In a notable development over the weekend, Guaranty Trust Bank (GTB) heralded a new era of banking convenience by unveiling its groundbreaking 737 mobile money transfer service. The offer, designed to cater specifically to registered mobile device users, ensures seamless fund transfers not just within GTB’s vast user base but with other banks as well.
A front runner among its industry peers, GTB already provides a range of impressive top-up services. These services allow customers the convenience of topping up their call credits using powerful short codes or through highly accessible ATM machines. GTB’s move towards digitizing money transfers further underscores their commitment to leveraging cutting-edge technology for optimized customer experience.
GTB’s CEO, Mr. Segun Agbaje, encapsulates the bank’s vision eloquently, “We will continue to leverage technology to make banking, particularly payments and transfers, faster, safer, and more convenient for all our customers.”
As with most financial operations, there is a small caveat to the convenience of the 737 service – users can only facilitate a minimum of 1,000 Naira and a maximum of 20,000 Naira transfers on a daily basis.
The image above illustrates the effortless simplicity imbibed within the 737 service. To transfer to a GTB account, customers merely need to dial *737*1*Amount*Nuban account number#, while fund transfers to other banks require switching the ‘1’ to a ‘2’. And voila, the transaction is complete.
The technological revolution within Nigeria’s financial sector unleashed unprecedented growth and enabled the creation of a wealth of opportunities for both skilled and unskilled labor. The financial sector consolidation provided banks with greater capital access, empowering them to invest and innovate heavily in tech. Marrying these advancements with growing tech appreciation among local populations, banks, like GTB, are continuously coming up with innovative products and technologically advanced services that make online transactions easier than ever before.
Among Nigeria’s banks, GTB distinguishes itself as one of the most technologically advanced players in the game. It has amassed a vast customer base owing to its innovative services like social media banking and enhanced customer service. Their commitment to adaptability isn’t limited to just social media integration but extends to pioneering moves such as United Bank for Africa’s (UBA) recent launch U-social. U-social is a total banking platform that enables customers to conduct banking activities via social media.
On the global front, technological innovation in banking is not new. In Kenya, M-Pesa has been around for quite some time and has grown tremendously, earning recognition from reputed platforms such as Bloomberg and other western media as a banking model for the future.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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