Guaranty Trust Holding Company (GTCO) Plc has launched its financial technology (fintech) unit called SquadCo and it plans to use the platform to disrupt the payments ecosystem in Nigeria and be a leading player.
At the unveiling of the new business venture on Wednesday in Lagos, GTCO said SquadCo is a product of one of its subsidiaries, HabariPay Limited, which has been in existence in the payments landscape.
The financial institution, which changed from a pure banking organisation into a holding firm some months ago, disclosed that SquadCo will offer quality services to customers. Some of these offerings are payment, payment gateway, PoS, and e-commerce.
It was stated that merchants will be charged a fee of one per cent on the transaction amount plus N50, though exceptions may apply in respect of travel and entertainment merchants, including but not limited to hotels, restaurants, airlines, etc.
“At SquadCo, we provide business owners with the tools they need to thrive in a digital economy while also promoting their business and introducing them to a market beyond their current reach.
“We have built a reliable, secure, and affordable payment platform that will make receiving in-person and online payments simpler,” the company stated on its website visited by Business Post.
SquadCo, which emphasised that merchants do not incur hidden charges apart from the fees listed on its pricing page, disclosed that “money would be credited to your merchant wallet within 24 hours after payment is made into your account.”
The firm, which has a vision of “an Africa where every payment is digital,” stated that its mission is to empower “Africans with the payment solutions they need to thrive in a digital community”, especially with a team headed by Ms Eduofon Japhet as Managing Director and Mr John Babawale as the Chief Technical Officer (CTO).
