Guaranty Trust Holding Company (GTCO) has declared that it is no longer worried about competition from fintech firms, as the banking group says it has successfully built a strong digital ecosystem capable of standing its ground in Nigeria’s fast-evolving financial services landscape.
The statement was made by GTCO Group Chief Executive Officer, Segun Agbaje, during the company’s 2026 Annual General Meeting in Lagos, where he highlighted the performance of the group’s digital payments arm, HabariPay, as evidence of its growing strength in the fintech space.
According to Agbaje, the initial disruption caused by fintech startups once raised concerns across traditional banking institutions. However, GTCO responded by investing heavily in its own digital infrastructure rather than resisting the shift. That strategy led to the development and scaling of HabariPay, which now competes directly with independent fintech platforms in payments, transfers, and digital commerce solutions. He explained that the group’s approach was not to treat fintech companies as threats but to build internal capabilities that mirror and, in some areas, exceed what standalone fintechs offer. This “build-your-own-speedboat” strategy, as he described it, has helped GTCO remain competitive while still maintaining its core banking strength.
A key driver of this confidence is the financial performance of HabariPay, which recorded a significant profit contribution in 2025, reinforcing the viability of GTCO’s digital-first ecosystem strategy. The broader group also posted strong earnings, supported by growth in non-banking subsidiaries such as asset management and pensions, which are increasingly becoming important revenue streams.
Agbaje noted that the financial services industry is now less about defending traditional banking territory and more about building integrated ecosystems that combine payments, savings, investments, and lifestyle services. In his view, the line between banks and fintechs has blurred, with both sides now competing on customer experience, efficiency, and innovation rather than technology alone.
He added that GTCO’s focus going forward is to deepen its digital capabilities while expanding across African and international markets, ensuring that its ecosystem remains relevant in a rapidly changing financial environment.
Overall, the message from GTCO’s leadership is clear: fintech competition is no longer seen as a survival threat but as a catalyst that has pushed the institution to innovate, adapt, and ultimately strengthen its position in the financial services sector.
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