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Squad by GTCO: Reshaping the Nigerian Payment Space

Published

4 years ago

June 10, 2022

Sahara Weekly

Squad Receives Mastercard’s Award for Accelerating Digital Acceptance in Africa

Squad by GTCO: Reshaping the Nigerian Payment Space

-Fragmentation in the Nigerian payment space has served more as a constraint than an enabler; Squad by GTCO positions to lead with innovation and efficiency

By Olorunfemi Adejuyigbe

Without a doubt, digital payment is the next growth frontier for financial services. Amongst other extenuating factors, growing digitalisation, mobile penetration, and evolving consumer behaviour have accelerated the shift towards cashless thereby creating entirely new business models and solutions built around payments.

Given the key role digitalisation plays in the financial lives of many people today, electronic payments are at the core of the payment ecosystem. As is the case with all things economic, Nigeria remains a most attractive market. Over the past years, we have seen largely foreign investors make a play to participate in the Nigerian technology and financial sector with considerable investments in FINTECH companies creating so-called “unicorns” of these establishments. This is helping to generate needed cohesion within the payment landscape and putting it at the forefront of innovation. The gains from the payment sector will serve to spur the global remittance industry as well as enhance financial inclusion. Increasingly, it is expected that newer, more efficient form factors and product offerings will look to enhance the digital payment experience for consumers and merchants alike.

Despite this trend, a more critical assessment of the payment industry shows that existing FINTECHs are merely scratching the surface of the payment landscape and its massive potential for financial inclusion. If anything, the fragmentation of the merchant-facing payments value chain has served to dampen the massive prospects of this sector. Available research point to the fact that asides security and privacy concerns, a major challenge presently facing the mobile payment ecosystem is the high level of market fragmentation as seen in multiplicity of platforms and the different service configurations on offer. With consumer adoption stalling, mobile payments still represent a small portion of total consumer payments. The complexities around payments and the rapid evolution of merchant services require a re-evaluation of business focus and value propositions.

In comes Squad by GTCO

It is against this backdrop that the launch of Squad, a full-service digital payment company conceived by Guaranty Trust Holding Company Plc (GTCO Plc), is a most welcome development. For one thing, GTCO Plc is renowned for its strong corporate governance culture, bias for innovation and superior financial performance. Few financial institutions in Nigeria, and indeed Africa, can boast of GTCO’s impressive credentials. From its humble beginnings in 1990 as a pureplay banking institution, the company has morphed into a fully-fledged financial services powerhouse in a little over three decades. Underpinning this remarkably successful transformation is GTCO’s rich history of firsts: from pioneering industry-wide innovations in Online/Mobile Banking, USSD Banking, Instant Card issuance, and Fingerprint Banking to creating free business platforms to support small and medium-sized business owners in the food and fashion industries and revolutionising consumer lending with QuickCredit, GTCO has differentiated itself from other financial institutions by a mile.

With the launch of Squad, GTCO Plc aims to deploy its trademark efficient operations and innovative capacity to drive adoption in payment services and enhance financial inclusion. With the overarching goal to be the most efficient off-line and online merchant acquiring platform in all of Africa, Squad is well positioned to serve four important enterprise verticals namely: micro- businesses (kiosks), online sellers, digital natives, and corporates.

Reinventing the in-store payment experience, no longer limited to POS

Squad’s top offerings will include a payment gateway and the Soft POS. While most are familiar with the functionalities of payment gateways, the Soft POS solution is as cutting-edge as it is simple-to-use.

The Soft POS is a multiform-factor white-label solution that enables a smartphone to function as a merchant acceptance device.

Essentially, the Soft POS allows any mobile phone with the NFC feature to be used as a point-of-sale. While this service is enjoying growing acceptance and use in other parts of the world like America, Europe, and Asia, Squad will be amongst the very first financial payments service in Africa to introduce this unique payment functionality. Merchants who have traditionally accepted cash payments or struggled with the sub-optimal nature of physical POS terminals, now have a simpler and more secure way to manage their transactions.

The solution effectively addresses the needs of micro and small businesses as it provides a cost-efficient card acceptance solution as well as complete visibility of merchant transactions making reconciliation and decision making faster and easier. With Soft POS, the consumer experience is elevated as it facilitates line-busting to streamline check out queues and eliminates friction. How does the Soft POS work? Quite simple and fast. Sellers can start accepting contactless payments in just few minutes by downloading the app from Google Play Store and completing the registration process.

Squad would also be offering other high-impact, value-adding services to merchants and corporates in various sectors of the economy to enhance their business operations and propel wide-scale growth.

What makes Squad unique?

As the name suggests, Squad denotes the power of a TEAM. The team at Squad is peopled by young, dynamic professionals who have imbibed GTCO Plc’s culture of innovation and efficiency to power next-generation payment solutions. If GTCO’s track-record of trailblazing achievements is anything to go by, Squad will in no time set the marker for merchant and customer fulfillment in payments. Squad is backed by a successful ‘Proudly African, Truly International” brand in GTCO Plc and is run by well-trained, digital-savvy minds with a keen understanding of market needs and trends. This is markedly different from what currently obtains where one or two founders set up and struggle to balance vision with ambition, and ultimately, falter off-course.

With no less a visionary than Segun Agbaje leading the Holding Company, we can be sure that values like transparency and integrity, which have become synonymous with the Guaranty Trust brand, will come on to define the payment space resulting in more clarity of purpose and extensive trust in the reliability of digital solutions. In a recent forum to review GTCO Plc’s prior year financial statements and projections for the 2022 financial year, Mr. Agbaje pledged to disclose the performance of the Group’s new businesses on a quarterly basis. This is a rarity in today’s clime. It is exactly what one would expect from a brand looking to champion Africa’s growth as it serves to enhance competitiveness and value creation for all stakeholders. You would recall that the Group recently started Guaranty Trust Fund Managers Ltd and Guaranty Trust Pension Managers Ltd to compete in the Asset Management and Pension sectors. These, alongside the new payment company, will certainly add to the viability of GTCO Plc long-term.

