Olufemi Adeyemi 

HabariPay, the fintech subsidiary of Guaranty Trust Holding Co Plc (GTCo), has reported a profit after tax of N3.8 billion for the 2024 financial year. This marks an 81% increase compared to the N2.1 billion recorded in 2023, reinforcing GTCo’s aggressive expansion into the fintech space.

Strong Financial Performance

According to its full-year 2024 financial results, released over the weekend, HabariPay’s gross revenue surged by 23%, reaching N5.8 billion from N4.7 billion in the previous year. The company attributed this growth to significant expansion across all key income lines.

The robust financial performance comes amid increasing competition in Nigeria’s fintech sector. Despite the challenges, GTCo emphasized that HabariPay is emerging as a transformative player in financial technology, driving innovation and supporting the digital economy.

Driving Digital Payments and Business Empowerment

HabariPay’s business model revolves around secure payment gateways that facilitate seamless transactions for businesses. The company offers multiple payment processing channels, including virtual accounts, USSD, card transactions, and bank transfers. It also operates in switching and value-added verticals, handling bill payments, airtime vending, and bulk SMS distribution through licensed Value Added Service Aggregators under the Nigerian Communications Commission (NCC).

“Habari specializes in secure payment gateways that allow businesses to effortlessly make and receive payments, benefiting from an increasingly digital trend,” the company stated. “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.”

Evolution from a Super-App to a Fintech Powerhouse

GTCo originally launched Habari in 2018 as a super-app that provided streaming services and an e-commerce marketplace, aiming to support small business vendors. However, the platform struggled to gain traction among digital users.

Recognizing the potential in digital payments, GTCo restructured its business in 2020, spinning off Habari as a standalone fintech subsidiary. By June 2021, the bank transitioned into a holding company, positioning HabariPay as a dedicated financial technology entity offering payment solutions, a marketplace, and business support services.

Competing in Nigeria’s Fintech Market

HabariPay’s flagship product, Squad, combines a payment gateway and an e-commerce platform with a Point-of-Sale (PoS) business. Squad now competes with established players like Interswitch, Paystack, and Flutterwave in the payment gateway sector.

With its rapid financial growth and strategic focus, HabariPay is positioning itself as a key player in Nigeria’s fintech landscape, leveraging digital transformation to drive financial inclusion and business empowerment.

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