GTCO’s HabariPay fuels innovation with hackathon challenge

HabariPay’s Squad, the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), has concluded the second edition of its annual Squad Hackathon, spotlighting Africa’s rising tech talent by bringing together young innovators to develop groundbreaking digital solutions at the GTCO Training Complex, Abeokuta, Ogun State.

The event provided a platform for developers and designers to build solutions tackling real-world challenges in fintech, e-commerce, and digital payments. This year’s hackathon focused on financial inclusion, with participants presenting innovative solutions aimed at expanding access to digital financial services across the continent.

Eduofon Japhet, managing director of HabariPay Ltd, stated, “The Take on Squad Hackathon reflects our core mission of empowering businesses and young innovators.

“We believe that the next big breakthrough in technology will come from young minds who are passionate about solving current and emerging universal challenges. At Squad, we are not just building cutting-edge payment solutions for our clients; we are nurturing a culture of innovation and empowering the next generation of tech leaders in Africa.”

Japhet highlighted the need for talent in the fintech sector, stressing that organisations across Africa continue to face challenges in sourcing skilled professionals due to brain drain and a competitive global talent market.

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“We’ve all struggled with people leaving the country, as well as just finding people that have the skills and can do the job well. So, what we decided to do was be a part of moving these young people forward by searching for them,” she stated.

“By providing mentorship, internships, and training, we are ensuring that young innovators are not just equipped with technical knowledge but also with real-world experience that allows them to transition seamlessly into the workforce.”

This year’s Squad Hackathon welcomed participants from tertiary institutions nationwide, with over 65 participants forming 20 teams. After an initial shortlisting, 10 teams advanced to the final stage, where they competed for cash prizes ranging from N5 million to N2 million.

More importantly, selected participants will have the opportunity to join the Squad Academy, a structured three-to-four-year programme offering mentorship, internships, tuition support, and access to GTCO’s extensive fintech ecosystem.

The Hackathon also showcased impressive innovations from participants, with solutions incorporating voice biometrics, artificial intelligence, and drone technology. Team Savvy won the hackathon with Team Farmceries following in second place.

Japhet expressed her admiration for the ingenuity on display, stating, “It is incredible that we have this level of talent on the continent, and we are proud to support its growth.”

The event underscores HabariPay’s broader commitment to financial inclusion, with Japhet noting that true financial inclusion requires infrastructure and economic incentives.

“Sometimes why people aren’t using digital systems is not because they don’t want to, it’s because they don’t have the money. So, we need to create models that generate value for participants, just like how agency banking created new income streams for local businesses,” she explained.

Beyond equipping talent, Japhet also provided insights into HabariPay’s broader strategy, emphasising the company’s commitment to building local financial infrastructure to support digital payments.

“We entered a market that seemed saturated, and we needed to find a place for ourselves,” she said. “Our focus has been on developing infrastructure that supports local transactions, making digital payments more accessible and affordable for businesses and consumers alike.”

Founded as a fintech subsidiary of GTCO, HabariPay has steadily carved out a niche in Nigeria’s evolving digital payment landscape. Rather than competing directly with traditional agency banking models, the company has chosen to focus on infrastructure-led innovations, Japhet shared at the event.

One of its key milestones is the launch of an NFC-based point-of-sale solution that allows merchants to accept payments via smartphones, eliminating the need for costly physical terminals. Additionally, the company developed a proprietary switch designed to process low-ticket transactions at significantly reduced costs, ensuring that digital payments are viable for small businesses and low-income earners.

HabariPay has also acquired key regulatory licenses from the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) to facilitate its mission.

These licenses enable the company to process transactions and offer value-added services, ensuring seamless integration across multiple payment channels, including USSD and internet-based transactions.