GTCO’s payments business rapidly expands, signaling growing fintech influence in Nigeria

Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s foremost financial services groups, has marked a notable expansion in its payments business, positioning itself as a major player in the evolving fintech sector. The company’s dedicated payments branch, HabariPay, has been delivering impressive growth in transaction volumes, revenue, and profitability, reflecting broader trends in Nigeria’s digital payments ecosystem.

Growing profitability and transaction volumes

In the first half of 2026, HabariPay nearly doubled its profit after tax, reaching ₦7.81 billion ($5.87 million) compared to ₦4.02 billion ($3.02 million) in the same period the previous year. Operating income rose substantially by 87.16% year-on-year to ₦9.44 billion ($7.09 million). Payment values processed through HabariPay’s switching and processing services surged by 136.5% during this timeframe, reinforcing GTCO’s position between customers, merchants, banks, and payment rails in the Nigerian ecosystem.

An expanding payments infrastructure

Launched in mid-2022 to serve small and medium-sized enterprises (SMEs) and retailers with offerings such as point-of-sale (PoS) terminals, USSD, and virtual accounts, HabariPay has significantly scaled its operations. Since the first half of 2024, switching and processing values under HabariPay have grown over 660%, reaching ₦74.72 trillion ($56.17 billion) by mid-2026. This growth is in line with Nigeria’s broader digital payments surge, with the country processing over ₦1.2 quadrillion ($902.19 billion) in transactions in 2025.

New revenue streams and cross-border payments

Aside from domestic transactions, HabariPay has broadened its services to include airtime vending and international payments. Airtime vending grew by nearly 89%, offsetting disruptions caused by temporary telecom credit suspensions. Meanwhile, international payments soared by nearly 3,891% during the same period, benefiting from more stable foreign exchange rates and increased transaction limits imposed by GTCO, which rose from $6,000 to $40,000 per quarter by August 2026.

Strategic implications for Nigeria’s fintech sector

GTCO’s success in the payments segment underscores a critical shift in how traditional banks in Nigeria are embracing fintech solutions, focusing on building infrastructure that supports real-time, reliable, and scalable digital payment services. HabariPay’s efficient cost structure—with a cost-to-income ratio of 17.3% and high returns on assets and equity—exemplifies how bank-led fintech initiatives can compete effectively with standalone fintech startups.

For the Nigerian economy, the growth of such payment platforms is pivotal. It enhances financial inclusion by providing SMEs and retailers with accessible transaction tools, optimizes merchant payment processing, and encourages cross-border trade through expanded international payment capabilities. This evolution is critical in a market where increasing digital adoption and business automation are reshaping how commerce is conducted.

GTCO’s payment infrastructure expansion represents an important development for Nigeria as it aims to reinforce its position as a leading digital economy in Africa. By building a multifaceted payment ecosystem that spans various channels and services, GTCO is setting a benchmark for other banks and fintech players seeking to capitalize on Nigeria’s vast and growing digital finance market.