HabariPay
HabariPay is the CBN-licensed fintech subsidiary of GTCO that operates the Squad digital payment platform, enabling Nigerian merchants of any scale to accept in-person and online payments via cards, bank transfers, and USSD, with airtime lending and VAS.
- Company typePrivate
- Founded2018
- HeadquartersLagos, Nigeria
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What HabariPay does
HabariPay Limited is a Nigerian fintech and a wholly-owned subsidiary of Guaranty Trust Holding Company (GTCO), licensed by the Central Bank of Nigeria to provide digital payment solutions to merchants of any scale. Operating from Lagos, the company builds and operates the Squad platform — a payment gateway supporting in-person card acceptance via SquadPos (Soft POS), online payments through payment links, virtual accounts, USSD-based transactions, and a marketplace storefront, plus developer tools and APIs for programmatic integration. A second product line, Value Added Services, layers airtime and data bundle infrastructure and messaging gateways on top of the payment rails.
HabariPay monetizes primarily through transaction fees: 1% of transaction value plus a flat N50 fee for domestic card gateway transactions, 3% for international cards, and 0.3% for SquadPos transactions, with negotiated rates for travel and entertainment merchants. An annual marketplace membership fee of N10,000 has been disclosed but is currently deferred. In February 2026 the company, together with GTBank, launched Quick Airtime Loan — a USSD-based (*737*90#) micro-lending product offering N100–N10,000 airtime credit at 2.95%, materially below the ~15% telco airtime-credit benchmark, indicating a strategic move into embedded consumer credit.
The go-to-market combines a product-led growth motion (self-serve onboarding via squadco.com) with distribution through GTBank's digital banking channels and an enterprise/developer API surface. HabariPay is licensed by the Central Bank of Nigeria, operates under Nigerian law, and reports gross revenue of N12.9 billion in FY2025 (+122% YoY) and profit after tax of N9.7 billion (+155% YoY), with GTCO platforms processing N35.8 trillion in transaction volume in H1 2025. Named customers span aviation (Aero Contractors, Arik Air), telecoms (Globacom), fintech (OPay), gaming (Bet9ja), asset management (ARM), and SMB food and beverage (Tastee, So Fresh, Sweet Sensation, Delis Supermarket, among others). The company competes with Interswitch, Paystack, and Flutterwave in Nigeria's payment gateway market.
HabariPay firmographics
Firmographics- Name
- HabariPay
- Legal name
- HabariPay Limited
- Website
- https://habaripay.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- HabariPay is the CBN-licensed fintech subsidiary of GTCO that operates the Squad digital payment platform, enabling Nigerian merchants of any scale to accept in-person and online payments via cards, bank transfers, and USSD, with airtime lending and VAS.
- Ownership category
- akta.pro rank
HabariPay industry classification
Industry- Product category
- Payment Processing
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Sales Financing (52222)
- akta.pro primary industry
- Integrated POS Payments (ISVs & Vertical POS Platforms) (FSAMADAD)
- akta.pro secondary industries
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)
Keywords
Where HabariPay is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
HabariPay business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Payment Gateway Transaction Fees: HabariPay charges merchants a fee of 1% of the transaction amount plus a flat N50 per transaction for payment gateway services. For international/foreign card transactions, the fee increases to a flat 3% per transaction. Travel and entertainment merchants (hotels, restaurants, airlines) may have negotiated rates.
- Soft POS (SquadPos) Transaction Fees: A fee of 0.3% of the transaction amount is charged for Soft POS card transactions. Exceptions apply for travel and entertainment merchants (hotels, restaurants, airlines, fueling stations) at negotiated rates.
- Marketplace / E-Commerce Platform Fees: HabariPay previously charged a non-refundable annual Platform Membership Fee of N10,000, though this fee is currently deferred. The platform provides merchants with digital storefronts, product listings, and access to the buyer marketplace.
- Value Added Services - Airtime & Data: HabariPay provides airtime and data bundle purchase infrastructure for merchants, generating revenue through transaction margins on airtime and data sales as well as messaging gateway services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Payment Gateway - Domestic Cards |
| Transaction based/ take rate | Pay-as-you-go | Payment Gateway - International Cards |
| Transaction based/ take rate | Pay-as-you-go | Soft POS (SquadPos) |
| One time/ perpetual license | Annual | Marketplace / E-Commerce Platform |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
HabariPay product offering
Product offeringCore offering
HabariPay provides a unified digital payment platform, Squad, enabling Nigerian merchants of any scale to accept in-person and online payments via cards, bank transfers, and USSD. The platform spans Soft POS (SquadPos), Payment Links, Virtual Accounts, Developer Tools/APIs, Product Catalogue, Storefront, and USSD Code, complemented by Value Added Services (airtime/data bundles and messaging gateways) and the Quick Airtime Loan product co-developed with GTBank.
Product overview
HabariPay operates as a fintech subsidiary of Guaranty Trust Holding Company (GTCO) offering a multi-product payment ecosystem. The core platform, Squad, is a unified payment gateway providing in-person (SquadPos) and online payment acceptance (Payment Links, Virtual Account, USSD Code), complemented by a Product Catalogue and Store Front for e-commerce functionality. Developer Tools enable API integrations. Value Added Services adds messaging gateways and airtime/data bundle capabilities. Quick Airtime Loan, developed in partnership with GTBank, extends the offering into micro-lending for airtime. The company processed N35.8 trillion in transactions (H1 2025) and recorded N9.7 billion profit in 2025.
