GTCO gets CBN’s approval for its digital payment business

Guaranty Trust Holding Company Plc (GTCO) says HabariPay Limited, its wholly-owned payment subsidiary, has received final approval from the Central Bank of Nigeria (CBN). 

Erhi Obebeduo, GTCO’s group company secretary, disclosed this in a corporate filing on the Nigerian Exchange (NGX) on Thursday.

A payment subsidiary is a company of any holding firm engaged in the business of providing credit card and debit card processing services to merchants.

With the approval, the traditional financial institution will be joining the country’s e-payment landscape dominated by fintech startups and e-service providers including Flutterwave, Jumia, E-Tranzact, PayStack, and many others.

GTCO said all regulatory approvals have been obtained for the commencement of the company’s operations.

Commenting on the new subsidiary, Segun Agbaje, group chief executive officer, GTCO, said payments are central to the development of financial services globally and represent a key growth area for the group.

“GTCO Plc has been at the forefront of delivering cutting-edge innovative solutions with its banking franchise and would leverage this capacity to transform the evolving payment space,” he said. 

“With HabariPay, we have successfully created another pathway towards enhancing the service experience for our customers and creating more value for our stakeholders.”

“Our vision is an Africa where every payment is digital, and we hope to achieve this by increasingly leveraging technology to improve access to financial services for individuals and empower businesses across Africa with the right digital tools to thrive.”

GTCO said the new subsidiary will serve to expand the bank’s range of services to largely underserved markets in support of the CBN’s financial inclusion drive.