Exclusive: Zest payments paid CBN ₦2.7 million over delayed 2023 audited financial report
- Zest Payments was fined ₦2.7 million for failing to submit its 2023 audited financial statements on time.
- The fine was disclosed in Stanbic IBTC Holdings’ half-year report, indicating growing compliance strain.
- Zest Payments reported a total income of ₦874 million but ended with a ₦389 million loss in the first half of 2025.
The situation with Zest Payments underscores the critical importance of compliance in the fintech industry, especially in a rapidly evolving regulatory landscape. Companies must prioritize timely reporting and adherence to regulations to avoid financial penalties that can exacerbate existing losses. The ongoing challenges faced by Zest and other fintechs highlight the need for strategic adjustments to ensure sustainability and growth.