The future of payments is digital

To reference one of Segun Agbaje’s seminal submissions, ‘the future of payments is digital.’ The launch of Squad is timeous if Nigeria, and indeed Africa, must ride the wave of continued cash displacement and go on to drive digital payment adoption and financial inclusion. And, if there is a question of how to radically transform Africa’s payment space, Squad is the answer.

Related Topics:Featured GT Bank Squad by GTCO

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Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

Published

1 week ago

May 27, 2026

Sahara Weekly

Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.

Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.

With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.

The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.

The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.

The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.

The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.

The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.

Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.

She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.

“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.

Bank

FirstBank, Visa Expand Premium Card Portfolio with Visa Signature Launch

Published

3 weeks ago

May 17, 2026

Sahara Weekly

FirstBank, Visa Expand Premium Card Portfolio with Visa Signature Launch

Designed for Nigeria’s affluent segment, Visa Signature unlocks world-class benefits through Visa’s global network across travel, lifestyle, and premium merchant offers.

Lagos, Nigeria – May 15, 2026 – First Bank of Nigeria Limited, in partnership with Visa, has announced the launch of Visa Signature, a premium card offering designed for Nigeria’s affluent segment. The card unlocks an exclusive portfolio of lifestyle benefits, global travel privileges, and curated merchant offers through Visa’s worldwide acceptance network, giving high-spending Nigerians a product built around how they live.

Visa Signature targets Nigeria’s top executives, business owners, and frequent international travelers who expect more from their financial products. Through Visa Global benefits and Visa Destination offers, cardholders gain access to preferential rates, premium experiences, and priority services across hundreds of partner merchants, hotels, airlines, and destinations around the world. The card supports both domestic and cross-border transactions, ensuring seamless payment experiences whether cardholders are in Lagos, London, or Dubai.

Commenting on FirstBank’s ambition for its premium cardholders, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “At FirstBank, we are dedicated to creating financial solutions that reflect the evolving lifestyles of our customers. We understand that our premium customers aspire to experiences that reflect their global outlook. Visa Signature is crafted to meet those expectations, offering access to exclusive experiences, global connectivity, and lifestyle privileges that empower our customers to live without boundaries. We remain focused on creating value and reinforcing our position as the partner of first choice for Nigerians at home and abroad.”

Highlighting the strategic importance of the FirstBank partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “Nigeria’s affluent consumers are among the most active and globally connected spenders on the continent. Visa Signature is designed to serve that profile with the depth of benefits and the breadth of acceptance they deserve. We are delighted to work with FirstBank in making this available to the Nigerian market.”

The launch marks a strategic step for FirstBank in deepening its premium product offering. FirstBank’s existing Visa portfolio already serves millions of Nigerians across everyday retail, cross-border commerce, and online transactions through Visa Infinite, Visa Gold, Naira Credit, and Visa Prepaid cards. Visa Signature adds a dedicated tier for the affluent segment, giving this customer group the recognition and privileges their spending profile demands.

Visa Signature is available to eligible FirstBank customers. Interested customers can visit any FirstBank branch nationwide or contact their dedicated relationship manager to apply.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government enti

Bank

Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

Published

3 weeks ago

May 17, 2026

Sahara Weekly

Tony Elumelu at Africa Forward Summit: “Our Youth Do Not Need Handouts”

Heirs Holdings Founder tells Presidents Ruto and Macron that Africa wants partners of substance, based on equality, and that power and infrastructure must come first.

At the 2026 Africa Forward Summit, convened by Kenyan President H.E. William Ruto and French President H.E. Emmanuel Macron, Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, delivered a direct message to a room of heads of state, investors, and global business leaders: Africa is open for partnership, not patronage.

“We welcome true partnership — partnerships of substance and based on equity — where Africans and African solutions catalyse Africa’s future”, he remarked.

Elumelu argued that Africa’s transformation hinges on two foundational investments — electricity and infrastructure — and that private capital must do the heavy lifting.

“The private sector is what will help us mobilise capital to drive investment in infrastructure, investment in electricity. These are two critical requirements for the economic prosperity and development of Africa,” he said. “If we create the right operating environment, we will create jobs for our people. We will alleviate poverty and deliver growth and prosperity.”

With more than 65 percent of Africans under 35, Elumelu pushed back hard against the traditional language of aid.

aid.

“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet. What is important is providing this enablement, this infrastructure requirement, so that our young ones can realise their potential.”

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 54 African countries — the continent’s largest entrepreneurship platform.

Elumelu signalled openness to every credible partner, regardless of geography.

“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa. And let us not forget Africa is the fastest growing region globally – and it is not just demographics” he said.

“In the 21st century, the mindset must change. It should be a mindset that embraces economic prosperity and development, a mindset that creates the environment that will help us alleviate poverty in Africa, create jobs for our young people.”

Tony Elumelu’s participation at the summit aligns with Heirs Holdings’ broader commitment to driving long-term African development through strategic investments across sectors critical to economic transformation, including power, financial services, healthcare, hospitality, and technology.

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders exploredaid.

His Tony Elumelu Foundation (TEF) has now provided access to training for 2.5 million young Africans and funded over 27,000 entrepreneurs across all 546 African countries — the continent’s largest entrepreneurship platform.

Elumelu signalled openness to every credible partner, regardless of geography.

The 2026 Africa Forward Summit concluded with renewed calls for deeper collaboration between governments, development institutions, and the private sector, as leaders explored pathways to accelerate inclusive growth and strengthen Africa’s position within the global economy.