SQUAD BY HABARIPAY: 2025 IMPACT REPORT
Powering Payments
Empowering Businesses.
The Habari Pay Industry Report 2025
4 Years of building Nigeria's digital payments backbone. In 2022, Habari Pay launched with a single mandate: to build Africa's most reliable, developer-first payment infrastructure. Today, we process trillions in transactions, power thousands of businesses, and continue to set the standard for fintech excellence.
₦80.9 trillion
Processed Volume
195%
YoY Growth
Key Insights at a Glance
The data below captures the shape of HabariPay's journey and the state of the Nigerian payment industry as seen through our platform.
Total transaction value processed by HabariPay in 2025, a 195.4% year-on-year increase.
Year on Year growth in Habari Pay profit before tax in FY 2025, reaching ₦9.6 billion.
Most profitable Holdco affiliated fintech in Nigeria fintech in 2025(Fintech)
Year since GTCO restructured into a holding company creating the space for Habari Pay to emerge.
Regulatory two license held : PSSP, PTSP, Super Agent, and Switching and Processing from CBN and Value Added Services from NCC
Editions of the Take on Squad Hackathon completed or in progress since January 2024.
This is the financial fingerprint of a subsidiary that is being grown carefully rather than aggressively. GTCO is investing in the infrastructure, the licences, and the people required to scale, but we will not leverage the balance sheet to chase volume.
Segun Agbaje
Group CEO, GTCO Plc
Our Three Pillars
Behind Squad's consumer-facing products sits an infrastructure stack that Habari Pay has spent the past three years building. It comprises three pillars:
Pillar 1: The switch
Habari Pay built its own payment switch to process low-ticket transactions at a cost structure traditional card rails could not match. The switch handles account-to-account transfers and card transactions, and it increasingly processes volume for third parties, including other fintechs and banking groups. This vertical converted from a cost centre (solving our own problem) to a revenue line (solving our industry's problem).
Pillar 2: The gateway and APIs
The Squad APIs are production-ready developer tools documented for the Nigerian financial ecosystem. They expose payment acceptance across cards, transfers, and USSD; virtual-account provisioning against GTBank; payout and transfer rails to any Nigerian bank; and mandate-based recurring debits. Bearer-token authentication, sandbox environments, and transaction reconciliation endpoints are standard.
Pillar 3: The Value-Added Services
Airtime vending through direct integration with two major telecommunications operators generated outsized revenue growth in 2025 (149 per cent year-on-year growth in VAS income), and the category continues to deliver. Bulk SMS distribution through NCC-licensed aggregators rounds out the VAS portfolio. Together, the VAS lines give Habari Pay revenue diversification independent of pure payment transaction volumes.
Financial Trajectory
Revenue growth since launch
861%
3-YEAR PROFIT GROWTH
Impact Metrics:
₦80.9 trillion
Processed Volume
₦13.02 billion
Revenue
₦18.3 billion
Assets
₦4.71 billion
Cash
Under ₦1 billion
Liabilities
861%
3 years profit growth
The Three Revenue Engines:
Merchant Services
Merchant service charges from Squad gateway transactions cards, transfers, and account-to-account transactions. This is the classic payment-processing revenue line.
Switching Fees
Revenue earned by processing transactions for counterparty fintechs, banks, and large corporate clients, including a fast-growing food & Beverage corporate book.
Value-Added Services
Value-added services revenue from airtime vending through direct telco integrations and bulk SMS distribution via NCC-licensed aggregators.
