GTCO’s HabariPay profit rises by 30% in H1

HabariPay, the fintech subsidiary of Guaranty Trust Holding Company (GTCO), has reported a 30.7 percent rise in profit in the first half of 2024.

BusinessDay’s analysis of the tier-one bank’s recent financial statement showed that the fintech recorded a profit after tax of N1.7 billion in H1, compared to N1.3 billion in the same period of 2023. According to the financial statement, HabariPay’s growth showed promising adoption of the bank’s digital payments business as it looks to bolster its hold on the fintech sector.

“Through our Habari platform, our customers can shop for diverse products online, pay bills, watch videos, and listen to music. We continue to improve the platform to meet and support everyone’s lifestyle,” it said.

Read also: GTCO becomes first financial institution to cross N1trn profit mark 

A further breakdown of the report revealed that the fintech company’s operating income in the first six months increased by 22.7 percent, N2.7 billion in H1, from N2.2 billion in the same period of last year. Its operating expenses rose to N703 million from N688 million.

The company generated N2.06 billion from its core business activities, an 815.6 percent rise from N225 million reported in 2023. When Guaranty Trust Bank transitioned from its standalone commercial banking structure into a holding company, HabariPay became a standalone business offering payments, a marketplace, and small business services.

HabariPay’s flagship product, Squad, combines a payment gateway and e-commerce platform with a Point-of-Sale business.

The statement added, “In line with its mission of empowering businesses and young innovators across Africa, HabariPay’s Squad launched its first-ever coding sprint, Take on Squad Hackathon 1.0. The two-day social coding event was held at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State.”