HabariPay Records N945m Profit in First 6-Month

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HabariPay Records N945m Profit in First 6-Month
Segun Agbaje, GTCO GMD

HabariPay Records N945m Profit in First 6-Month

Guaranty Trust Holding Company Plc.’s HabariPay Limited delivered an impressive earnings performance in the first six months after it obtained regulatory approval, according to its Group Managing Director, Segun Agbaje said.

According to the audited financial statement of the group, HabariPay saw about N1 billion pretax profit in the first six months of operation in the financial year 2022 following approval to operate as a payment subsidiary from the Central Bank of Nigeria (CBN).

With increasing transaction volume, HabariPay recorded N1.543 billion as operating income, according to the group audited financial statement submitted to the Nigerian Exchange.

In Nigeria, fintech, payment services platforms increase as operators battle for customers’ wallets.

However, HabariPay saw its operating expenses printed at N597.7 billion in the period, leaving the company with about N945 million in pretax profit, figures from the audited statement show. 

HabariPay commenced operations in mid-year 2022 after it was granted final approval. In its book, GTCO reported a total investment of N3.1 billion in the payment company.

After adjusting for operating expenses, GTCO HabariPay reported a pretax profit of N944.744 million while its total asset printed at N4.07 billion in the financial year 2022 from N3.624 billion in 2021.

Management said HabariPay platform helps people send and receive funds from different parts of the world at little or no cost, saying it is positioned to compete with other players in the sector.

The group challenged fintech rivals to publish their performance records to understand the industry leader based on the volume of transactions and profitability.

“You cannot be telling me you have this volume of transaction and declare an unverifiable amount of profit without audited results”, Agbaje said, challenging other payment operators to publish results to weigh performance.

“Through our Habari platform, our customers can shop for diverse products online, pay bills, watch videos, and listen to music, among other things. We continue to improve the platform to meet and support the lifestyles of everyone”, the management said. #HabariPay Records N945m Profit in First 6-Month

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