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Squad: The next generation payment solution for African merchants
When it comes to internet penetration and adoption of mobile payments, most African countries are still very much below the global average. Even where the internet penetration is improving, the mobile payments adoption rate is still low, meaning an overall lag. For instance, in Kenya where mobile payment adoption is most on the continent, only about 23.1% of the internet users actually use mobile payment methods.
So, even though the internet infrastructure allows business owners access a wide market, mostly outside their location, sending and receiving payments with ease still remains a struggle for many. But this is only for businesses that are not taking advantage of Squad – the newly launched Integrated Payment Solution that is set to revolutionise digital payments in Africa.
Squad is a payment service that is set to drive the future of mobile payments in the African Continent. If you have imagined an Africa where every payment is digital, it is an Africa where every business uses Squad. The features show that this might be the most online and offline payments option for merchants.
Squad will be empowering businesses by taking care of their payment problems and helping to make every payment digital whether it is made online or offline. It features offline as well as online payment acquisition channels like the Payment Gateway and the Soft POS. If you are worried about getting or handling a POS, the software Point of Sale (Soft POS) allows merchants and vendors to accept payments directly on their phone or device without the need for any additional software. And isn’t this what every merchant needs?
Also, there are several value-added services like the bulk payment collection, automated reconciliation of offline and online payments, fraud prevention tools and instant settlement among others.
There is a need to get on board the use of Squad considering the need to adopt more cashless based transactions in Africa, growing cases of transmittable diseases, tightened cash liquidity, insecurity amongst others.
The best way to sum it is that Squad is the one-stop payment solution for every business in Africa. Squad is that single product that brings technology and user experience and satisfaction for a meet-and-greet. The features are designed for and targeted at micro and small business owners like Kiosk owners and petty traders, medium business owners like digital sellers, online vendors; Tech talents; and even big enterprises.
It is interesting to note that the adoption of cashless based transaction help businesses especially small and medium scale enterprises to increase their top line (revenue). According to a survey by Khatabook, about 45% of SMEs report a boost in sales after adopting mobile or digital payment services.
Therefore, with Squad bringing in a solution that features ease, convenience, and security from fraud, businesses can jump on this train and improve their chances of success.
It makes so much sense that such a product is coming from Guaranty Trust Holding Company Plc (GTCO). Indeed, if any brand has the relevant pieces to define new frontiers in payment and dominate the payments landscape in Africa, it is GTCO.
The GTCO Squad behind Squad
Guaranty Trust Holding Company Plc is a fully fledged financial services group, on a mission to make financial services accessible to all Africans. GTCO Plc metamorphosed from Guaranty Trust Bank Ltd which has really been around since the 1990s, and now present in several African countries including Uganda, Ghana, Gambia, Sierra Leone, Rwanda and Kenya.
In June 2011, Segun Agbaje took over as Chief Executive of the Bank and since then led the team to blaze a trail in innovation and efficiency. Within the space of a decade, Agbaje raised the Bank’s profit by N1.3 trillion and expanded the balance sheet by 12.07% on average annual growth. The assessment indices show positive growth for the financial institution not just in Nigeria, but in every African country where GTCO is present.
Shareholder’s wealth has also seen a major boost during the period with total equity rising from N230.393 billion in 2011 to N814.395 billion in 2021, an average 13.46% growth per annum. Earnings per share also grew 15.45% on the cumulative average growth rate, from N1.69 per share outstanding in 2011 to N7.11 in 2020. Total assets grew by at least by 12.07% annually in the decade, from N1.598 billion in 2011 to N4.944 trillion in 2020.
What we can all attest to is that the numbers don’t lie, and GTCO has a track record filled with numbers that demonstrate efficiency and profitability, even in the face of the harsh and challenging economy which crumbled several other businesses. Only a formidable leadership could have sustained such records.
GTCO has always had a digital-first, customer-centric strategy that builds digital products and to help individuals and businesses thrive. Expectedly, the bank was recipient of several awards at the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards organized by the Central Bank of Nigeria (CBN) in conjunction with the Nigeria Inter Bank Settlement System (NIBSS). The bank clinched 8 out of the 13 awards available for the banking industry at the 2019 EPIS Efficiency Awards including Best Customer Experience Award; Cashless Driver, Point of Sale (POS) Transactions; Real-Time Payments Transaction Efficiency; Cashless Driver, USSD Channel Champion among others.
The Holding company is now home to several trusted brands that are driving innovation and creating viral product adoption, ensuring great experiences and growing valuable customer engagement. Squad is only the latest addition to this list.
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ZENITH BANK TO LAUNCH MAIDEN GIRL-CHILD EMPOWERMENT PROGRAMME
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Zenith Bank Plc is set to launch the maiden edition of its Girl-Child Empowerment Programme, an initiative aimed at inspiring young girls to dream boldly, develop the skills and confidence to pursue their aspirations, and prepare for meaningful opportunities in the future.
The event, themed “Banking On Her Tomorrow,” is the brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, the first female GMD/CEO in Zenith Bank’s history and a strong advocate for girl-child education and empowerment. The event will be held virtually on Monday, October 12, 2026, at 11:00 a.m., a day after the International Day of the Girl Child, observed globally on October 11.
