The Central Bank of Nigeria (CBN) vision is to achieve a stronger payment system by 2020, a revolutionized banking system needed to position Nigeria among 20 strongest economy in the world.
The main reason CBN introduced electronic-banking in Nigeria is to reduce the number of customers that enter banking hall and create time-saving services for those that wanted to deposit.
Also, the motives are structured to provide a safe and efficient mechanism for making and receiving payments with minimum risks.
Over the years, the apex banking regulating body had rolled out series of incentives to fast track ease banking operation in the country with the introduction of 10-digit Nigeria Uniform Bank Account Number (NUBAN), among others.
Banks operating in the country are awakening to the CBN electronic initiatives with introduction of e-banking services such as Mobile money transactions, Internet Banking, ATMs (credit/debit), and POS terminals devices
Some banks have gone far in enhancing mobile banking transactions with USSD access channels.
But it all started with Guaranty Trust Bank Plc (GTBank), and since last year, many banks in Nigeria have joined the list.
GTBank has shown readiness to play a major role in the mobile payments services, focusing on adding incremental business to the Bank, growing the number of accounts and adding to profitability through growing electronic income.
The bank in 2015 generated about N16.5 billion in Electronic-business Income from N5.2 billion in 2014.
The most profitable bank in Nigeria has introduced a USSD *737# that intend to drive its mobile banking anywhere, anytime without the use of sophisticated phone.
*737* Transfer is a mobile channel which enables GTBank customers conveniently perform third party transfers to both GTBank and other bank account holders in Nigeria, via the mobile phones, by simply dialing the USSD short code *737 with details of the amount and account number (NUBAN) of the beneficiary.
With *737#, GTBank customers can open account, transfer money anywhere in Nigeria, load airtime and/or data, check account balance anywhere and Bill Payment.
Opening a GTBank account with *737# gets easier
GTBank customer is expected to dial *737*0# and follow the onscreen prompts. An account number will be created automatically and sent to customer via SMS.
Account opening forms are NOT required for the signup process. Once a customer signs up, it is expected he looks out for 10-digit account number (NUBAN)
| Benefits | Features |
| One time visit for authentication and BVN linking | Maximum deposit per transaction is N20,000 |
| Open an account without completing any form. | Maximum account balance is N200,000 |
| Save on a daily, weekly or monthly basis at a yearly interest rate of 3.9 per cent | No airtime or data needed to open an account |
| Deposit and withdraw money at GTBank branches, GTExpress locations. |
GTBank customer can transfer money anywhere in Nigeria
GTBank customer is expected to dial *737*1*Amount*NUBAN Account Number# (e.g. *737*1*1000*1234567890#) from the phone number registered with GTBank, then follow the on-screen prompts.
Transfer to other banks: Dial *737*2*Amount*NUBAN Account Number# (e.g. *737*2*1000*1234567890#) from registered phone with GTBank, then authenticate the transfer with the last four digits of GTBank debit card.
| Benefits | Features |
| It’s a convenient way to send money | Daily transaction limit of N200,000 |
| *737*transfer is available 24/7 | Works with phone numbers registered with GTBank |
| The entire transaction process takes about 10 seconds | Subject to phone network signal |
| With *737*transfer, you can transfer to other Nigerian banks | Money is deducted directly from your GTBank account |
*737# used to load airtime and/or data on phone
| How To:
|
Features | Benefits |
| Self top-up airtime
Simply dial *737*amount# on your phone (e.g. *737*1000#) to buy airtime. |
The phone number where the purchase is made from MUST be a number registered with GTBank | It’s quick and simple to use
|
| Buying for a friend
To send airtime to a third party or to a friend, simply dial *737*Amount*Recipient’s number# (e.g. *737*1000*08023456789#) |
The service is available to Glo, MTN, Airtel and Etisalat subscribers | Airtime can be bought 24/7 |
| Self top-up data
Simply dial *737*4# on your phone and follow the on-screen prompt. |
The money is deducted directly from your GTBank account | The entire process takes about 10 seconds
|
| Daily recharge limit is N10,000 | Airtime is loaded as soon as the process is completed |
During the launching, Managing Director/CEO of the Bank, Mr. Segun Agbaje, said, “We will continue to leverage technology to make banking, especially payments and transfers, faster, safer and more convenient for all our customers. He further stated that, “this service addresses the electronic banking requirements of our customers, irrespective of their phone type”.
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