GTCO Fintech Subsidiary Habaripay Recorded A Profit of N2.17 Billion in 2023
In 2023, HabariPay, the fintech arm of Guaranty Trust Holding Company (GTCO), recorded a profit after tax of N2.17 billion. According to close examination of the bank’s financial statement, HabariPay’s profit surged by 159 percent from the N836 million reported in 2022.
The report disclosed that HabariPay’s profit surge stemmed from various fintech revenue streams, including net commissions earned on merchant services and sales margins from bill payments like airtime vending and bulk SMS.
Further analysis of the report unveiled that in the previous year, the fintech firm witnessed a remarkable 213 percent increase in operating income, soaring to N4.7 billion from N1.5 billion in 2022. Operating expenses also rose to N2.4 billion from N597 million.
HabariPay’s core fintech cashflow experienced a remarkable surge of 778 percent, reaching N641 million last year compared to N73 million in the preceding year. According to HabariPay’s financials, the core business operations encompass a payment gateway facilitating transactions via virtual accounts, USSD, card, and bank transfer channels.
