Guaranty Trust Holding Company (GTCO), the dad or mum firm of GTBank, has launched its full-year monetary statements for 2022, marking its first anniversary as a holding firm. The report demonstrates the company’s continued focus on increasing its non-banking choices, together with wealth administration and fee service options.
GTCO disclosed that it has acquired Investment One Funds Management Limited and Investment One Pension Managers Limited. Investment One is a monetary companies and capital administration agency that was initially included by GTBank. In 2011, GTBank divested from the firm, so as to adjust to the CBN’s regulation for banks to keep out of non-banking companies. But a holding firm construction signifies that Investment One is now a subsidiary inside GTCO. Investment One will now be often called Guaranty Trust Fund Managers Limited (GTFM) whereas Guaranty Trust Pension Managers Limited (GTPM) will supply pension companies to Nigerians.
Digital wealth administration platforms
According to the monetary assertion, GTFM—GTCO’s return into the wealth administration house—will now be digital first.
GTCO’s intention to supply digital-first wealth administration options strengthens the debate about holding firms competing with fintechs for market share. Fintech startups like Trove, Chaka, Bamboo, and Risevest have constructed specialised merchandise to assist prospects handle their wealth and spend money on native and international securities. Some, like Cowrywise, enable customers to save and make investments—whereas educating them and offering customized pseudo-advisory companies—albeit in partnership with regulated wealth administration establishments. GTCO’s digital-first plan for retail will imply that it’ll compete with firms like Bamboo and Trove. On the foundation of their entry into the funds house with the launch of Squad final 12 months, then GTCO might discover some success right here.
Overall, GTCO continues to display its market relevance and willpower to present tech-powered options past legacy banking. Habaripay, the company’s suite of digital options for companies, has now obtained full approval from Nigeria’s central financial institution. According to the financial institution, Habaripay is poised to “provide tools to thrive in the digital economy”—starting from fee options like Squad to Habrishop, an ecommerce platform.
Alongside HabariPay, the firm says working the new subsidiaries is according to the evolution of its imaginative and prescient to grow to be a fully-fledged monetary companies firm, with the capabilities and drive to ship end-to-end monetary companies.
…. to be continued
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