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
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has clarified that both the standard N100 banknote and the commemorative N100 banknote remain valid legal tender across the country, urging members of the public and businesses to accept both notes for all transactions amid reports that the standard version is being rejected in some quarters.
In a release signed by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, “the CBN reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide. The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.”
The apex bank warned that rejecting the standard N100 banknote violates the provisions of the CBN Act and undermines public confidence in the national currency.
According to the bank, individuals, businesses, financial institutions, and other economic agents who reject the note could face appropriate enforcement measures.
The CBN reiterated its commitment to safeguarding the integrity of the naira, ensuring confidence in all duly issued banknotes, and promoting seamless currency circulation throughout the economy.
The central bank also advised members of the public to accept all banknotes legally issued by the bank and encouraged anyone seeking clarification to use its official communication channels.
First introduced on December 1, 1999, the N100 note which features the portrait of Chief Obafemi Awolowo on the front and Zuma Rock on the reverse, was last updated in 2014, when the CBN issued a commemorative version to mark Nigeria’s centenary, introducing enhanced security features such as a Quick Response (QR) code, window micro-optics, improved tactile markings for the visually impaired, and stronger anti-counterfeiting elements.
Unlike the N200, N500 and N1,000 notes, which were redesigned in 2022 under former CBN Governor Godwin Emefiele, the N100 note has remained unchanged since the centenary update, with both the standard and commemorative versions continuing to circulate.
By Modupe Gbadeyanka
First Bank of Nigeria has been directed to pay one of its staff members, Mr Joseph Simeon Akor, a total of N5.2 million for wrongfully terminating his employment.
This order was given by Justice Zaynab Mohammed Bashir of the Port Harcourt Judicial Division of the National Industrial Court, Business Post learned.
The judge held that the claimant successfully established that the lender breached the terms of his employment by failing to comply with the disciplinary procedure contained in its Staff Employee Handbook after commencing investigations into allegations of misconduct and by paying him less than the prescribed half of his basic salary during suspension.
The court found that although the bank retained the contractual right to terminate the employment, the action was wrongful for failing to comply with its own contractual obligations and disciplinary framework.
Justice Bashir further held that, having elected to terminate Mr Akor’s employment on the ground that his services were no longer required rather than dismissing him for misconduct, First Bank of Nigeria could not rely on alleged misconduct to deny him the financial entitlements accruing during his suspension.
In delivering the judgment, the judge ordered the financial institution to pay N3.2 million as the balance of the claimant’s salaries and allowances withheld during his suspension, and N2 million as general damages for the breach of the terms of his employment.
From the facts, Mr Akor informed the court that he was employed by First Bank of Nigeria in May 2005 and rose to the position of Deputy Manager before his employment was terminated in December 2018 following allegations of misconduct.
He argued that the allegation was never substantiated. Yet, he was suspended, paid only about N31,000 monthly instead of half of the basic salary prescribed by the Bank’s Staff Employee Handbook, and eventually had his employment terminated. In contrast, the investigation into the allegation was still ongoing.
He further maintained that First Bank of Nigeria breached the provisions of its Staff Employee Handbook by failing to conclude investigations before terminating his employment and by withholding part of his salaries, allowances and other benefits during his suspension despite the allegation not being established.
In defence, First Bank contended that Mr Akor was accorded a fair hearing through disciplinary proceedings, that his employment was lawfully terminated because his services were no longer required, and that he was not entitled to the unpaid balance of his suspended salary, having left the bank’s employment while still on suspension.
The company further claimed that the reason stated in the termination letter that the services of Mr Akor were no longer required was sufficient in law and that the court could not import any other reason into the letter.
In opposition, Mr Akor’s counsel, O. G. Tony Ogidi, submitted that First Bank failed to comply with its disciplinary procedure under the Staff Employee Handbook, terminated the employment of his client before the conclusion of investigations, and failed to justify the termination in accordance with the provisions of the Handbook.
The counsel further argued that the termination letter merely stated that the services of Mr Akor were no longer required without assigning any reason and maintained that the bank acted contrary to the provisions of its Staff Employee Handbook by paying Mr Akor substantially less than half of his basic salary during his suspension.
