Nigeria's fintech landscape has witnessed significant growth in recent years, with traditional banks forced to innovate to stay competitive. Guaranty Trust Holding Company (GTCO), one of Nigeria's most profitable banks, has been at the forefront of this innovation. In 2018, GTCO launched Habari, a super-app that combined digital banking with lifestyle services. However, the platform struggled to gain traction, and in 2022, GTCO pivoted to launch HabariPay Limited, a fintech subsidiary offering payments and digital financial services.

Since its launch, HabariPay has contributed significantly to GTCO's profits, reporting a profit after tax of ₦1.7 billion in H1 2024. While this contribution remains modest, accounting for just 0.17% of GTCO's total profit before tax, CEO Eduofon Japhet acknowledges the company's growth and emphasizes the need for further scaling to solidify its position within GTCO's portfolio.

HabariPay's approach to the payment market has been distinct from its competitors. Instead of relying on agency banking and POS terminals to reach the unbanked, the company has focused on building local infrastructure to support micro-payments. This includes the launch of an NFC-based Point-of-Sale solution that allows people to tap and turn their phones into POS terminals, as well as a switch that enables the processing of low-ticket transactions at an affordable rate.

In an interview, Eduofon Japhet explained that HabariPay's strategy is centered around addressing financial inclusion. The company has acquired multiple payments and switched licenses to focus on expanding POS terminal services for merchants and ensuring that mobile transfers are as seamless as card payments. Japhet believes that financial inclusion cannot be achieved without economic inclusion, and that agency banking has created a new kind of business and given people new revenue streams and livelihood.

HabariPay's outlook for the payment market is optimistic, with plans to grow on all indices. The company has obtained an umbrella license from the Central Bank that allows it to engage in various activities, including payment solution service provision, payment terminal service provision, and super agency services. This year, HabariPay has begun its PTSP business, powering Point-of-Sale terminals, and is exploring ways to make transfer payments feel more like card payments.

As HabariPay continues to navigate Nigeria's competitive fintech sector, its ability to innovate and adapt will be crucial to its success. With its focus on financial inclusion and economic empowerment, the company has the potential to make a significant impact on the country's payment landscape.