The Central Bank of Nigeria (CBN) has given final approval to Guaranty Trust Holding Company (GTCO), a Nigeria-based multinational financial services group led by leading banking executive Segun Agbaje, to launch its wholly-owned payment subsidiary.
According to a GTCO press release, the payment subsidiary, which will be known as HabariPay Limited, will help expand the group’s range of services to largely underserved markets in support of the CBN’s financial inclusion drive and contribute to the global payment ecosystem’s resilience.
In a statement about the new subsidiary, Abaje, GTCO’s CEO, stated: “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 through its banking franchise, and it intends to use this capacity to transform the evolving payment space.”
“With HabariPay, we have successfully created another path toward improving our customers’ service experiences and creating more value for our stakeholders.” he added. “Our vision is an Africa where every payment is digital, and we hope to achieve this by increasingly leveraging technology to improve individual access to financial services and empower businesses.”
GTCO is a financial holding company based in Lagos that provides retail and investment banking, pension and asset management, and payment services.
It became a holding company last July after a structural reorganization led by Agbaje, a renowned executive who also serves on the board of PepsiCo, the world’s largest beverage company.
Nigerian banks have recently transformed into holding structures in an effort to expand their operations, and increase revenue and earnings, thereby creating wealth for investors.
GTCO announced earlier this year that it is on track to take over the operations of Investment One Funds Management from its parent company, Investment One Financial Services Limited, once all the regulatory approvals for the acquisition and launch of the company have been received.
At the same time, Access Holdings, a leading financial services firm led by Nigerian banking magnate Herbert Wigwe, recently entered into a definitive agreement with First Guarantee Pension Limited to acquire a majority stake in the Pension Fund Administrator.
The transaction, according to the group, is a significant step in its evolution from a narrow banking business into a financial services holding strategically positioned to gain relevant scale across Africa, implement global monetary services, and expand into beyond-banking verticals.
