HabariPay’s Profit Soars: Outpacing Bank-Backed Fintech in Nigeria
HabariPay, the fintech subsidiary of Guaranty Trust Holding Company (GTCO), has achieved remarkable financial success, experiencing a twelve-fold increase in its profits within a three-year period. According to GTCO’s financial reports for the first half of 2025, the company’s profits surged to a record ₦4.02 billion ($2.70 million), a significant leap from ₦322.9 million ($217,094) recorded in the first half of 2022. This impressive growth has positioned HabariPay as the most profitable bank-backed fintech entity in Nigeria, a notable achievement in a competitive market.
Driving Growth in a Competitive Market
This financial performance allows HabariPay to outshine rivals. Compared to other bank-backed fintech ventures, HabariPay’s performance is particularly noteworthy. It has surpassed Access Bank’s Hydrogen, which reported a profit of ₦283 million ($190,268) in the first quarter of 2025. Furthermore, HabariPay’s success contrasts sharply with Stanbic IBTC’s Zest, which incurred a loss of ₦389 million ($261,535) during the first half of the same year. Despite its substantial growth, HabariPay remains a smaller player compared to its parent company, accounting for only 0.89% of GTCO’s impressive ₦449 billion ($301.88 million) profit. The fintech still trails behind leading giants in the broader market, including Flutterwave, Paystack, OPay, PalmPay, and Moniepoint. Revenue estimates for 2023, sourced from the Financial Times, indicate that PalmPay generated approximately $63.90 million, while Moniepoint earned around $264.51 million, highlighting the scale of the industry’s major players.
In conclusion, HabariPay’s significant profit jump represents a significant achievement within the African fintech ecosystem. While it still has room to grow, its success is a testament to the increasing significance of fintech in Nigeria and beyond.
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