GTCO Gets CBN Final Approval for Payment Subsidiary HabariPay Ltd

Guaranty Trust Holding Company Plc (GTCO) has disclosed the receipt of the final approval of the Central Bank of Nigeria (CBN) for its wholly owned Payment Subsidiary, HabariPay Limited.

The Holdings made the disclosure on Friday through a filing at the Nigerian Exchange Limited to put the investing public in the know.

Commenting on the new subsidiary, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Pic, said payments are central to the development of financial services globally and represent a key growth area for the Group.

He said GTCO Pic 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.

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

He stated further that GTCO’s 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.”

The new subsidiary will serve to expand GTCO Pic’s range of services to largely underserved markets in support of the CBN’s financial inclusion drive and contribute to the resilience of the global payment ecosystem.

The financial institution and parent company of Guarantee Trust Bank said all regulatory approvals have been obtained for the commencement of operations of the Company.