GTCo’s HabariPay Posts N3.8bn Profit In 2024

HabariPay, the fintech arm of Guaranty Trust Holding Co Plc (GTCo), reported a profit after tax of N3.8 billion in 2024, marking an 81 percent increase from the N2.1 billion recorded in the previous year.

This remarkable growth reflects the rising momentum of GTCo’s fintech ambitions, as the company continues to carve out a strong presence in Nigeria’s digital payments sector.

According to its full-year 2024 financial report, HabariPay’s gross revenue surged by 23 percent to N5.8 billion, up from N4.7 billion in 2023. This growth was driven by strong performances across all key revenue streams, reinforcing the company’s strategy of expanding its digital payment solutions.

GTCo’s Fintech Push Gains Momentum

With Nigeria’s fintech landscape becoming increasingly competitive, GTCo describes HabariPay as a transformative player in digital finance, focusing on secure payment solutions that help businesses transact effortlessly. The fintech subsidiary offers a comprehensive payment gateway, supporting transactions via virtual accounts, USSD, cards, and bank transfers. It also provides value-added services, such as bill payments, airtime vending, and bulk SMS distribution through Nigerian Communications Commission (NCC)-licensed aggregators.

“HabariPay is more than just a payments platform,” the company stated in its latest report. “By equipping businesses with the essential tools to thrive in a digital economy, it actively contributes to economic inclusion and financial empowerment across multiple sectors.”

From Super-App to Standalone Fintech Powerhouse

GTCo initially launched Habari in 2018 as a super-app, offering streaming services, e-commerce, and content consumption, but it struggled to gain significant traction in the digital market. Recognising the growing importance of digital payments, GTCo restructured its operations in 2020, spinning off HabariPay as a separate fintech subsidiary under the bank’s newly created holding company structure. By June 2021, Guaranty Trust Bank had officially transitioned into a holding company, with HabariPay operating independently, focusing on payments, e-commerce, and small business services.

At the heart of HabariPay’s success is Squad, its flagship product that integrates a payment gateway, an e-commerce platform, and a Point-of-Sale (POS) business. With Squad, HabariPay is now competing with industry leaders such as Interswitch, Paystack, and Flutterwave in Nigeria’s fast-growing digital payments ecosystem.

By leveraging GTCo’s vast small-business customer base, HabariPay is positioning itself as a key player in financial technology, helping merchants and businesses streamline transactions, enhance digital operations, and drive growth in the evolving digital economy.

With strong financial results and increasing adoption of its fintech solutions, HabariPay’s future in Nigeria’s fintech space looks increasingly promising as it continues to expand its services and challenge the dominance of established players.