How HabariPay performed in nine months

HabariPay, Guaranty Trust Holding Company (GTCO)’s fintech arm, has reported strong performance for the nine months ended September 2024.

The fintech recorded a 42 percent rise in profit to N3.03 billion in the period under review from the N2.13 billion reported in the same period of 2023. This growth aligns with GTCO’s strategy to expand in digital finance and lifestyle-based offerings, tapping into Nigeria’s rising demand for convenient and accessible financial solutions.

The subsidiary’s earnings reflect the increasing adoption of digital financial services, driven by its flagship platform, Squad, which integrates payment processing and marketplace services tailored for small businesses.

HabariPay also reported a significant growth in operating income, reaching N4.43 billion year-over-year. This further promotes fintech innovation and user engagement within its digital ecosystem.

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GTCO’s broader e-business, which includes digital channels and platforms, also contributed notably, with revenue up by 53.7 percent to N47.5 billion in nine months, positioning GTCO as a competitive force within Nigeria’s fast-evolving fintech landscape

Further breakdown of the report disclosed that the company generated N4.41 billion from its core business activities, a 396 percent rise from N888.5 million reported in 2023. During the period, HabariPay reported N5.8 billion from N41 million bringing its cash balance to N2.1 billion.

HabariPay total assets rose to N10.6 billion from N6.7 billion; total liabilities increased to N14 billion, with shareholders’ equity amounting to N9 billion. 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.