HabariPay’s cost efficiency powers GTBank’s ₦6.54bn fintech profit
- HabariPay reported a profit of ₦6.54 billion, accounting for 82% of total earnings among bank-backed fintechs.
- Hydrogen's profit decreased by 42.63% year-on-year, posting ₦833 million in profit.
- Zest achieved its first-ever profit of ₦543 million, reversing a loss from the previous year.
The impressive profitability of bank-backed fintechs indicates a significant shift in the financial landscape, showcasing their potential to compete effectively with established independent players. However, the challenge remains for these entities to cultivate a distinct brand identity that resonates with consumers, moving beyond the shadow of their parent banks.
