HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company (GTCO), has reported a profit before tax (PBT) of ₦4.02 billion in the first half of 2025. This marks a 95% year-on-year increase from the ₦2.07 billion recorded in the same period of 2024.
According to GTCO’s half-year financial statement for the period ended June 30, 2025, the strong results underscore the growing strength of HabariPay’s digital payment business in Nigeria, fueled by higher transaction volumes and increased adoption of its payment solutions.
Strong Revenue Growth Despite Rising Expenses
HabariPay’s operating income surged by 82%, reaching ₦5.05 billion in H1 2025 compared to ₦2.77 billion in H1 2024.
The company’s operating expenses also increased to ₦1.03 billion from ₦703.3 million a year earlier, reflecting its continued investment in business expansion and infrastructure.
Despite higher expenses, HabariPay maintained strong operational efficiency, which contributed significantly to its near-doubling of pre-tax profit.
Notably, the fintech recorded no loan impairment charges or taxation during the period, a testament to its lean, efficient, and asset-light operating model.
Nigeria’s Booming Fintech Landscape
Nigeria’s fintech industry continues to experience rapid growth, driven by factors such as:
- A large youthful population
- High smartphone penetration
- A progressively supportive regulatory environment
In 2024 alone, the Nigerian fintech ecosystem attracted over $2 billion in investments, underlining investor confidence in the sector’s potential.
Against this backdrop, HabariPay’s strong half-year performance highlights how it is capitalizing on this momentum, positioning itself as a leading player in the digital payments space.
GTCO Group Performance: FX Drop Hits Profit
While HabariPay delivered impressive growth, its parent company GTCO reported a pre-tax profit of ₦600.9 billion for the half-year ended June 30, 2025, a 40% year-on-year decline.
The drop was mainly due to a sharp fall in foreign exchange gains, which plummeted from over ₦600 billion in H1 2024 to just ₦26 billion in H1 2025.
This reflects how GTCO’s exceptional 2024 results were largely boosted by one-off FX revaluation gains that were not repeated in 2025.
GTCO’s Share Price and Long-Term Performance
Despite the temporary decline in profit, GTCO’s stock performance remains strong. The group’s share price has climbed from ₦29.20 in 2020 to ₦94.00 as of October 15, 2025, representing a compound annual growth rate (CAGR) of 28%.
The stock has traded between ₦19 and ₦55 over the past five years and is currently up 64% year-to-date, signaling strong market confidence in GTCO’s long-term fundamentals.
Over the same five-year period, GTCO’s profit-after-tax (PAT) has grown at a CAGR of 50%, outperforming Zenith Bank’s 45% CAGR, further reinforcing GTCO’s position as one of Nigeria’s most profitable and innovative banking groups.
Key Takeaway
GTCO’s HabariPay continues to strengthen its footprint in Nigeria’s fintech ecosystem, demonstrating how traditional financial institutions can successfully scale digital subsidiaries. With continued innovation in payments and technology-driven financial solutions, HabariPay is well-positioned to sustain its growth momentum through 2025 and beyond.
