Five numbers showing how GTCO’s payment strategy is taking shape
This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday. Segun Agbaje, the group chief executive officer of Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s largest financial services groups, told analysts in 2020 that […]
Segun Agbaje, Group CEO of Guaranty Trust Holding Company Plc (GTCO), expressed his intention to enter the payments space back in 2020. As of 2026, GTCO's financials reveal that payments have indeed become a thriving business. Through Habari Pay Ltd, GTCO operates a payments infrastructure business, encompassing switching and processing services. Additionally, the group utilizes GTWorld and Pay-with-Transfer to handle an increasing volume of customer transactions.
Despite first-half 2026 figures not appearing particularly robust – with a modest 3.25% rise in gross earnings, a 7.76% drop in profit after tax, and a relatively stable cost-to-income ratio of 31.50% – GTCO's strategy is fundamentally altering the Nigerian payments landscape. Banks, recognizing the importance of online financial activity, are now investing significantly in similar infrastructure and customer behavior.
When fintechs disrupted the market, they gained customers by offering faster, more reliable payments and expanding merchant networks using Point of Sale (PoS) terminals. This shift contributed to Nigeria processing over ₦1.2 quadrillion ($902.19 billion) in transactions in 2025, as reported by the Central Bank of Nigeria (CBN). GTCO's H1 2026 data indicates that traditional banks are now prioritizing this same infrastructure and customer behavior.
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