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GTBank Offers Loans to Customers at 1.33%

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GTBank Quick Credit

By Modupe Gbadeyanka

In its determination to grow the nation’s economy and make funds available to its customers to meet their business needs, Guaranty Trust Bank (GTBank) Plc has announced a reduction in the interest rate for a set of credit facility it offers.

The lender, in a notice to its customers on Tuesday, said it has reduced the interest rate for the loan obtained under its QuickCredit package to 1.33 percent monthly from the previous 1.75 percent.

According to the financial institution reputed to support retail businesses, especially those in the Micro, Small & Medium Enterprises (MSME) sector, the new interest rate was derived from 16 percent per annum.

In the notice sighted by Business Post, GTBank stated that customers who wish to apply for the Quick Credit loan offering should “simply dial *737*51*51#.”

“We are pleased to inform you that the interest rate on QuickCredit is now 1.33% monthly. This means that the effective interest rate on Quick Credit is now 16% per annum,” it said.

Last year, the Central Bank of Nigeria (CBN), which regulates the banking sector in the country, pushed banks to offer loans to their customers, giving them the percent of their deposits that should be given out to support the economy.

In July 2019, the CBN gave banks in the country till September 30, 2019 to increase their loan to deposit ratio 60 percent and after the expiration, 12 lenders were fined nearly N500 billion.

According to the CBN, the 12 affected lenders had their fines deducted from their Cash Reserve Requirement (CRR) domiciled with it (CBN). The CRR is a portion of the banks’ deposits kept with the CBN for regulatory reasons.

After the first deadline elapsed, the apex bank raised the LDR to 65 percent and gave all the banks till December 31, 2019 to meet up or be fined.

“All DMBs are required to attain a minimum LDR of 65 percent by December 31, 2019 and this ratio shall be subject to quarterly review to encourage SMEs, retail, mortgage and consumer lending, these sectors shall be assigned a weight of 150 percent computing the LDR for this purpose,” a circular from the CBN had said.

This year, the central bank has retained the LDR at 65 percent after the expiration of the second deadline last month, saying it has noticed remarkable increase in the size of gross credit by deposit money banks (DMBs) to customers.

“Accordingly, the CBN has decided to retain the minimum 65 percent LDR in the interim. All DMBs are required to maintain this level and are further advised that average daily figures are to be applied to assess compliance going forward,” the apex bank said.

However, it stressed that, “DMBs (Deposit Money Banks) are further encouraged to maintain strong risk management practices regarding their lending operations.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

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Squad logo

By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

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Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

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Ecobank Remodel branches

By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

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Banking

Polaris Bank to Limit Access to VULTe for Four Days

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Polaris Bank Fashion Souk

By Dipo Olowookere

Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.

This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.

In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.

Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.

“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.

“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:

“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).

“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.

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