GTCO’s HabariPay triples profit to N9.7bn on digital payments growth

HabariPay, the fintech arm of Guaranty Trust Holding Company (GTCO), reported an after-tax profit of N9.7 billion in 2025, marking its highest level since its launch.

BusinessDay analysis of GTCO’s audited full-year financial statement revealed that the payment subsidiary tripled its profit in one year, from N3.8 billion in 2024.

The performance highlights the increasing importance of GTCO’s non-banking businesses, as the group continues to diversify beyond traditional banking. According to the financial statements, GTCO operates across four key segments—banking, payments, pension fund administration, and asset management—with HabariPay spearheading its fintech ambitions.

HabariPay’s profit hit N3.8bn on increased platform usage

The payments subsidiary has emerged as one of the fastest-growing units within the group, driven by rising transaction volumes, broader digital adoption, and a fintech strategy anchored on innovation and financial inclusion.

Further details from the report show that HabariPay’s operating income surged by 118 percent to N12.9 billion in 2025, up from N5.8 billion in the previous year. Operating expenses also increased to N3.2 billion from N1.59 billion, reflecting a rise in investment in infrastructure and growth initiatives.

Despite higher costs, the company maintained strong operational efficiency, with cash flow from core operations increasing by 59 percent to N7.8 billion, compared to N4.9 billion in 2024.

HabariPay’s core operations span a wide range of digital payment services, including a payment gateway that processes transactions via virtual accounts, USSD, cards, and bank transfers. The business also includes switching services and value-added offerings such as bill payments, airtime vending, and bulk SMS distribution through value-added service aggregators licensed by the Nigerian Communications Commission.

Beyond financial performance, the fintech firm also strengthened its role in ecosystem development. In 2025, GTCO, through HabariPay, hosted the second edition of its “Take on Squad” hackathon, themed “Finclusion Revolution: Unlocking Access, Empowering Communities.”

The initiative brought together 20 teams from universities and tertiary institutions across Nigeria, providing a platform for students to tackle real-world challenges using Squad’s APIs. Over a three-day coding sprint, participants developed functional prototypes under the guidance of HabariPay mentors, focusing on product design, user experience, and scalable digital solutions.

The strong financial and ecosystem performance reinforces HabariPay’s position as a key driver of GTCO’s long-term digital strategy, as the group continues to deepen its presence in Africa’s rapidly evolving fintech landscape.

Chinwe Michael

Chinwe Michael is a financial inclusion advocate and economy journalist who uses compelling storytelling to drive awareness. With a background in Banking and Finance and experience across accounting, media, and education, she applies sharp analysis and attention to detail to every piece. She simplifies complex financial and economy concepts into engaging content for Africa and global audience. Chinwe also doubles as a speaker with global recognition for her expertise.