Guaranty Trust Bank has introduced its mobile money product in a worldclass partnership with MTN to the Nigerian market. This development is pursuant to an approval-in-principle granted by the Central Bank of Nigeria for a pilot roll-out of mobile money services.

The GTBank Mobile Money service is designed to be a convenient, secure and affordable way of sending money using a mobile phone. The service, which is currently available to all MTN subscribers can be accessed with any mobile phone as long as the subscriber has a duly registered Mobile Money-enabled SIM card. Services offered on the platform include; phone to cash transfers, scratch card upload, phone to phone transfers, airtime purchase amongst others.

Commenting on the partnership, Acting Managing Director of GTBank, Mr. Segun Agbaje said “counting on GTBank’s robust banking and IT infrastructure and MTN’s expertise in the communications industry, the mobile money partnership has gone a step further in bringing banking services closer to the population – especially the unbanked who are more likely to have a cell-phone than a bank account”.

A distinctive feature of the GTBank Mobile Money service is its capacity to allow subscribers whose SIM cards have been duly registered in line with Nigeria Communications Commission (NCC) recent directive, to send cash to recipients that do not have mobile phones or bank accounts. All the recipient needs is to visit the nearest accredited MTN agent to cash the funds.

To subscribe for this service, any MTN subscriber can send the SMS, “Money” to 400 and follow the instruction prompts. Subscribers who do not have a Mobile Money-enabled SIM can effect a SIM swap at any MTN authorised dealer or Connect centre.

A toll-free line “118” has also been established to resolve customer complaints and issues.

Established in 1990, Guaranty Trust Bank has grown organically to become one of West Africa’s most innovative, service-oriented and technology-driven organisations with subsidiaries in Anglophone West Africa (Nigeria, Ghana, Gambia, Sierra Leone, Liberia) and the United Kingdom. The bank introduced such service-driven innovations to the Nigerian Banking industry like Real-time, online Banking; GTBank on Wheels – a mobile bank; Drive-thru-ATMs amongst others.