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 Dipo Olowookere
Ecobank Nigeria Limited has taken a significant step to ensure its customers get cheap personal loans by partnering with the Nigerian Consumer Credit Corporation (CrediCorp).
The service is available to civil servants and private-sector employees whose salaries are paid through Ecobank.
New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.
Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.
These loans can be used to finance a variety of personal needs, including paying school fees, rent, maintenance costs, medical bills, car purchase and repairs, asset purchase, and more.
The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.
According to the Head of Consumer Banking at Ecobank Nigeria, Ms Adeola Ogunyemi, the loans will provide salary earners, both in the public and private sectors, with better access to financial products.
“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.
“Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.
“We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ms Ogunyemi stated.
CrediCorp, a Development Finance Institution (DFI) established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce.
Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.
The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).
Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.
By Modupe Gbadeyanka
No fewer than 131 customers of Wema Bank Plc will win N11 million in cash prize in the company’s 5 for 5 promo season 4 monthly draw fixed for Friday, January 24, 2025, in Warri, Delta State.
According to a statement from the lender, from the 131 customers, 80 of them will win N25,000 each, 40 will win N100,000 each, eight domiciliary account holders will win N250,000 each and three will get N1 million each, with one to be from Warri, venue of the event.
The 5 for 5 promo selects winners from the bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws.
The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135 million for disbursement this season alone.
So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27 million disbursed so far.
The third monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw.
“The goal for us with the Wema Bank 5 for 5 promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season.
“We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for two more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000.
“The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on.
“We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday.
“I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements,” he added.
By Dipo Olowookere
The United Bank for Africa (UBA) Plc has completed its scheduled routine system maintenance on its card service.
The financial institution over the weekend informed its customers of a scheduled maintenance on its card service from 12 am to 5 am of Sunday, January 19, 2025.
Customers were told that the action could make them experience service disruption while using the UBA cards for financial transactions.
The lender said it was carrying out the maintenance for better service delivery, apologising for any issue they may encounter during the period.
“In line with our commitment to provide you with exceptional experience and to enable us to serve you better, we will be carrying out a scheduled routine maintenance on our card services.
“During this period, you may not be able to use your Debit & Credit Card. Please use our alternative channels, LEO, *919#, Mobile App or Internet Banking for transactions
“An update will be provided as soon as the maintenance is completed.
“We appreciate your understanding and apologize for any inconvenience this may cause. Please be assured that we are committed to providing you with excellent banking services,” the notice earlier sent to customers said.
After the completion of the process, UBA mailed another statement to customers, informing them they could use their cards without any issue.
“We are pleased to inform you that our scheduled routine system maintenance has been completed.
“You can now enjoy safer and quicker transactions on our card service.
“We regret any inconvenience you may have experienced, and assure you of our commitment to continuously provide you with excellent service,” the statement sighted by Business Post read.
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