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GtBank introduces naira denominated mastercard

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By Babajide Komolafe
Guaranty Trust Bank has introduced the first MasterCard branded, Naira denominated debit cards in Nigeria.The Bank in a statement said, “This innovation, which is also an ATM card, is fortified with the Chip and Pin technology and linked directly to the customer’s account. It allows the cardholder withdraw cash from all Automated Teller Machines (ATMs) which bear the MasterCard logo or stickers and pay for goods and services at MasterCard Point of Sale (POS) terminals.

With this initiative, existing GTBank CashPlus (ATM) cards are being phased out and replaced with the EMV-Compliant, Chip enabled GTBank MasterCard Debit (Naira) cards. However, GTBank customers will still be able to use their CashPlus Debit card until expiration of their cards Ronke Kuye, General Manager and Head, E-business at Guaranty Trust Bank, whilst speaking on the launch said, “The Naira Denominated GTBank MasterCard Debit is a world class and innovative product that has met the stringent EMV standards and will offer enhanced security and convenience to customers of the Bank”.

Guaranty Trust Bank has been in the fore-front of innovation in the Nigerian Banking sector since its inception with the pioneering of Real time online banking in 1990 and has over the years championed the introduction of novel e-products such as Mobile, Telephone and Internet banking in 2002, Slip-free banking in 2006, Nigeria’s first fully interactive self service call centre; GT Connect in 2006 as well as Drive-Through-Banking and GTBank on wheels in 2007.

Currently operating from over 160 branches and in five banking subsidiaries established outside of Nigeria – Guaranty Trust Bank (Gambia) Ltd Guaranty Trust Bank (Sierra Leone) Ltd, Guaranty Trust Bank (Ghana) Ltd, Guaranty Trust Bank (Liberia) Ltd and Guaranty Trust Bank (UK) Ltd, Guaranty Trust Bank plc is easily recognized as one of the most innovative financial institutions in Nigeria.
The Bank was recently recognized as the Most Customer Focused Bank in Nigeria by KPMG in 2009 and the Best ICT support Bank of the Year at the 2009 National ICT Merit awards.”

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