Tag: GTBank

  • Guaranty Trust increases GTBank’s paid-up capital to N504 billion

    Guaranty Trust increases GTBank’s paid-up capital to N504 billion

    Guaranty Trust Holding Company (GTCO) Plc said it has increased its investment in its wholly owned banking subsidiary, Guaranty Trust Bank Limited (GTBank) to N504 billion.

    The increase was through a rights issue subscription for 6994billion ordinary shares of fifty kobo each made by GTBank for a total consideration of N365.850billion.  thus increasing GTBank’s paid-up share capital from N138.186billion to N504.037billion.

    This capital Injection, a statement by the financial institution stated, ensures GTBank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the CBN.

    The capital Injection, the bank further stated  was funded by the two-phased equity capital raising programme recently undertaken and concluded by GTCO Plc with an international fully marketed offering on the London Stock Exchange (LSE) that secured $105 million from high-quality, long-term institutional investors in exchange for 2.29 billion new ordinary shares, making GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE.

     Launched in July 2024, GTCO’s equity capital programme began with a public offering to Nigerians that raised ₦209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares, fully allotted and evenly split between retail and institutional investors.

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    Commenting on the recapitalisation of Guaranty Trust Bank Ltd, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said: “The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group. With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.”

    The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth (loans, advances, and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence.

    Following the Capital Injection, the Company continues to hold 100% of the entire issued and paid-up share capital of the Bank. None of the Directors of the Company has any interest, direct or indirect, in the Bank.

  • GTBank begins deduction of USSD fee from airtime balance

    GTBank begins deduction of USSD fee from airtime balance

    Guaranty Trust Bank (GTBank) says it will begin the deduction of Unstructured Supplementary Service Data (USSD) fees from the airtime balance of its customers from June 18.

    The bank, in a message to its customers on Wednesday, said the N6.98 fee would no longer be deducted from customers’ bank account balances.

    ”Dear Customer, please be informed that effective June, 18, the N6.98 USSD fee will be deducted from your airtime balance, no longer from your bank account”.

    Read Also: GTBank hikes SMS transaction alert fee to ₦6

    The News Agency of Nigeria (NAN) reports that the Nigerian Communications Commission (NCC) had directed deposit money banks (DMBs) to stop deducting charges for USSD transactions directly from customers’ accounts.

    (NAN)

  • VDM’s arrest: GTBank a victim of narrative manipulation

    VDM’s arrest: GTBank a victim of narrative manipulation

    By Isaac Asabor

    Let us pause here and consider the logic behind this outrage. A citizen walks into a bank to make a complaint, a right guaranteed by his status as a customer. He is attended to and then exits the premises. Sometime after that, he is arrested by officers of the Nigeria Police Force. Yet somehow, without evidence or an official statement linking the two events, the bank becomes the villain in the eyes of the public. If that is not a textbook example of scapegoating, what is?

    In the age of social media, it has become far too easy for misinformation to spread like wildfire, and in the process, facts are trampled, reputations are dragged, and innocent entities are often scapegoated. The recent arrest of popular Nigerian social media activist Martins Vincent Otse, widely known as VeryDarkMan (VDM), is a clear case study of this disturbing trend.

    Since the news of his arrest broke, many Nigerians on social media have been quick to point fingers, and unfortunately, one of the first institutions to fall under the weight of public outrage was Guaranty Trust Bank (GTBank). The basis of this backlash? VDM had earlier visited one of the bank’s branches in Abuja to lodge a complaint regarding alleged unauthorized transactions from his mother’s bank account.

    Let us pause here and consider the logic behind this outrage. A citizen walks into a bank to make a complaint, a right guaranteed by his status as a customer. He is attended to and then exits the premises. Sometime after that, he is arrested by officers of the Nigeria Police Force. Yet somehow, without evidence or an official statement linking the two events, the bank becomes the villain in the eyes of the public. If that is not a textbook example of scapegoating, what is?

    Thankfully, in this case, we are not operating in an information vacuum. VDM’s own legal representatives, Barrister Deji Adeyanju, a well-known human rights lawyer, have publicly clarified the sequence of events as he explicitly stated that his client was not arrested inside or outside any GTBank branch. According to Adeyanju, the arrest occurred in Area 3, a different part of Abuja, hours after the bank visit.

    Furthermore, the legal team later discovered that VDM was being detained by the Economic and Financial Crimes Commission (EFCC), not GTBank, not private security operatives, and certainly not on bank premises. These are not speculations; they are statements made by legal professionals actively involved in the case.

    So, what exactly did GTBank do wrong? Listen to a customer’s complaint? Allow a citizen to use their platform to seek help over suspected fraud on an account? Since when did being present at a location prior to an arrest translate to complicity?

