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GTCO Internet and Mobile Banking Surges on Introduction of Telco Charge  

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Guaranty Trust Holding Company (GTCO) Plc has seen an increase in transactions on internet and mobile banking platforms which was buoyed by the introduction of the Telco charge of N0.68 per successful USSD.

The uptick in successful USSD transactions resulted in increased adoption of other electronic banking platforms as the lender is using the latest technology to meet the demands of a young population who prefer to carry out transactions from the confines of their rooms.

Guaranty Trust Holding Company or GTCO’s value of mobile banking transactions spiked by 68.20 percent to N25.59 trillion in December 2021, from N15.21 trillion as at December 2020.

The value of internet transactions increased by 8.70 percent to N2.77 billion in December 2021 from N2.55 trillion in December 2020.

The total volume of mobile banking surged by 86 percent to 414.20 million in December 2021 from 222.70 million the previous year.

The volume of internet transactions rose by 1.80 percent to 11.1 million in the period under review from 10.9o million the previous year.

The lender saw fees and commission income grow by 39.88 percent to N65.65 billion in December 2021 from N46.93 billion the previous year.

GTCO is committed to building a strong robust banking platform to drive financial services and accommodate the effects of disruptive technology in Nigeria.

To shrink the financial inclusion gap and ensure that banking service reaches people living in the rural areas, the lender evolved a leading innovation and disruption platform in the financial services market space through products like the USSD (737), Quick Credit for customers, GTWorld, GTMobile and a few others.

Nigerian banks have adopted various strategies to drive their digital offerings.

GTBank became GTCO in 2021 with the following subsidiaries: 1) Nigeria, 2) West Africa, 3) East Africa, 4) the UK, 5) Habari Pay and 6) PFA/Asset Management.

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