₦76.5 trillion and counting: Inside the payment surge at GTCO and Access Holdings
- Nigerians processed a record ₦79.6 trillion ($49.6 billion) through mobile phones in 2024.
- GTCO's HabariPay and Access' Hydrogen processed a combined ₦76.5 trillion ($47.7 billion) in transactions in 2024, a 217% increase from ₦24.1 trillion in 2023.
- Hydrogen processed ₦49.1 trillion ($30.6 billion) in payments in 2024, a 313% increase from the previous year.
The rapid growth of digital payments in Nigeria signifies a transformative shift in the financial landscape, driven by fintech innovations and changing consumer behaviors. However, the increasing competition and regulatory challenges will require GTCO and Access Holdings to continuously innovate and adapt to maintain their market positions. The future of banking in Nigeria appears to be digital-first, but sustaining growth amidst fierce competition will be critical.
