Zest Payments, the fintech subsidiary of Stanbic IBTC Holdings was fined ₦2.7 million ($1,829) for failing to submit its 2023 audited financial statements to the Central Bank of Nigeria (CBN) on time, just two weeks past the March 31 deadline.
The sanction, disclosed in Stanbic IBTC Holdings’ half-year report, came alongside other regulatory penalties within the group, highlighting growing compliance strain.
According to CBN regulations, licensed payment firms are required to submit audited statements by March 31 each year. Delays attract daily fines, typically from ₦5,000 upward, depending on the firm’s license category.
Zest, Stanbic’s fintech arm, remains under pressure as losses deepen. The company earned ₦874 million in total income in the first half of 2025 but still ended with a ₦389 million loss, weighed down by ₦664 million in staff costs and ₦593 million in operating expenses. Despite a ₦4 billion capital injection in January to boost its e-commerce platform, profitability remains elusive.
The fine serves as a reminder that for fintechs like Zest, survival now means striking a balance between speed and accountability, as compliance now sits at the centre of Nigeria’s fintech space.
Six months ago, Paystack was fined ₦250 million for operating beyond its license. In mid-2024, Moniepoint and OPay were also hit with ₦1 billion fines over KYC lapses as the CBN tightened oversight on fraud and reporting.
For fintechs, even small delays now draw attention—growth means nothing if compliance slips.
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Last updated: October 6, 2025
