GTCO no longer worried about fintech competition — Segun Agbaje

Guaranty Trust Holding Company (GTCO) Chief Executive Officer, Segun Agbaje, says the group is no longer concerned about the threat posed by fintech companies, citing the strong performance of its digital payments subsidiary, HabariPay.

Agbaje made the remarks during an interview with Nairametrics CEO, Ugo Obi-Chukwu, on the sidelines of GTCO’s Annual General Meeting (AGM) in Lagos.

His comments come as HabariPay recorded a profit of N9.7 billion in 2025, reinforcing GTCO’s growing presence in Nigeria’s digital payments ecosystem.

What the CEO is saying 

Agbaje said GTCO initially viewed the rapid rise of fintech companies as a major disruption risk but responded by building its own digital platform to compete in the space.

• “Everybody was really nervous about fintech, so we built our own speed boat. That’s Habari,” Agbaje said.
• “Habari is competing very, very effectively and it means we are not scared about the threat of fintechs any longer. We have a very strong engine to compete with them.” 

He described 2025 as a strong year for the group, noting that GTCO’s earnings quality and core operations remained solid.

• “For us, it’s been a really good year. 2025 quality of earnings was really good. It has allowed us to pay a healthy dividend. All indices are right. We made up the revaluation gains of 2024. Core business is strong,” he said.

Agbaje also said the bank’s recent performance validated its long-term strategy, particularly at a time when investors were sceptical about the stock.

• “I remember we were trying to get people to buy this stock at 44 Naira and we’re trying to convince them. I think what has happened is vindication for us,” he added.

Get up to speed 

Agbaje had earlier disclosed that GTCO’s three most profitable non-banking subsidiaries in 2025 were fintech, asset management, and pensions.

HabariPay emerged as the strongest performer among the group’s non-bank businesses.

• HabariPay posted a profit of N9.7 billion in 2025.
• Guaranty Trust Fund Managers (GTFM) reported N9 billion in profit.
• Guaranty Trust Pension Managers (GTPM) recorded N1.7 billion in earnings.

According to Agbaje, these subsidiaries are becoming increasingly important contributors to GTCO’s broader financial ecosystem.

More insights

GTCO’s international operations contributed 27% of group profit in 2025, while Nigeria accounted for the remaining 73%, with Ghana identified as one of the strongest-performing markets.

• “We’re diversifying the earnings from outside of Nigeria, but Nigeria is still the mothership,” Agbaje said.
• “Ultimately, the diversification gives us strength. It’ll give us a competitive edge and we’re hoping to break the country’s sovereign risk rating by diversifying the earnings strong enough outside one geographical location.” 

Agbaje described the group’s non-bank subsidiaries as strategic extensions of GTCO’s ecosystem.

• “These are our little babies and it’s working perfectly for us,” he said.
• “GTBank, if you look at it like a factory, is a low cost operator. So where we’re losing money to yield in the past to other people, we’re now losing it to ourselves within our ecosystem.” 

On the pension business, he said the company is taking a measured growth approach because of the long-term nature of the sector.

• “It’s a fee-based business, fixed income, so you have to grow carefully. Can’t do crazy acquisitions because the ROIs will work, but it’s a three-year journey for us,” he explained.

Agbaje also reaffirmed GTCO’s commitment to maintaining strong dividend payouts following its N500 billion capital raise.

• “Anytime you go out and collect people’s monies, you have a sense of responsibility,” he said.

• “We have a lot of retail investors, and retail investors rely on dividends for day-to-day life, for expenses, for school fees, for things.” 

What you should know 

HabariPay’s profit after tax surged by 155% in 2025 to N9.7 billion, compared to N3.8 billion recorded in 2024.

• Operating income rose by 122% from N5.8 billion in 2024 to N12.9 billion in 2025.
• Operating expenses doubled to N3.2 billion as the fintech expanded operations.
• Despite the increase in costs, the company maintained operational efficiency with no loan impairment charges or taxes recorded during the year.

The performance highlights the growing contribution of fintech operations to GTCO’s broader earnings strategy.

