GTCO Gains Entrance into E-payment Market with HabariPay

The increasing adoption of electronic payment business in Nigeria has led the Guaranty Trust Holding Company (GTCO Plc) launched its new product HabariPay.

And as such obtained approval for the operation of its payment subsidiary, Habari, from the Central Bank of Nigeria (CBN), according to a regulatory filing.

The Central Bank of Nigeria (CBN) approved the digital payment business called HabariPay Limited, a document filed with the market capital authority, Nigerian Exchange Limited (NGX), on Thursday, disclosed.

In the last six years, the e-payment market in Nigeria has boomed through the rise of Fintech startups, such as Paystack and Flutterwave, before the likes of Jumia and Konga created their standalone payment channels.

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According to the Nigeria Inter-Bank Settlement System (NIBSS), between January to February, e-payment channels recorded transaction value of N53.8 trillion, following transaction volume of 704 million.

The revenue opportunity is set to deplete further as the players in the e-payment market expand beyond the tech-driven startups, with traditional businesses like GTCO, also making a play for the available market share.

In a commentary, Segun Agbaje, the Group Chief Executive Officer, said, “Payments are central to the development of financial services globally and represent a key growth area for the group”.

According to Agbaje, 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 another pathway towards enhancing the service experience for our customers and creating more value for our stakeholders”.

“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 services for individuals and empower businesses across Africa with the right digital tools to thrive”, the Group Chief Executive stated. #GTCO Gets Approval for HabariPay to Commence Operation