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Nigeria’s GTBank launches instant fund transfer through mobile phones

Africa-based Guaranty Trust Bank (GTBank) will soon make it possible for its customers in Nigeria to transfer money instantly through their mobile phones.

gtbank

The move will enable customers to carry out third party transfers to both GTBank and other bank account holders in Nigeria by dialing the USSD short code *737 along with amount details and the account number of the recipient.

The 737 service follows the bank’s One Click Top -upservice that allowed customers to buy airtime on their mobile phones directly from their accounts by dialing a short USSD code *737*AMOUNT#.

GTBank managing director Segun Agbaje said in a statement: "We will continue to leverage technology to make banking, especially payments and transfers, faster, safer and more convenient for all our customers. This service addresses the electronic banking requirements of our customers, irrespective of their phone type".

Only customers who have an account in the bank will be able to avail the service.

They will be able to transfer the amount through their mobile number registered with the bank. The service will have a minimum transfer limit of N1,000 and a daily transfer limit of N20,000.

Established in 1990, the bank is currently considered to be one of the most profitable and well managed banks in Nigeria.

The bank’s gross earnings and pre-tax profit rose by 17% each in the first quarter of the year.


Image: GTBank customers will be able to transfer funds through their registered phone numbers. Photo: courtesy of Stuart Miles/freedigitalphotos.net.