GTCO’s Habaripay Dominates Fintech as Total Payment Value Surges 8,620% to N12.14trn

GTCO’s Habaripay Dominates Fintech as Total Payment Value Surges 8,620% to N12.14trn

HabariPay Limited, a fintech subsidiary of Guaranty Trust Holdings (GTCO) Plc, has consolidated its dominance of the fintech industry as the company magnifies digital payments while helping businesses in Africa grow and thrive.

The audited financial statement of parent company GTCO shows HabariPay’s total payment value surged 8,620 percent to N12.14 trillion as at December 2023, from N139.28 billion as at December 2022.

Underpinned by a significant segment of all key income lines, the fintech giant’s gross revenue increased by 218.14 percent to N4.90 brillion in the period under review from N1.54 brillion the previous year.

Income from Value Added Services grew 149 percent driven by airtime vending revenue from direct integration with two (2)  major Telecommunications companies as well as partnerships with VAS aggregators.

Earnings before interest taxation, depreciation and amortisation spiked by 154.80 percent to N2.54 billion as at December 2o23. Net income or profit after tax (PAT) rose by 147.90 percent to N2.34 billion in the period under review from N944.4 million the previous year.

Lack of access to services especially in the rural areas, problems of affordability and poor user affordability created an opening that HabariPay took advantage of as it stepped up to develop enhanced preposition across the value chain to address pain points to affordable payment.

The pandemic and the push towards a cashless society are a major driver of digital boom. More young Nigerians who are tech savvy are carrying out transactions on their mobile phone through mobile applications from wherever they are.

HabariPay is introducing new products as it seeks to consolidate its share of the digital market.

HabariPay’s Squad launched its first-ever hackathon, “Take on Squad Hackathon 1.0.” The social coding event held on January 19th and 20th 2024, at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State.

Take on Squad Hackathon 1.0 targeted young innovators in universities and other tertiary institutions in Nigeria and challenges competing teams to create innovative solutions to problems within their immediate community as well as the wider society.