    What we are seeing here is a classic case of narrative manipulation, the kind that thrives in the absence of critical thinking and journalistic rigor. Because VDM is a public figure and his arrest was unexpected, people wanted an explanation, and they wanted it fast. Social media users, in a rush to identify the “culprit,” made GTBank an easy target simply because it was part of the last known chain of events. But this kind of deductive shortcut is both intellectually lazy and ethically dangerous.

    Institutions like GTBank operate under strict regulatory frameworks. Any collaboration with law enforcement, especially involving the arrest or detention of an individual, would require formal procedures, not whispers in corridors or nods from bank managers. There is absolutely no evidence to suggest that any such procedures were invoked. As far as the facts go, GTBank was merely a stop on VDM’s personal journey that day, not a conspirator in his arrest.

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    This issue goes far beyond one bank and one influencer. It speaks to a broader societal challenge in Nigeria and, indeed, across the world: our collective tendency to jump to conclusions, weaponize assumptions, and lash out at convenient targets. This behavior is amplified by not a few social media buffs who consume information in fragments, and who see outrage as more valuable than truth.

    The speed at which GTBank was dragged into this controversy should alarm anyone who values fairness and due process. In a society already struggling with misinformation, disinformation, and a growing distrust of institutions, we must be more careful with how we frame our narratives. It is neither responsible nor just to destroy reputations based on conjecture.

    It is common to see Nigerian institutions, banks, telecoms, hospitals, even public offices, come under attack when something goes wrong. Some of this criticism is well-deserved, no doubt. Many institutions need to do more to earn public trust. But when an entity is wrongfully accused or made to suffer reputational damage due to events beyond its control, the society must rise to its defense, not just for the institution’s sake, but for the sake of justice and accountability.

    GTBank has spent decades building its brand as one of Nigeria’s leading financial institutions. Like any large organization, it has had its fair share of criticism, but this particular situation, the arrest of a customer who visited one of its branches, is not its fault, and should not be made to seem like it is.

    To allow this misinformation to fester unchallenged is to participate in the erosion of corporate integrity. Tomorrow, it could be another bank, another school, another public institution, all falsely accused because they happened to be in the wrong place at the wrong time.

    There are more important questions that deserve the public’s attention: Why was VDM arrested? What charges, if any, have been formally filed against him? Was due process followed in his arrest and detention? What role is the EFCC playing, and how transparent has it been in its handling of this matter?

    These are the real issues that demand scrutiny. Redirecting anger toward an uninvolved party not only derails the conversation but also lets the real actors off the hook. Exonerating GTBank in this context is not a recourse to shield institutions from criticism, rather, it is an act of advocating for fairness, truth, and focus.

    It is said that in times of confusion, facts are our best compass. That compass is clearly pointing in the direction of GTBank’s innocence in the arrest of VeryDarkMan. The bank neither instigated, facilitated, nor benefited from the event. The arrest was a state action, carried out in a different location, and connected, according to legal sources, to entirely different matters.

    Let us not make GTBank the scapegoat for an incident in which it played no role. Let us be mature enough to separate presence from participation, and coincidence from conspiracy.

    Social media may thrive on heat, but newspapers, and history, must favor light. The truth is simple and unembellished: GTBank did not arrest VeryDarkMan. And that should be the end of it.

    Isaac is a Social Commentator and he’s writing from Abuja.

  • GTBank hikes SMS transaction alert fee to ₦6

    GTBank hikes SMS transaction alert fee to ₦6

    Guaranty Trust Bank (GTBank) has announced a revision in its SMS transaction alert charges, with the fee increasing from ₦4 to ₦6 per message effective Thursday, May 1, 2025.

    In a customer notice issued on Wednesday, the bank cited rising telecommunication service charges as the reason for the upward adjustment.

    “This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” GTBank stated.

    The bank emphasised the role of SMS alerts in enhancing account security and monitoring, saying, “Transaction alerts are important and help you keep track and stay in control of activities on your account.”

    Read Also: GTBank raises N209b in public offer

    Despite the new fee, GTBank assured customers that they could opt out of SMS alerts by choosing alternative notification methods.

    “If you prefer not to receive transaction alerts via SMS, you can update your preferences by completing the transaction alert form on our website and sending it to gtbankmailsupport@gtbank.com,” the message noted.

    Customers needing further assistance were advised to contact GTBank’s customer support helplines.

  • GTBank apologises for service disruptions, transaction delays

    GTBank apologises for service disruptions, transaction delays

    Guaranty Trust Bank (GTBank) has extended a heartfelt apology to its customers for delays and interruptions in transaction processing caused by a recent system upgrade.

