GTBank reports N2.67trn USSD transaction in 2018

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Stories by Kayode Tokede

Guaranty Trust Bank plc (GTBank) has reported N2.67 trillion (Unstruc-tured Supplementary Service Data) USSD worth of transaction in 2018, an increase of about 56 per cent from N1.7 trillion reported in 2017.

Commercial banks in the country have leveraged on USSD of the Central Bank of Nigeria (CBN) to drive cashless policy.

The USSD banking is a type of banking that enables customer carry-out bank transactions by simply dialling a short code on your phone. It does not require the use of internet/web.

Meanwhile, for full year ended December 31, 2018, the lender continued to drive the adoption of USSD and grew its users to 4.6 million with 3.7 million of the reported as active users as at December 31, 2018.

The bank’s total number of USSD active users increased by 8.8 per cent from 3.4 million in 2017 to 3.7 million in 2018.

The lender in a report maintained that “in addition to the ease and simplicity, the continuous introduction of new service offerings and upgrade of existing ones has been the major attraction for new and existing customers to the USSD platform.”

According to the report, total volume in 2018 gained 44 per cent to 431.7 million from 299.8 million in 2017.

In a statement, the Managing Director/CEO of GTBank , Mr. Segun Agbaje said, the lender is building a future with the massive potential of digital technologies

According to him, “we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform; Habari.”

For the year under consideration, the report obtained by Nigerian NewsDirect revealed that GTBank reports 55 per cent increase in mobile bank to N5.8 trillion from N3.77 trillion reported while mobile banking volume rose by 65 per cent to 90.5 million as against 54.7 million in 2017.

Internet banking on GTBank platform dropped by 34 per cent to N2.17 trillion in 2018 from N3.28 trillion in 2017 while volume of internet banking also dropped by 65 per cent to 13.7 million from 39.6 million in 2017.

With over 14 million customers, 4.8 million active cards, and 431 million unique transactions on its *737#, GTBank’s Electronic-business Income rose by 28.2per cent to N9.59 billion in 2018 from N7.47 billion reported in 2017.

GTBank’s *737# offers a very simple banking alternative which remarkably does away with virtually all of the limitations of not just conventional banking (going to a bank branch for banking services), but also online banking.

The USSD, *737# offers a wide range of banking services, from money transfer to card less withdrawal, bill payments, airtime recharge and even unique services like token pin generation, checking the status of cheque book request, retrieving internet banking details, among others. It is not just about the wide range of services available on the 737, but how the services are delivered; by simply dialing *737# on any mobile phone.

During the introduction in early 2016, the MD of the bank said, “We have seen remarkable success in the volume of transactions via the Bank 737, and this is largely due to the simplicity of the platform and the convenience that it affords our customers.”

Agbaje added that, “The introduction of Bank 737 marks another milestone in our quest to make banking truly simple for our customers. We remain firm in our objective to delivering banking products and services tailored to meet the diverse needs of our ever-growing customer base by leveraging on technology to make banking services more accessible, faster and safer for all our customers.”

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