Differentiator
Problem solved
Functional benefit
Brands
- Squad: Complete payment solution for in-person and online payments including Payment Links, SquadPos, Product Catalogue, USSD Code, Developer Tools, and Virtual Account. HabariPay's flagship product competing with Interswitch, Paystack, and Flutterwave.
Products and services
- Squad Payment Platform
Quantifiable outcome
- 155% increase in profit after tax to N9.7 billion in 2025 from N3.8 billion in 2024
- +4 more outcomes
Companies that use HabariPay
Customer profileNamed customers12 records
Segments3 records
Ideal customer profiles3 records
HabariPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
HabariPay partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- GTBank (Guaranty Trust Bank Ltd)coreGTBank partnered with HabariPay to launch the Quick Airtime Loan product, leveraging HabariPay's Squad payment technology. GTBank provides the customer base and digital banking channel (*737*90#) while HabariPay provides the underlying payment and lending infrastructure. The product offers GTBank customers instant access to N100-N10,000 airtime credit at 2.95% interest rate, available across all major Nigerian mobile networks.
- GTCO (Guaranty Trust Holding Company Plc)coreHabariPay is a fintech subsidiary of GTCO. GTCO's expanded digital infrastructure and transaction processing capabilities (N35.8 trillion in H1 2025) support HabariPay's growth, while HabariPay provides payment technology that enhances GTCO's digital ecosystem. Managing Director Miriam Olusanya has described this as an 'evolution as a diversified financial services group integrating banking, payment technology, and digital channels through a connected ecosystem approach.'
- MastercardminorMastercard awarded HabariPay's Squad product at the EDGE 2022 inaugural session for 'Accelerating Digital Acceptance in Africa.' This recognition indicates an ongoing relationship and potential integration with Mastercard's payment network.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
HabariPay competitors and assessment
Company assessmentDirect peers
- Interswitch: Nigeria's incumbent payment processor and gateway (WebPAY, Quickteller). HabariPay is explicitly named as a direct Squad competitor against Interswitch in the domestic payment-gateway market.
- Paystack: Stripe-owned Nigerian payment gateway offering online/in-person acceptance, APIs, and merchant onboarding. Identified as a direct Squad competitor with similar SMB and developer-led positioning.
- Flutterwave: Pan-African payment gateway serving Nigerian merchants with cards, bank transfers, and APIs. Directly comparable to Squad on online payment acceptance, developer tools, and merchant fee model.
- Moniepoint: Nigerian merchant acquirer offering Soft POS, payment gateway, and banking services to SMEs. Closely overlaps SquadPos and Squad's SMB segment in Nigeria.
- OPay: Nigeria-based super-app offering merchant POS, payment gateway, and consumer wallets. Both a HabariPay enterprise customer and a direct competitor across Soft POS and online payment acceptance.
- Paga: Nigerian mobile money and merchant payments platform with USSD and agent networks. Comparable to Squad on multi-channel merchant acceptance and USSD rails in Nigeria.
- Remita: Nigerian payment gateway and bill-payment platform serving merchants and government. Overlaps with Squad on virtual accounts, online payment links, and merchant collections.
Regional players
- M-Pesa (Safaricom/Vodafone): East Africa-dominant mobile money and merchant payments platform. Comparable product set (USSD, mobile POS, agent banking) but operates primarily in Kenya, not in HabariPay's Nigerian market.
Broad incumbents
- Stripe: Global payments incumbent that owns Paystack. Provides the API-first, developer-led payment-acceptance playbook that HabariPay's Squad product is modeled on, but at a far broader scale.
- Block (Square): Global fintech operating Square (Soft POS) and Cash App. Square's Soft POS technology sets the standard for SquadPos's smartphone-based card acceptance category.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key highlights8 records
Customer concentration
HabariPay social profiles
Digital presenceHabariPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
HabariPay leadership team
Management profileNumber of profiles
Profiles4 records
HabariPay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HabariPay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HabariPay
What does HabariPay do?
HabariPay provides a unified digital payment platform, Squad, enabling Nigerian merchants of any scale to accept in-person and online payments via cards, bank transfers, and USSD. The platform spans Soft POS (SquadPos), Payment Links, Virtual Accounts, Developer Tools/APIs, Product Catalogue, Storefront, and USSD Code, complemented by Value Added Services (airtime/data bundles and messaging gateways) and the Quick Airtime Loan product co-developed with GTBank.
Is HabariPay a public or private company?
HabariPay is a private company. It is classified as corporate owned and is currently operating.
When was HabariPay founded?
HabariPay was founded in 2018. It employs 51 to 100 people.
Where is HabariPay based?
HabariPay is headquartered in Lagos, Nigeria, in the Africa region.
How does HabariPay make money?
Four revenue lines are on record. Payment Gateway Transaction Fees are the primary driver. The others are soft POS (SquadPos) Transaction Fees, marketplace / E-Commerce Platform Fees and value Added Services - Airtime & Data.
Who are HabariPay's main competitors?
Direct peers on record are Interswitch, Paystack, Flutterwave, Moniepoint, OPay, Paga and Remita. M-Pesa (Safaricom/Vodafone) is listed as a regional player. Broad incumbents are Stripe and Block (Square).
Does HabariPay have an API?
No public API is recorded for HabariPay.
What industry is HabariPay in?
HabariPay's product category is Payment Processing. Its primary akta.pro industry code is FSAMADAD, Integrated POS Payments (ISVs & Vertical POS Platforms), with a secondary code of FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure. Its NAICS code is 522320.