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GTBank Removes all Bank Charges for Young Undergraduates

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Guaranty Trust Bank (GTBank) has removed all bank charges for undergraduates between the ages of 16 and 25 operating its GTCrea8 Account.

The bank in a statement said it will cover all charges on transfers, USSD transactions and bank alerts for holders of its, a GTCrea8 Account bespoke banking product for young undergraduates between the ages of 16-25.

GTCRea8 has been a core part of the GTBank’s value proposition to deliver value-adding banking services to young people whilst empowering them to pursue excellence in their academics and respective interests.

Over the years, tens of thousands of university undergraduates have benefited from GTCrea8 concerts, masterclasses, digital training, Education Support Grants, and several other initiatives championed by the bank to ensure students have a more rewarding campus experience.

Now, millions of students across the country will be able to bank for free following the Bank’s commitment to cover the cost of all banking charges for GTCrea8 account holders.

Some of the banks charges that GTCrea8 account holders will no longer have to pay include charges on bank transfers, even when the transfer is to other banks. Undergraduates will also not be charged for using 737, the bank’s industry-leading USSD service, nor will students be charged for transaction alerts received whether via SMS or email.

GTCrea8 account holders will also enjoy special offers and discounts when they make use of GTBank’s trendsetting digital platforms, such as Habari, which offers access to music and video streaming, shopping, messaging, and bills payment all in one place.

Commenting on the Bank’s removal of bank charges for young undergraduates, the Chief Executive Officer of Guaranty Trust Bank, Segun Agbaje said: “Empowering young people in every way we can is the most valuable investment that we can make for the future.

“That is why we have taken this bold step to cover the cost of all their banking charges, not just to allow them to the bank for free, but also to inspire them to imagine a world free of all limits to their ambitions, and in which they can achieve their greatest dreams.”

He further stated that “At GTBank, we will continue to find innovative ways and create new initiatives to give young people all the motivation, support and platform that they need to thrive.

“This is the reason we have made banking free for young undergraduates, and it is also the reason we are organizing the GTBank Fashion Weekend, the biggest fashion event in Africa, on November 9-10, 2019 to champion the talent, creativity and endeavours of our young entrepreneurs.”

Guaranty Trust Bank plc has been at the forefront of supporting education for all and champions several initiatives that provide undergraduates with various avenues to learn, interact and have fun while in school.

The Bank is also regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality and innovation.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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