The programme, which will feature an impressive lineup of distinguished experts in various fields, seeks to provide girls with the inspiration, knowledge and practical perspectives needed to navigate their education and careers, while exposing them to opportunities in skills development, mentorship and leadership. As an annual platform, it will encourage girls to recognise their potential, broaden their aspirations and equip themselves to make informed choices about their future.
The initiative builds on Zenith Bank’s longstanding commitment to women and girls, demonstrated through programmes and platforms including the Bank’s annual International Women’s Day Seminar, its sole sponsorship of the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, and the Pad-a-Queen Initiative. These complement the Bank’s women-focused financial solutions, including the Z-Woman initiative, an empowerment programme that supports women-owned and women-led businesses through specialised funding, capacity building and networking. Together, these initiatives reflect the Bank’s broader commitment to supporting women and girls at different stages of their lives, and to contributing meaningfully to national development.
This maiden edition is open to all, with girls, parents, educators and other members of the public invited to participate. Interested participants can register via the link below. Those unable to join via Zoom can follow the live stream on Zenith Bank’s social media platforms.
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GTCO Plc Releases 2026 Half Year Audited Results …….. Reports Profit Before Tax of ₦603.03billion,Pays Interim Dividend of ₦1
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2026, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group posted a profit before tax of ₦603.03 billion, driven by strong performance recorded on the interest and trading income lines, which grew y-o-y by 7.5% and 24.7%, respectively. The strong earningsrecorded was moderated by a ₦46.2 billion fair value loss recognized in H1–2026, limiting y-o-y growth in PBT to 0.4%.
The Group grew across its asset lines, reinforcing a balance sheet that is well structured, liquid and diversified. This growth was recorded in each jurisdiction where we operate a banking franchise, and across our Payments, Pension and Funds Management businesses.”
Group’s Total assets and shareholders’ funds closed at ₦18.6trillion and ₦3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 34.9% (Bank 29.2%), and asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% and 4.6% % at both Bank and Group Level in H1-2026 (Bank -3.4%, Group 5.0% in FY-2025). Cost of Risk (COR) improved to 0.6% from 2.2% during the same period.
The Group’s Loan book (net) grew marginally by 0.5% from ₦3.13trillion as of December 2025 to ₦3.15trillion in June 2026, converse for improved performance on Deposit liabilities which grew by 10.3% from ₦12.87trillion to ₦14.19trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone. Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level. The priority now is to execute with discipline and grow responsibly. Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 35.9%, Pre-Tax Return on Assets (ROAA) of 6.6%, Capital Adequacy Ratio (CAR) of 34.9% (Bank: 29.2%) and Cost to Income ratio of 31.5%.
GTCO Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets
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ROAD TO THE CROWN: ZENITH BANK/NBBF WOMEN’S BASKETBALL LEAGUE FINAL 8 SET FOR LAGOS
The road to the 2026 Zenith Bank NBBF Women’s Basketball League title reaches its defining stage as the nation’s top eight teams converge on the Indoor Sports Hall of the National Stadium, Surulere, Lagos, from September 28 to October 3, 2026, for the highly anticipated national Finals.
Emerging from fiercely contested Atlantic and Savannah Conference campaigns, Nigeria Customs, AS Sky Queens, Titans, Air Warriors, MFM, First Bank, Victoria Queens,and Bayelsa Blue Whales have earned their place in the final battle for national honours.
And there is plenty to look forward to.
Last year’s champions, Dolphins Basketball Club, who lifted the trophy after defeating First Bank in the final, will not be in the mix this year after failing to make the top 4 of the Atlantic Conference, leaving the title firmly up for grabs and setting the stage for a new champion to emerge.
But the trophy will be contested by teams with plenty of championship pedigree.
First Bank, last year’s finalist and the most successful team in the history of the competition, arrives with a record nine league titles, while MFM will be looking to draw on its recent dominance after winning back-to-back championships in 2023 and 2024. With both sides among the Final 8, history, experience and ambition will collide as the battle for the crown unfolds.
It is a level of competition that reflects the growth of a league that has, for more than two decades, provided a platform for Nigeria’s best female basketball talents to emerge, compete and develop. At the heart of that journey has been Zenith Bank, the sole sponsor of the National Women’s Basketball League since 2005.
Through its partnership with the Nigeria Basketball Federation (NBBF), Zenith Bank has consistently supported the development of women’s basketball, helping to provide and sustain a competitive platform where talents can be discovered, nurtured and prepared for the highest levels of the sport.
The league has also served as an important pathway to theNational Women Basketball team, D’Tigress, with several players who have featured prominently for Nigeria emerging from the domestic competition. Beyond the national team, the league continues to contribute to youth development by giving young female athletes the opportunity to build confidence, skill, discipline, teamwork and professional sporting careers.
Now, the spotlight turns to Lagos. Which team will grab theopportunity to write a new chapter in the history of Nigerian women’s basketball?
Eight teams. One destination. One crown.
For Zenith Bank, the sponsorship of the Women’s Basketball League represents more than support for a sporting competition. It reflects the Bank’s broader commitment to creating platforms that provide opportunities, develop potential and make a meaningful difference in the lives of young Nigerians.
This commitment extends across several areas of community development, with notable initiatives including:
Through these initiatives and its longstanding support for women’s basketball, Zenith Bank continues to demonstrate that its commitment to society goes beyond banking, with a focus on creating opportunities and contributing to the development of communities and the next generation.
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