GTCO’s HabariPay competes with Jumia, others for Nigeria’s N53.8trn e-payment market

Guaranty Trust Bank (GTB) parent company, Guaranty Trust Holding Company (GTCO), has set off a rivalry with ecommerce companies, Jumia and Konga, as well as other Fintech startups, as it received the greenlight to operate an electronic payment business.

The Central Bank of Nigeria (CBN) approved the digital payment business called HabariPay Limited, a document filed with the market capital authority, Nigerian Exchange Limited (NGX), on Thursday, disclosed.

In the last six years, the e-payment market in Nigeria has boomed through the rise of Fintech startups, such as Paystack and Flutterwave, before the likes of Jumia and Konga created their standalone payment channels.

According to the Nigeria Inter-Bank Settlement System (NIBSS), between January to February, e-payment channels recorded transaction value of N53.8 trillion, following transaction volume of 704 million.

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The revenue opportunity is set to deplete further as the players in the e-payment market expand beyond the tech-driven startups, with traditional businesses like GTCO, also making a play for the available market share.

Addressing the CBN approval for HabariPay, the Group Chief Executive Officer of GTCO, Segun Agbaje, said, “Payments are central to the development of financial services globally and represent a key growth area for the Group.”

Agbaje stated that HabariPay would create more value to stakeholders.