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.
The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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