Habaripay Posts N1.7 Billion Profit in H1 2024, Records 170% Surge in Total Payment Value
Habaripay, the fintech subsidiary of Guaranty Trust Holding Co Plc (GTCO), has announced a profit after tax of N1.7 billion for the first half of 2024, marking a 30.7% increase compared to the N1.3 billion recorded in the same period of 2023.
In its half-year financial report, Habaripay revealed a 21% rise in gross revenue, reaching N2.8 billion, up from N2.3 billion in H1 2023. A standout feature of the report was the significant surge in Total Payment Value (TPV) for Naira transactions, which skyrocketed by over 170%, reaching N9.8 trillion in H1 2024, compared to N3.6 trillion for the full year of 2023.
Additionally, Habaripay saw growth in the TPV of Dollar transactions, which increased to $1.2 million from $1.1 million in the corresponding period last year.
GTCO attributed Habaripay’s revenue growth to increased fee income from value-added services (VAS) and transaction processing for counterparties. Launched in 2018 as a super-app, Habaripay offers a range of services including payment gateways, an e-commerce marketplace, and support for small businesses, making it an integral part of GTCO’s strategy to provide a holistic ecosystem for its business customers.
