HabariPay, the fintech arm of Guaranty Trust Holding Co Plc (GTCO), has posted an impressive N3.8 billion (over $2.4m) profit after tax in 2024, marking a significant milestone in its expansion within the financial technology space.
The company’s full-year 2024 financial results, released over the weekend, revealed a 23% growth in gross revenue, reaching N5.8 billion, up from N4.7 billion in 2023. The surge was driven by strong performance across all key income lines, reinforcing fintech’s growing influence in Nigeria’s digital economy.
GTCO’s Fintech Play Gains Momentum
As competition in Nigeria’s fintech sector intensifies, GTCO emphasized that HabariPay is emerging as a transformative player, leveraging technology to enhance financial transactions and empower businesses in the digital economy.
“Habari specializes in secure payment gateways that allow businesses to effortlessly make and receive payments, benefiting from an increasingly digital trend.
By prioritizing the empowerment of businesses with essential tools for success in the digital age, Habari goes beyond merely enabling transactions; it actively contributes to economic growth and inclusivity across various sectors,” the company stated.
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HabariPay’s Expanding Digital Offerings
HabariPay’s core services include: Payment gateway solutions, supporting transactions via virtual accounts, USSD, cards, and bank transfers. Switching and value-added services, including bill payments, airtime vending, and bulk SMS distribution through NCC-licensed Value Added Service Aggregators.
Its flagship product, Squad, integrates a payment gateway, e-commerce platform, and Point-of-Sale (POS) business, positioning HabariPay in direct competition with leading payment firms like Interswitch, Paystack, and Flutterwave.
From Super-App to Fintech Powerhouse
GTCO initially launched Habari in 2018 as a super-app offering streaming content, e-commerce, and digital services. However, it struggled to gain widespread traction as a non-banking platform.
In 2020, the bank pivoted its strategy, restructuring Habari into a standalone fintech subsidiary. By June 2021, GTCO transitioned from a traditional commercial bank to a holding company, with HabariPay positioned as a dedicated digital payments provider.