Guaranty Trust Holding Company (GTCO) Chief Executive Officer, Segun Agbaje, says the group is no longer concerned about the threat posed by fintech companies, citing the strong performance of its digital payments subsidiary, HabariPay.

Agbaje made the remarks during an interview with Nairametrics CEO, Ugo Obi-Chukwu, on the sidelines of GTCO’s Annual General Meeting (AGM) in Lagos.

His comments come as HabariPay recorded a profit of N9.7 billion in 2025, reinforcing GTCO’s growing presence in Nigeria’s digital payments ecosystem.

What the CEO is saying 

Agbaje said GTCO initially viewed the rapid rise of fintech companies as a major disruption risk but responded by building its own digital platform to compete in the space.

• “Everybody was really nervous about fintech, so we built our own speed boat. That’s Habari,” Agbaje said.
• “Habari is competing very, very effectively and it means we are not scared about the threat of fintechs any longer. We have a very strong engine to compete with them.” 

He described 2025 as a strong year for the group, noting that GTCO’s earnings quality and core operations remained solid.

• “For us, it’s been a really good year. 2025 quality of earnings was really good. It has allowed us to pay a healthy dividend. All indices are right. We made up the revaluation gains of 2024. Core business is strong,” he said.

Agbaje also said the bank’s recent performance validated its long-term strategy, particularly at a time when investors were sceptical about the stock.

• “I remember we were trying to get people to buy this stock at 44 Naira and we’re trying to convince them. I think what has happened is vindication for us,” he added.

Get up to speed 

Agbaje had earlier disclosed that GTCO’s three most profitable non-banking subsidiaries in 2025 were fintech, asset management, and pensions.

HabariPay emerged as the strongest performer among the group’s non-bank businesses.

• HabariPay posted a profit of N9.7 billion in 2025.
• Guaranty Trust Fund Managers (GTFM) reported N9 billion in profit.
• Guaranty Trust Pension Managers (GTPM) recorded N1.7 billion in earnings.

According to Agbaje, these subsidiaries are becoming increasingly important contributors to GTCO’s broader financial ecosystem.

More insights

GTCO’s international operations contributed 27% of group profit in 2025, while Nigeria accounted for the remaining 73%, with Ghana identified as one of the strongest-performing markets.

• “We’re diversifying the earnings from outside of Nigeria, but Nigeria is still the mothership,” Agbaje said.
• “Ultimately, the diversification gives us strength. It’ll give us a competitive edge and we’re hoping to break the country’s sovereign risk rating by diversifying the earnings strong enough outside one geographical location.” 

Agbaje described the group’s non-bank subsidiaries as strategic extensions of GTCO’s ecosystem.

• “These are our little babies and it’s working perfectly for us,” he said.
• “GTBank, if you look at it like a factory, is a low cost operator. So where we’re losing money to yield in the past to other people, we’re now losing it to ourselves within our ecosystem.” 

On the pension business, he said the company is taking a measured growth approach because of the long-term nature of the sector.

• “It’s a fee-based business, fixed income, so you have to grow carefully. Can’t do crazy acquisitions because the ROIs will work, but it’s a three-year journey for us,” he explained.

Agbaje also reaffirmed GTCO’s commitment to maintaining strong dividend payouts following its N500 billion capital raise.

• “Anytime you go out and collect people’s monies, you have a sense of responsibility,” he said.

• “We have a lot of retail investors, and retail investors rely on dividends for day-to-day life, for expenses, for school fees, for things.” 

What you should know 

HabariPay’s profit after tax surged by 155% in 2025 to N9.7 billion, compared to N3.8 billion recorded in 2024.

• Operating income rose by 122% from N5.8 billion in 2024 to N12.9 billion in 2025.
• Operating expenses doubled to N3.2 billion as the fintech expanded operations.
• Despite the increase in costs, the company maintained operational efficiency with no loan impairment charges or taxes recorded during the year.

The performance highlights the growing contribution of fintech operations to GTCO’s broader earnings strategy.