    In a public message shared on Wednesday, the bank expressed deep gratitude for the patience, understanding, and unwavering support of its customers during the challenging transition period.

    The upgrade to the Finacle Suite of Core Banking Application Systems, designed to enhance agility and improve service delivery, encountered unforeseen technical issues that disrupted operations and affected customers’ personal and professional activities.

    Despite these setbacks, GT Bank announced that the technical challenges have been fully resolved and assured customers of a return to seamless banking services.

    The statement reads: “Dear Valued Customer, thank you.

    “Your trust is the foundation on which we stand, and your patience and support during this recent transition to a new core Banking System, has been nothing short of extraordinary.

    “When we began the process of implementing the new Finacle Suite of Core Banking Application Systems, our goals were clear: to remain agile as we grow, adaptable, and most importantly, to improve your service experience. Yet, we must humbly acknowledge the challenges along the way. The process, though necessary, brought with it delays in transaction processing and interruptions to what should be seamless service and we sincerely apologize for this.

    Read Also: GTBank announces transition to Finacle Core Banking Application System

    “We recognize how deeply this period of service disruptions affected your personal activities and business operations and we thank you for standing with us through it all, offering grace in times of frustration. Thank you for believing in us and allowing us the privilege of continuing to serve you. We are grateful beyond measure.

    “As we move on to our custom of seamless service experiences, we would like to assure you of our commitment to the goals we set at the start of implementing this change and that every effort we make hereon will be driven by a single purpose; to uphold the highest standards of service experience you expect and ensure that our relationship with you thrives far into the future.”

  • Buck-passing

    Buck-passing

     Banks can never be understood. They beg you to bring your money and at the same time refuse to release the money when the arises. I talk from experience. It is not the first nor the second or even the third. But this experience leaves a sour taste in the mouth. On November 4, I transferred N30,000 from my Sterling Bank to GTbank account. I was immediately credited only for the transaction to be reversed almost at the same time. Till today, the money has not hit my account despite the bank’s claim that I was credited.

    I lodged a complaint at Sterling on November 11 and followed up on November 18, only to be told that GTbank had sent a mail to Sterling that I have been credited. I obtained my statement of account from GTbank and saw on it that the transaction was reversed. But the mail sent to Sterling by

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    safurat.ojikutu@GTB claimed that I have been credited. It bore the log code: SBP00117222831. The mail and account statement vary. I believe the statement more than the mail.

    Why can GTbank not put its house in order? Why will the account statement and the email sent by its staff member be saying different things? What is up? With Sterling insisting that the money is not with them, it was hell on Monday morning as I shuttled between both banks to know the true position of things. For now, the money is hanging somewhere and it is probably with GTbank. When will it look into its books and rectify the problem? I will continue to call both banks out until the issue is addressed.

  • Customers experienced confusion, anguish due to GTBank’s technological upgrade

    Customers experienced confusion, anguish due to GTBank’s technological upgrade

    The last ten days have been filled with frustration and confusion for customers of the Guaranty Trust Bank (GTBank) due to the recent technological upgrade the bank underwent.

    Guaranty Trust Bank (GTBank) informed its customers of a transition to a new and advanced Finacle Core Banking Application System on Friday, October 11, 2024.

    The transition was scheduled to begin on Friday, October 11, 2024, and end on Monday, October 14. 

    Things didn’t go as planned though as customers faced many challenges throughout the week; they were unable to transfer funds to other banks or receive money from other banking institutions. Transfers to GTBank accounts from other banks were delayed for days, and many customers complained that their money was stuck. 

    The bank apologised and made an effort to reassure clients but the complaints kept coming in. Many customers were left dissatisfied and frustrated over the situation.

    Disgruntled consumers shared their grievances on X (previously Twitter):

    KingKay stated: “What @gtbank is doing can lead to loss of lives… People’s livelihoods are being withheld for weeks because they bank with GTB… Hospital bills, salaries, money for feeding… all these are being withheld for weeks because of one very stupid upgrade!!! @cenbank.”

    Okoh Paul Okoh expressed frustration: “For your peace of mind and safety! Do boycott @gtbank and @cenbank keep ignoring walai you all will never end well! Now they have changed the name narrative.”

    Another user, Mukhtharr, tweeted: “Something is wrong with GTBank. So I made a transfer to one Emmanuel, it failed but I was debited, I request a reversal and for 11 days no response. Yesterday, I got a reversal in the form of a transfer from a personal account. What’s happening? @gtbank_help.”

    Joseph Akinsanya also voiced concerns: “@gtbank @cenbank I sent 10,000 on two occasions on Saturday, 19th of this month. The transaction was not successful, yet you debited me 20,000. Kindly help me out with this, I have DM’d you already.”

