E-Financial
GTBank Deploys Technology for 1st Instant Money Transfer by Mobile Phone
Guaranty Trust Bank Plc is applying state of the art technology and breakthrough innovation to enable funds transfer on the mobile phone for the first time in Nigeria for GTBank customers.
The bank recorded another first of its kind mobile channel through which GTBank customers can conveniently perform third party transfers to both GTBank and other bank account holders in Nigeria, via their mobile phones, by simply dialling the USSD short code *737 with details of the amount and account number (NUBAN) of the beneficiary.
The *737* transfer service is a novel offering pioneered by GTBank in the Nigerian Financial Industry, that is safe, simple and convenient.
To initiate transfers to a GTBank account, the bank urged account holders to simply dial *737*1*Amount*NUBAN Account No# e.g. *737*1*1000*1234567890#.
The 737 transfer service has been introduced to build on the success of the Bank’s One Click Top –upservice; which offers GTBank customers an efficient and easy way to buy airtime on their mobile phones directly from their GTBank account by simply dialing a short USSD code (*737*AMOUNT#).
According to Mr. Segun Agbaje, managing director/CEO of the Bank, “we will continue to leverage technology to make banking, especially payments and transfers, faster, safer and more convenient for all our customers. He further stated that, “this service addresses the electronic banking requirements of our customers, irrespective of their phone type”.
The *737* Transfer service is only available to GTBank customers via their mobile phone numbers registered with the Bank and has minimum transfer limit of N1,000 and a daily transfer limit of N20,000.
Guaranty Trust Bank plc was established in 1990 and has within the last 25 years come to be recognized as one of the most profitable, innovative, service focused and well managed banks in the Nigerian financial market space.
The Bank has a record of “Industry First” innovations such as “GTBank Mobile App”, a mobile application that merges internet banking and mobile money service offerings to allow customers enjoy more flexible banking such as Check account balance, Transfer Funds to family and friends, Stop and confirm cheques.
Others are Bill payments, FX transfers, Flight Bookings, Airtime Recharge, Online Shopping, Purchase cinema tickets e.t.c. Other Industry Firsts include; Internet Banking, GTConnect; the interactive contact centre, Social Banking on Facebook, FastTrack, SME MarketHub, an online e-commerce platform and the first Naira MasterCard.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.
A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.
The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.
At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.
This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.
As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.
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