HabariPay, the fintech subsidiary of Guaranty Trust Holding Co Plc, recorded N447.8 million revenue in the first six months 2022. This was revealed by the company in its half-year financial results released this week.
GTCO further disclosed that the digital payment subsidiary incurred N70.6 million in operating expenses in the period.
The birth of HabariPay started with GTBank’s launch of Habari mobile app in 2018 as a digital platform for music, shopping, lifestyle content and others. GTCO later at the beginning of June secured the final approval from the Central Bank of Nigeria (CBN) for HabariPay Limited as a wholly-owned payment subsidiary.
HabariPay had hit the ground running with the launch of Squad, a digital payments platform to provide customers with the tools to do business digitally. HabariPay’s Squad is now competing with the likes of Interswitch, Paystack, Flutterwave in the same arena.
What they are saying
- Commenting on the new subsidiary, after the CBN’s final approval of its operation, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc said: “Payments are central to the development of financial services globally and represent a key growth area for the Group.
- “GTCO Plc has been at the forefront of delivering cutting-edge innovative solutions with its banking franchise and would leverage this capacity to transform the evolving payment space. With HabariPay, we have successfully created more value for our stakeholders.”
- He stated further, “Our vision is an Africa where every payment is digital, and we hope to achieve this by increasingly leveraging technology to improve access to financial devices for individuals and empower businesses across Africa with the right digital tools to thrive.”
- Agbaje said GTCO’s priority at the start of the 2022 financial year was to bring the Group’s new businesses, which include HabariPay Ltd, Guaranty Trust Fund Managers Limited, and Guaranty Trust Pension Managers Limited, on-stream, starting strong with a focus on long-term viability.