    Read Also: Our digital banking channels are online – GTBank assures customers

    In another tweet, Mr. El-Bonga demanded accountability: “Dear @cenbank, what are you doing regarding the egregious incompetence demonstrated by GTBank and the likes of Zenith? Customers deserve to be treated with respect. They deserve to be compensated. There should be punishment for ineptitude.”

    Another @lohiii_ wrote: it’s been FIVE entire days & GTBank still hasn’t addressed/resolved this issue or even bothered to communicate with their customers. This level of negligence is beyond frustrating & completely unacceptable.

    Ezra Olubi: “funny how gtbank’s online victory laps about the “successful” core banking update is very much divorced from the reality of its customers.”

    The Bank’s operations is gradually returning to normal, although some customers are still experiencing issues with the digital services of the bank (Mobile app, USSD).

  • Our digital banking channels are online – GTBank assures customers

    Our digital banking channels are online – GTBank assures customers

    Guaranty Trust Bank (GTBank) has informed its customers that its digital banking channels are now online.

    In a message posted on its official X account on Wednesday, October 16, the bank thanked its customers for their understanding and their support.

    The statement reads: “We are pleased to inform you that services on our Digital Banking Channels are online and all our branches nationwide are open to serve you.

    Read Also: GTBank announces transition to Finacle Core Banking Application System

    “We are at work fine-tuning and optimizing our new systems to ensure that the quality of your service experience with us is significantly enhanced.

    “We thank you for your understanding and support during this transition; your continued trust means everything to us.”

    Customers of Guaranty Trust Bank over the course of the week complained about their inability to access banking services due to ongoing downtime, despite the bank’s claim of completing the transition to a new core banking application system.

    The bank’s latest statement seeks to reassure customers of its effort to offer a more robust banking experience with the new system in place.

  • GTBank announces transition to Finacle Core Banking Application System

    GTBank announces transition to Finacle Core Banking Application System

    Guaranty Trust Bank (GTBank) has informed its customers of an upcoming transition to a new and advanced Finacle Core Banking Application System.

    In a message sent to customers, the bank outlined the switch as part of its continuous efforts to enhance customer experiences through improved technology.

    The bank said the transition is scheduled to begin on Friday, October 11, 2024, and would result in the early closure of all GTBank branches nationwide at 12:00 p.m. on the same day.

    It stated that branches would remain closed throughout the weekend and are expected to reopen at 9:00 a.m. on Monday, October 14, 2024.

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    However, earlier on Monday the bank announced that there had been a delay in the transition so the resumption time for banks was moved to 12pm today.

    GTBank asked for tolerance during the temporary service outages and reassured clients that the upgrade was intended to provide more effective and secure financial services.

    The bank asked customers for their understanding and patience as it strives to offer a more robust banking experience with the new system in place.

  • Tambuwal hails GTBank’s bike initiative for pupils

    ONE hundred and twenty secondary school pupils in four communities in Sokoto State will no longer have to travel long distances on foot to school, courtesy of GTBank.

    The bank, through its CARES pilot empowerment scheme, donated the bicycles, helmets and books to deserving pupils in Takatuku, Ummaruma,Tambuwal and Silame.

    The gesture is aimed at ensuring no pupil misses school or drops out because of distance.

    Flagging off the distribution of 30 of the bicycles at Government Demonstration Secondary School (GDSS), Takatuku in Bodinga Local Government Area, Governor Aminu Waziri Tambuwal, urged corporate organisations to support education as no government could meet the sector’s needs alone.

    “We are grateful to GTBank’s unequalled initiative as a foremost corporate organisation for driving such a wonderful concept for education standards. Not just for the volume but the motive and impact on development of education in the state,” he said.

    The beneficiaries were selected from the communities based on distance and records of late coming to the school.

    The governor advised parents and guardians of the beneficiaries to  guide them on how best to use the  opportunity given by the bank.

    Representative of the Managing Director and Divisional Head, Northwest, GTBank, Mr Ahmed Liman, said the bank was committed to the development of humanity, especially in areas of education, infrastructure, and poverty reduction.

    “We want to build a future where no child is absent or drops out of school due to the barrier of distance. The scheme is in stages, from Enugu to Taraba and from Sokoto to Ondo and across Nigeria.

    “It is necessary for us to build a world where education is accessible and distance no longer stands as a barrier to its attainment,” he said.

    Also, Commissioner for Basic and Secondary Education, Alhaji Bello Guiwa, acknowledged the positive efforts of the bank to ensure educational advancement in the state.

    Principal of the school, Bello Tsoho thanked the bank for the laudable initiative.

    “We have no fewer than 30 male and female students from the school as beneficiaries. We are sincerely grateful to GTBank for guaranteeing the future of our children’s education through this wonderful support,” he said.