Banking
GTBank Drives Mobile Banking With *737* Code
By Dipo Olowookere
There have been many testimonies from holders of accounts in Guaranty Trust Bank Plc (GTBank) that the *737* mobile banking code has taken financial transactions to another level.
The initiative by GTBank has been applauded by many because they say it has exceeded customers’ expectation.
The *737* is a mobile channel, which enables the bank’s customers to conveniently perform third party transfers to both GTBank and other bank account holders in Nigeria via mobile phones.
This is done by dialling the right code with details of the amount and account number of the beneficiary, writes
Mobile payment is where the world is heading. Financial institutions with foresight on the future are redefining their commitment to electronic payment, churning out products and services to serve customers better.
GTBank, it is the right way to serve the customers better. The lender unveiled the Bank *737* platform to help deepen its mobile banking, to strengthen its leadership potentials in the mobile banking space.
Also for GTBank, Bank *737* is just a creativity that emerged out of the box. It is an expression of outstanding intuition, which only very few brilliant innovators can attempt. It is also one of the benefits of the cash-less banking, which was one of the biggest news that hit the sector in January 2012.
The objective, the Central Bank of Nigeria (CBN) said, was to change the cash-driven economy and reduce the rising cost of banking operations. The policy is also designed to promote financial intermediation, financial inclusion, minimise revenue leakages, eliminate robbery and encourage e-payment.
The coming of cashless financial system has indeed, given great opportunities to institutions that possess the innovative instincts to break the bricks. Ordinarily, one would not imagine that financial transactions could be done without one inching close to any banking hall.
GTBank’s Group Managing Director/CEO, Mr Segun Agbaje, has consistently told the bank’s customers that Bank *737* is an innovation whose time has come. He was not joking when he told his customers that people might not have any need to go into the banking halls for anything, anymore because they can stay in the comfort of their homes and carry out banking transactions.
To the bank chief, when the electricity challenges are finally settled, more would come in the way of innovation and that is the time a full classification of the efficiency of the core financial institutions would be known.
The current bubble that greeted the fortunes of the bank could not be unrelated to the level of innovation that has trailed the bank’s creativity over the years, like ‘licensing’ a new bank, which runs on phones.
That was why Mr Agbaje could stand up anywhere and tell a motley crowd of GTBank stakeholders that their bank would make a whopping N125 billion profit after tax, some N30 billion higher than its current record, in its 2016 financial activities without fuss.
The bank, which prides itself as not really affected by the backlash of the Treasury Single Account policy (TSA), is greatly optimistic that it has not been a public sector bank and would continue to innovate to find a flourishing middle ground for its more than seven million customers in the country.
He described the 2015 financial year as really a very bad year, “a very difficult year, Credit Rediscount Rate(CRR) went up to 34 per cent, Commission on Turnover (COT) was totally down and forex got so bad. “We are creating a bank where you do not come into the bank to do anything. We are leveraging technology to take people out of the banking hall.
“You are going to do most of your banking activities today without coming to the banking hall. We cannot achieve inclusive banking by building more branches, but by providing more enabling platforms to get people do more, and that is where banking is going,” Mr Agbaje said.
While pouring encomium on his staff, the CEO explained that his bank is not excited about any form of merger and acquisition as his bank has planned to grow organically.
He saw a lot that could be done to attain the desired height even as he would want the bank to do any good business that could add good value to the economy.
He also saw agriculture as a sector that needed a lot of push, but was quick to indicate that agriculture loan books did not grow fast even as the medieval industry remained key to the growth of the economy. There is no doubt that Mr Agbaje is an apostle of gradual and careful growth.
With his bank’s current financial report, Mr Agbaje looks good to keep the best result among all the banks for the 2015 year, considering the fact that banks whose business prospects look as good as that of GTBank may have reported far less performance for the period. This explains the progressive plan of the bank to remain on top as the most profitable bank within the period in review.
With a gross income rolling over N300 billion, there are clear indications that the careful spending pattern the bank has adopted will further offer it some more profit advantage. This may even grow in double digits as its new IT platform will usher a new cost-cutting mechanism, as less emphasis on new branches can really add up as new gains.
Mr Agbaje feels that the internet and telephone banking platforms are becoming very successful. A good size of the youth, according to him, is in it and they are enjoying the blitz.
By Modupe Gbadeyanka
Some entrepreneurs across diverse sectors recently completed a three‑week intensive capacity‑building programme organised by Ecobank Nigeria, in partnership with DHL.
The event was put together to equip Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.
The focus was on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.
In one of the sessions, titled Trade and Grow Beyond Borders: Welcome to E‑commerce, the Relationship Channel Manager for DHL Customers/Global Express, Mr Charles Eke, underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics.
He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities e‑commerce presents for cross‑border expansion.
According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, described the programme as a catalyst for meaningful growth and mindset change.
“Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.
Mrs Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development, saying, “Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade.”
One of the participants, Ms Dolapo Fatoki of Debsfray, a Lagos-based fashion brand, described the initiative as impactful, practical, and transformative.
“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.
Similarly, the Creative Director of FC Accessories, Mr Tosin Olukuade, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.
Reflecting on the programme’s digital focus, the chief executive of Needle Point, Mrs Theresa Onwuka, highlighted how the sessions broadened her outlook on growth and innovation.
“The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular titled Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide) and signed by the Director of the Financial Policy and Regulation Department, Mrs Rita Sike.
According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
Business Post also reported that the regulator has raised ATM card fees by 50 per cent to N1,500 and scrapped the monthly maintenance charge.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has proposed that financial institutions operating in the country should charge N150 for the e-dividend mandate processing fee from May 1, 2026.
This was contained in the latest Guide to Charges by Banks and Other Financial Institutions in Nigeria, signed by the Director of the Financial Policy and Regulation Department of the CBN, Ms Rita Sikе.
The move is to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions.
The reviewed guide, according to the central bank, provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.
It also reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodate new industry participants since the issuance of the 2020 guide.
“In view of the above, the draft guide is hereby exposed to members of the public for their comments/input on the proposed fees contained therein. Comments are to be sent to [email protected] on or before May 08, 2026,” a part of the note stated.
In the draft, the banking sector regulator is suggesting the payment of N1,500 for local debit card issuance and replacement by customers and a $10 annual fee for foreign currency-denominated debit/credit cards.
For on-site ATM transactions, a charge of N100 per N20,000 withdrawal was proposed and N100 plus a surcharge of not more than N500 per N20,000 withdrawal. It emphasised that the surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.
The bank also said that for electronic fund transfers below N5,000, no fee would be collected, but from N5,000 to N50,000, customers would part with N10, and for transfers above N50,000, the fee of N50 would be paid, while for microfinance banks, there would be the settlement bank’s charge plus 10 per cent of the charge.
The CBN noted that this guide applies to commercial banks, merchant banks, Payment Service Banks (PSBs), non-interest banks, microfinance banks, finance companies, Primary Mortgage Banks (PMBs), Development Finance Institutions (DFIs), credit guarantee companies, Mobile Money Operators (MMOs), and any other institution as may be designated by it.
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