Banking
We’re Prepared for Emerging Economic Realities—GTBank
By Dipo Olowookere
Managing Director/CEO of Guaranty Trust Bank Plc, Mr Segun Agbaje, has expressed the readiness of the pan-African financial institution for the emerging economic realities.
Since the beginning of this year, the world has been battling with the Coronavirus pandemic, which has brought the global economy to a halt.
Many businesses have had to be shut down, while others still operating have been doing so remotely. At the moment, no one knows when the virus would be defeated and the possibility of having a vaccine for its is still far away, about 9 months or more, according to health experts.
But in the midst of the crisis, GTBank, under the leadership of Mr Agbaje, recorded a strong performance in the first quarter of this year.
On Wednesday, the company released its unaudited financial results for the period ended March 31, 2020, to the Nigerian and London Stock Exchanges.
GTBank reaffirmed its position as one of the most profitable and well managed financial institutions in Nigeria with the good performance across all financial indices.
In the period, the profit before tax stood at N58.2 billion, representing a growth of 2.1 percent over N57.0 billion recorded in the corresponding period of March 2019.
The lender’s loan book grew by 8.0 percent from N1.502 trillion as at December 2019 to N1.622 trillion in March 2020, while customers’ deposit increased by 9.3 percent to N2.768 trillion from N2.533 trillion in the same period.
The bank maintained a well-structured and diversified balance sheet with total assets and shareholders’ funds closing at N4.057 trillion and N661.1 billion respectively.
Full impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.5 percent. In terms of asset quality, NPL ratio and Cost of Risk (COR) improved to 6.0 percent and 0.1 percent in March 2020 from 6.5 percent and 0.3 percent in December 2019 respectively.
Loan loss coverage also improved to 130.5 percent for Lifetime Credit Impaired Loans (NPLs) compared with 126.6 percent in December 2019.
Mr Agbaje, in his reaction to the earnings, admitted that, “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic.”
He said, “At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”
The banking executive further stated that, “As a platform for enriching lives, our focus is on safeguarding lives and livelihoods.
“That is why we are working round the clock to keep all our members of staff and customers safe, supporting the government in combatting the pandemic and being there for our customers in every way that they may need our support at this time.”
Overall, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of financial ratios i.e. Post-Tax Return on Equity (ROAE) of 29.7 percent, Post-Tax Return on Assets (ROAA) of 5.1 percent, and Cost to Income ratio of 40.6 percent.
These ratios reflect the management stability and well-structured Balance sheet coupled with operational efficiency.
In recognition of the bank’s bias for world-class corporate governance standards, excellent service delivery, and innovation, GTBank has been a recipient of numerous awards over the years.
Some of the awards include Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine (2019), Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria from the Banker Magazine (2018), Most Innovative Bank from the African Investor (2018), and Best Digital Banking Brand in Nigeria from the Global Brands Magazine (2018).
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.
