Banking
GTBank Leading the Way: Restoring Trust and Setting New Standards in Banking
By Gboyega Adesegun
Guaranty Trust Bank (GTBank) has once again demonstrated its knack for innovation and customer-centric solutions, solidifying its place as a leader in Nigeria’s banking sector. While the industry faces challenges from fluctuating economic conditions to evolving customer demands, GTBank’s forward-thinking initiatives continue to set the standard for excellence.
In recent months, the financial institution has made bold strides, with its most recent move being the removal of Point of Sale (POS) charges. This decision, warmly received by small business owners, entrepreneurs, and everyday Nigerians, underscores the bank’s commitment to supporting financial inclusion and easing the cost of transactions in a cash-driven economy.
“Our decision to eliminate POS charges stems from a deep understanding of our customers’ needs. We want to make banking as seamless and cost-effective as possible,” said a spokesperson for the bank. “The goal is to ensure that our customers can carry out transactions without worrying about extra fees, especially in this tough economic climate.”
Beyond transactional relief, GTBank has also focused on community-driven initiatives, from educational support programs to funding healthcare projects. The bank’s Corporate Social Responsibility (CSR) strategy is not merely a box-ticking exercise but a genuine effort to contribute positively to society. During the recent back-to-school season, GTBank sponsored educational materials and facilities for underserved schools across the country, a gesture that was met with praise from educators and parents alike.
Industry analysts note that GTBank’s approach to banking goes beyond profits. “The bank has managed to blend financial growth with social impact, which is rare,” commented an economic analyst. “Their strategies are not only about increasing their bottom line but also about lifting the communities they serve.”
As digital banking continues to take center stage, GTBank has also enhanced its technology-driven services. The bank’s mobile app and online banking platforms are frequently updated to ensure security, ease of use, and innovative features that cater to both tech-savvy youths and traditional customers. This balance of technology and personal touch has helped GTBank maintain its status as a household name in Nigerian banking.
Perhaps most noteworthy is GTBank’s resilience in the face of adversity. While the banking sector has had its share of controversies, GTBank’s ability to navigate through challenges with transparency and integrity has helped restore confidence among stakeholders. The bank’s leadership, under the guidance of Segun Agbaje, has maintained a clear focus on ethical practices and building lasting relationships with customers.
Looking ahead, GTBank’s vision remains clear: to continue being a trusted financial partner to millions of Nigerians. By keeping an ear to the ground and responding proactively to market needs, the bank is not just surviving in a competitive market—it is thriving.
In a time when positive stories are rare, GTBank’s consistent delivery of value and integrity offers a refreshing narrative of what is possible when business acumen meets social consciousness. As Nigeria navigates its economic realities, institutions like GTBank show that success is not just about numbers but also about making tangible differences in people’s lives.
Gboyega Adesegun writes from Lagos
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.
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.
