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GTCO’s HabariPay records N3.8 billion profit in 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
April 1, 2025
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GTCO’s HabariPay records N3.8 billion profit in 2024

GTCO’s HabariPay records N3.8 billion profit in 2024

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As the bank continues to expand into the fintech sector, HabariPay, the fintech division of Guaranty Trust Holding Co Plc, reported a ₦3.8 billion profit after taxes in 2024.

The company revealed this in its full-year 2024 financial results, which were made public over the weekend.

In 2023, the fintech recorded a profit of N2.1 billion; this represents an 81% increase. This is also a result of the fintech company’s increased operating income during the reviewed period.

Read also: GTCO Plc reports historic N1 trillion profit in 2024

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HabariPay’s gross revenue increased to N5.8 billion in 2024

The 2024 financial report states that HabariPay’s gross revenue climbed by 23% to N5.8 billion in 2024 from N4.7 billion in 2023, supported by notable expansions in all major revenue streams.

Despite the growing competition in the fintech industry, GTCo asserts that HabariPay is rapidly transforming Nigeria’s financial technology market, fostering empowerment and innovation in the digital economy.

“Habari specialises in secure payment gateways that allow businesses to effortlessly make and receive payments, benefiting from an increasingly digital trend. By prioritising 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. 

What you should know about GTCO’s HabariPay

GTCO introduced Habari, a super-app that offers everything from streaming media to an online store, in 2018. With its network of small business clients, the bank aims to establish a marketplace centre to assist suppliers from various sectors.

A payment gateway is one of HabariPay’s primary business functions; payments are handled through bank transfers, virtual accounts, USSD, and cards. 

Read also: Fidelity Bank records N385 billion pre-tax profit in 2024

Additionally, it uses Value Added Service Aggregators licensed by the Nigerian Communications Commission (NCC) to distribute bulk SMS and switch verticals, including value-added verticals like bill payments for airtime vending.

Despite being developed by one of the largest banks in Nigeria, it failed to attract the attention of digital users and did not concentrate on offering banking services. However, in 2020, the lender announced a corporate reorganisation that would turn Habari into a distinct business that is fully owned by the bank as part of its larger push into digital payments.

Guaranty Trust Bank changed from being a stand-alone commercial bank to a holding company in June 2021. It turned HabariPay into a stand-alone company that provides small business services, a marketplace, and payments.

Squad, the flagship product from HabariPay, integrates a point-of-sale system with an e-commerce platform and payment gateway. In the payment gateway industry, HabariPay’s Squad is currently up against companies like Interswitch, Paystack, and Flutterwave.

Tags: GTCOHabariPay
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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