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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
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 GTCOIt 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 POSSquad’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.
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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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Subscribe to Dangote Refinery Shares Seamlessly Through Zenith Bank
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Nigerians at home and in the diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion. Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment. It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.
Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.
Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.
Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.
For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.
Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.
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