GTBank reports N1.69trn on USSD transactions in 2017

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Guaranty Trust Bank Plc (GTBank) has reported N1.69 trillion transactions on Unstructured Supplementary Service Data (USSD) in 2017.

The bank in its 2017 investors & analysts presentation said active USSD Customer base grew by 63 per cent y-o-y from 1.9 million in 2016 to 3.1 million unique customers in 2017.

The lender in 2016 reported a total value of N864.5 billion USSD transactions as the bank’s customer continued to grow in the level of adoption of digital banking both in volume and value.

Volume on USSD transactions in 2017 was 289.6 million, an increase 87.3 per cent from 154.6 million reports in 2016.

The bank said Total Value of Mobile Banking transactions hit N3.4 trillion in 2017 from N2.1 trillion in 2016 while volume of Mobile Banking gained 92.1 per cent to 49.5 million from 25.8 million.

According to the report, Internet Banking Total value in 2017 was N3,278.7 million, an increase of about 60.5 per cent from N2,042.8 billion in 2016.

Meanwhile, total volume of internet Banking gained 82.4 per cent to 39.6 million from 21.7 million in 2016.

The bank reported 287 million unique

GTBank had introduced *737# service  years back on its network that allows its customers make third party funds transfer via USSD codes on their mobile phones.

The Chief Executive Officer, GTBank, Mr. Segun Agbaje, had said that the bank was leading the future of payments and service delivery with the 737 platform it introduced a year ago.

The bank boss said “within a year of the introduction of the service, the bank recorded an uptake of over three million customers, with over N1 trillion in transactions on the platform.”

He added that the platform had gained ubiquitous acceptance and global recognition.

He noted that the bank would continue to make its banking processes and touch points simpler, easier and faster, irrespective of customers’ location.

The bank is clearly not looking for heavy traffic on the channel with a minimum transfer limit of N1,000 and maximum of N20, 000 daily.

GTBank is building on a technology it introduced  late 2014 that allows its customers buy airtime on their mobile phones from their GTBank accounts by dialing USSD code; *737*AMOUNT#, a service which extended few months after to allow bank customers recharge other numbers aside numbers registered with the bank on account opening.

To initiate transfers to a GTBank account, a sender will dial *737*1*Amount*NUBAN Account No (10 digit account number)# and for transfers to a recipient in another bank, the sender will dial *737*2*Amount*NUBAN Account No (10 digit account number). The transaction will then be authenticated by the sender inputting the last four digits of their GTBank Naira MasterCard. The only catch is that the number from which the transaction is initiated be registered along with the sender’s bank account.

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