic IBTC fintech unit Zest to get N4bn in fresh capital as losses widen