GTCO CEO Says Fintech Threat Has Eased as HabariPay Posts Strong N9.7bn Profit

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GTCO CEO Says Fintech Threat Has Eased as HabariPay Posts Strong N9.7bn Profit

The Chief Executive Officer of Guaranty Trust Holding Company (Guaranty Trust Holding Company), Segun Agbaje, has stated that the group is no longer concerned about competitive pressure from fintech companies, pointing to the strong performance of its digital payments arm, HabariPay.

Agbaje made the remarks during an interview with CEO Ugo Obi-Chukwu on the sidelines of GTCO’s Annual General Meeting (AGM) in Lagos, Nigeria.

HabariPay Drives Digital Growth for GTCO

According to the CEO, the performance of HabariPay has significantly strengthened GTCO’s position in Nigeria’s fast-evolving digital financial services landscape.

In 2025, HabariPay recorded a profit of ₦9.7 billion, marking a major milestone for the subsidiary and reinforcing its role within the group’s broader digital strategy.

The result reflects:

  • Increased adoption of digital payment solutions
  • Expansion of merchant and enterprise payment services
  • Growing integration of fintech-style innovation within traditional banking structures

Shift in Competitive Landscape

Agbaje’s comments suggest a notable shift in how traditional financial institutions view fintech competition in Nigeria.

Rather than treating fintech firms as disruptive threats, GTCO now sees its digital ecosystem as sufficiently competitive, largely due to internal innovation and the scaling of its payment infrastructure through HabariPay.

Industry analysts note that the Nigerian financial services sector has increasingly moved toward convergence, with banks, fintechs, and payment service providers operating in overlapping digital ecosystems.

Digital Payments as a Core Growth Engine

HabariPay’s performance highlights the growing importance of digital payments as a core revenue driver for financial institutions.

Key growth factors include:

  • Rapid expansion of cashless transactions
  • Increased merchant onboarding
  • Strong growth in e-commerce and POS transactions
  • Broader adoption of mobile-first financial services

This trend reflects Nigeria’s accelerating transition toward a digital-first financial economy, where payment infrastructure plays a central role in competitiveness.

Broader Implications for Nigeria’s Banking Sector

GTCO’s confidence in its fintech positioning signals a broader transformation in the banking industry, where traditional lenders are increasingly:

  • Building in-house fintech capabilities
  • Investing in digital subsidiaries
  • Competing directly in payments and financial technology services

The development underscores a maturing fintech ecosystem in which competition is giving way to integration, partnerships, and platform-based financial services models.

Conclusion

Segun Agbaje’s remarks at GTCO’s AGM highlight a significant evolution in Nigeria’s financial services sector, where fintech disruption is increasingly being met with institutional adaptation rather than resistance.

With HabariPay delivering a ₦9.7 billion profit in 2025, GTCO appears to be consolidating its position as both a traditional banking powerhouse and a competitive player in the digital payments space.

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