“Transfers will be the future”: GTCO’s HabariPay expands fintech push with new licences
- GTCO launched Habari, a super-app, in 2018 to compete with fintechs but struggled to attract users.
- In 2022, GTCO pivoted to launch HabariPay Limited, focusing on payments and digital financial services.
- HabariPay contributed ₦4.926 billion ($3.2 million) in profits to GTCO between 2022 and H1 2024.
The journey of HabariPay highlights the challenges and opportunities within the fintech landscape in Nigeria. While GTCO has made strides in adapting to fintech disruption, the modest contributions of HabariPay suggest that more innovative approaches are needed to capture market share and drive financial inclusion. The focus on building local infrastructure and addressing the needs of the unbanked is commendable, but it remains to be seen if these efforts will yield significant results.
