Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

  • Lagos, Nigeria
  • Info@bhluemountain.com
  • Office Hours: 8:00 AM – 5:00 PM Mon - Fri
  • April 26 2023

GTCO’s 2022 report show the company’s plan to take on fintechs like Risevest and Bamboo

Guaranty Trust Holding Company (GTCO), the parent company of GTBank, has released its full-year financial statements for 2022, marking its first anniversary as a holding company. The report demonstrates the company’s continued focus on expanding its non-banking offerings, including wealth management and payment service solutions. GTCO disclosed that it has acquired  Investment One Funds Management Limited and Investment One Pension Managers Limited. Investment One is a financial services and capital management firm that was originally incorporated by GTBank. In 2011, GTBank divested from the company, in order to comply with the CBN’s regulation for banks to stay out of non-banking businesses. But a holding company structure means that Investment One is now a subsidiary within GTCO. Investment One will now be known as Guaranty Trust Fund Managers Limited (GTFM) while Guaranty Trust Pension Managers Limited (GTPM) will offer pension services to Nigerians.  Digital wealth management platforms According to the financial statement, GTFM—GTCO’s return into the wealth management space—will now be digital first. Image source: TechCabal GTCO’s intention to offer digital-first wealth management solutions strengthens the debate about holding companies competing with fintechs for market share.  Fintech startups like Trove, Chaka, Bamboo, and Risevest have built specialised products to help customers manage their wealth and invest in local and foreign securities. Some, like Cowrywise, allow users to save and invest—while educating them and providing custom pseudo-advisory services—albeit in partnership with regulated wealth management institutions. GTCO’s digital-first plan for retail will mean that it will compete with companies like Bamboo and Trove. On the basis of their entry into the payments space with the launch of Squad last year, then GTCO may find some success here.  Overall, GTCO continues to demonstrate its market relevance and determination to provide tech-powered solutions beyond legacy banking. Habaripay, the company’s suite of digital solutions for businesses, has now received full approval from Nigeria’s central bank. According to the bank, Habaripay is poised to “provide tools to thrive in the digital economy”—ranging from payment solutions like Squad to Habrishop, an ecommerce platform.  Alongside HabariPay, the company says operating the new subsidiaries is in line with the evolution of its vision to become a fully-fledged financial services company, with the capabilities and drive to deliver end-to-end financial services.

Read More