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GTBank Leading The Digital Banking Race In Africa — The Economist

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Leading African financial institution, Guaranty Trust Bank (GTBank) is atop a new generation of multinationals in developing markets with the competitive strength and capacity to become a major player in the global scene, says the Economist Intelligence Unit (EIU), the research and analysis division of the world-leading business media platform, The Economist.

The Bank, which operates out of 10 African countries and the United Kingdom, is one of twelve companies, selected from four continents and spanning six industries, that the EIU believes has the strategy and potential to dominate domestic markets and expand its business outlays internationally.

In its report, “Going Global: 12 Companies to Watch in Developing Markets,” the EIU said Guaranty Trust Bank is leading the digital banking race in Sub-Saharan Africa by getting more customers to bank online, reducing the communication gap with its customers and allowing customers to conduct 90% of their banking transactions from home.

“The lender’s digital services extend beyond banking to online payments for services such as applying for passports,” the EIU report added, whilst also stating that, “in traditional banking, GTBank has held its ground despite falling interest income and assets.”

Regarded by industry watchers as one of the best run African financial institutions, GTBank has been the major driver of digital banking in Africa. The Bank is renowned for constantly delivering innovative financial products and services, such as its full-service USSD banking product, 737, which enables customers and non-customers access financial services on their phones, by simply dialing *737#, and the SMEMarkethub, a free online marketplace for people to buy and sell at no extra cost, amongst several others. Recently, the bank achieved another first in digital services in Africa when it announced that it will be leveraging the WhatsApp Business Solution to enable customers bank as easy and swiftly as they chat.

By being at the forefront of Africa’s digital banking market and maintaining its leadership in traditional banking, the EIU said GTBank and all of the companies profiled in its report are well positioned and have the ambition, business acumen and capacity to go big, globally. The report also notes that GTBank and the others have their work cut out for them.

“They will have to counter ongoing global trade disputes and a rise in protectionism. With the tightening of global monetary conditions, there will also be considerable economic and competitive risks involved in investing in some markets.”

Despite these challenges, the Economist Intelligence Unit says it will be closely tracking GTBank’s impressive run for leadership in the global business scene.

“We will be examining their financial results, their new product launches, their marketing plans and the careers of their senior executives as they aim for the top.”

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5 Tips To Keep Your Account Safe And Checkmate Attempts Of Fraudsters On Your Account’ [VIDEO]

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Senate Orders CBN To Suspend ATM Card Maintenance Charges, ATM’s To Dispense N40,000

Gbemileke Ajayi

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The Senate has urged the Central Bank of Nigeria (CBN) to look into the suspension of the Automated Teller Machine (ATM) maintenance and withdrawal charges by banks.

This was after a motion on “illicit and excessive charges by Nigerian banks in customers’ accounts” was raised by Senator Gbenga Ashafa during the plenary session on Wednesday.

Deputy Senate President Ike Ekweremadu seconded the motion, saying: “The ATM charge is not the only charge we get from the bank, there are VAT charges and so on; this is unacceptable. We have the Customer Protection Agency in Nigeria, but they are not living up to expectations.”

The issue generated much debate on the floor of the Senate and after much deliberations, a few resolutions were made.

The Senate directed the committees on banking insurance and other financial institutions and finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

It also mandated the committees on banking, insurance and other financial institutions and finance to invite the CBN Governor to appear before the body in order to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

The lawmakers urged CBN to suspend the ATM card maintenance charges being deducted from customers accounts, just as they called on the CBN to instruct the commercial banks to configure their machines to extend to N40,000 per withdrawal, pending the outcome of the investigation by the committees.

The Consumer Protection Council was called upon to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian banks.

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Reasons To Bank With Zenith Bank [VIDEO]

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