Banking
GTBank Grows Deposits from Customers to N4.0trn in One Year
By Dipo Olowookere
Tier-one banking institution in Nigeria, Guaranty Trust Holding Company (GTCO) Plc, has continued to grow stronger, maintaining its position as one of the most formidable financial organisations in the country.
Over the week, the company released its audited financial statements for the year 2021 and from the analysis, most people rely on the firm for their financial transactions.
Business Post observed that GTCO increased its deposits from customers by 14.3 per cent in the period under review to N4.0 trillion from N3.5 trillion in the 2020 fiscal year, while the loan book jumped to N1.8 trillion from N1.7 trillion.
However, the bottom-line of the results was not impressive as the profit before tax dipped by 7.0 per cent to N221.5 billion from N238.1 billion, while the profit after tax went down by 13.2 per cent to N174.8 billion from N201.4 billion.
As for the top-line, it was a similar situation as the interest income dropped to N251.5 billion from N288.3 billion achieved a year earlier and with an interest expense of N46.3 billion versus N47.1 billion in 2020, GTCO closed December 31, 2021, with a net interest income of N220.6 billion as against N253.7 billion it posted in the corresponding year.
It was observed that with the support of account maintenance charges, e-business income and others, the lender was able to raise revenue from fee and commission to N74.1 billion from N53.2 billion in the same period of 2020, while the fee and commission expenses rose to N8.5 billion from N6.3 billion mainly due to bank charges and loan recovery costs.
Personnel costs, however, were pruned to N33.4 billion from N37.6 billion, while other operating expenses increased to N93.5 billion from N78.7 billion.
In the results filed to the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE), the Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.8 per cent while asset quality was sustained with a non-performing loan (NPL) ratio of 6.0 per cent based on IFRS (6.92 per cent based on CBN Prudential Guidelines), representing a marginal improvement over IFRS 6.4 per cent impaired ratio and a slight increase over FY 2020 6.86 per cent CBN Prudential Guideline NPL ratio, with the Cost of Risk improving to 0.5 per cent from 1.2 per cent during the same period.
In terms of significant performance metrics, the group maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6 per cent, post-tax Return on Assets (ROAA) of 3.4 per cent and Cost to Income Ratio (CIR) of 42.3 per cent.
Speaking on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our stakeholders in spite of the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”
He further added, “2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company.
“With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments.
“Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”
GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including Payment, Funds Management and Pension Fund Management.
With over 25 million customers and more than 10,000 employees, the Group remains one of the most profitable and best managed financial services companies out of Nigeria.
Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years including Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
