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 Adedapo Adesanya
Access Holdings Plc has announced that Mr Roosevelt Ogbonna, a Non-Executive Director, has stepped down from the board after three and a half years of service.
The announcement was made in a disclosure filed on the Nigerian Exchange (NGX) Limited and signed by the Company Secretary, Mr Sunday Ekwochi.
In the statement, the financial institution explained that although Mr Ogbonna is retiring from its board, he will continue to serve as the chief executive of Access Bank Plc, the banking subsidiary of the organisation.
His resignation is aimed at ensuring compliance with the Corporate Governance Guidelines of the Central Bank of Nigeria (CBN) for Financial Holding Companies (2023), which stipulate that no more than nine directors can sit on the board of a financial holding company.
The board expressed its gratitude for his “outstanding and continued contributions to the Access Group.”
Mr Ogbonna was appointed to lead Access Bank in May 2022, after serving as Deputy Managing Director from 2017 and Executive Director from 2013. He joined Access Bank in 2002 from Guaranty Trust Bank (GTBank) and has built up more than two decades of experience in the banking industry.
Beyond his role as CEO, Mr Ogbonna serves on the boards of Access Bank’s subsidiaries in the UK and South Africa and represents the Bank on the boards of Africa Finance Corporation and CSCS Plc.
His background combines both professional and academic achievements. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), an Honorary Member of the Chartered Institute of Bankers (HCIB), and a CFA charter holder.
As of August 2025, the Board of Access Holdings Plc consists of Mr Aigboje Aig-Imoukhuede (Chairman), Mr Bolaji Olaitan Agbede (Acting Group CEO), and Mr Lanre Bamisebi (Executive Director).
The independent non-executive directors are Mr Abubakar Aribidesi Jimoh, Mrs Fatimah Bintah Bello-Ismail, and Mrs Ibironke Adeyemi.
Other members include non-executive directors Mrs Ojinika Nkechinyelu Olaghere and Mr Olusegun Babalola Ogbonnewo.
By Aduragbemi Omiyale
Customers of Fidelity Bank Plc can now “spend up to $1,000 quarterly for international POS and online transactions,” the lender’s Divisional Head of eBanking, Ms Ifeoma Onibuje.
She was quoted as revealing this in a statement issued to announce the bank’s resumption of international transactions on its Naira debit cards.
Due to foreign exchange (FX) liquidity squeeze in the country, the Central Bank of Nigeria (CBN) earlier stopped financial institutions from allowing their local debit cards to be used by customers for offshore spending.
This restriction was removed this year after over two years of suspension, giving customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
“We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use. This means that our travelling customers can now utilize their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs,” Ms Onibuje stated.
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards. This further reinforces Fidelity Bank’s commitment to delivering solutions that fit seamlessly into customers’ lifestyles. With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits ranging from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move reflects the bank’s commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond. The bank has deliberately made the process of getting a Fideity Naira card seamless. Customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has mandated Point of Sale (PoS) operators to geotag their terminals within 60 days or risk being shut down.
In a circular released on August 25, 2025, the regulator ordered all licensed operators, which includes Moniepoint, OPay, and PalmPay, as well as other banks with agency banking licenses, to geotag every PoS terminal before October 20, 2025.
This means that the millions of POS devices currently used by agents and merchants across Nigeria must now be registered with exact GPS coordinates showing where each device is being used.
According to the CBN, the move is meant to curb fraud, stop the use of cloned or “ghost” terminals, and make it easier to track transactions in real time.
Under the new rule, all existing POS machines must be updated with built-in GPS systems and connected to the National Central Switch, which will monitor locations through a special software development kit (SDK).
Merchants will only be allowed to process payments within a 10-metre radius of their registered business address. Any device that is not geo-tagged within the deadline will no longer be allowed to operate.
The directive also applies to newly deployed POS devices, which must be geo-tagged before activation. Operators such as Payment Terminal Service Providers (PTSPs) and mobile money companies will be responsible for ensuring that all devices in their network comply.
The directive also aims to reduce fraud and unauthorised POS activity by ensuring each terminal’s location is verified and continuously monitored.
The central bank said it would begin compliance checks from October 20, 2025, a development that gives operators just about two months to upgrade.
This could come as a challenge with Nigeria having an estimated 2 million POS agents> The number is also growing daily.
The increasing number of POS agents and terminals is a major reason why the apex bank is introducing new directives for their operation.
In 2024, the CBN required that POS transactions be routed through licensed Payment Terminal Service Aggregators (PTSA) to improve tracking and transparency. That same year, POS operators were mandated to register their devices with the Corporate Affairs Commission (CAC).
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