Gtbank Fintech Subsidiary HabariPay Achieves N2.3 Billion Profit Before Tax in 2023

6 months ago Newsroom

HabariPay, the fintech arm of Guaranty Trust Holding Co Plc, announced a profit before tax of N2.3 billion for the fiscal year 2023, as disclosed in its annual financial presentation to investors.

This marks a remarkable 147.9% growth compared to the N944.7 million recorded in 2022. The surge in profits is attributed to the substantial increase in revenue achieved by the fintech company during the period.

According to the 2023 financial report, HabariPay’s gross revenue soared by 218% to N4.905 billion from N1.542 billion in 2022, driven by robust growth across all major income streams.

Part of the report reads,

“Income from Value Added Services grew 149% driven by airtime vending revenue from direct integration with two (2) major Telcos as well as partnerships with VAS aggregators.

Interest expense resulted from monthly overdraft charges on airtime purchases. We efficiently monitored airtime sales monthly and closed each end of the month with a credit balance on our overdraft account”.

Amid intensifying competition in the fintech sector, GTCo’s HabariPay experienced remarkable growth in transaction volume during the reviewed year. The platform witnessed an extraordinary surge of 8,620% in transaction value, soaring to N12.1 billion from N139.3 million in the previous year.

Also, the value of international payment transactions through HabariPay skyrocketed from $175,927 in 2022 to an impressive $2.3 billion in 2023. According to GTCO, HabariPay is emerging as a dynamic force in the fintech landscape, epitomizing innovation and empowerment in the digital economy.