What GTBank Tends To Achieve with MarketHub for Nigerian SMEs

Guaranty Trust Bank (GTBank) Plc, Africa’s Bank of the Year, as part of measures to empower Nigerian Small and Medium Enterprises (SMEs), launched first e-commerce portal for different categories of businesses.

However, the portal, Nigeria CommunicationsWeek learnt, apart from revolutionising e-commerce in Nigeria, it will redefine Know-Your-Customer (KYC) with close to 6000 merchants already enlisted on the portal. 

 The portal, ‘The SME MarketHub’, is part of GTBank’s strategy to support the local SMEs and contribute to the growth and development of the Nation’s economy.

 Segun Agbaje, chief executive officer, GTBank, said, it is vital that the integral sector of the economy gets all the support it needs to drive growth and development.

He said, “E-commerce is widely acknowledged as a powerful tool for fully enhancing business possibilities as it opens up a world of businesses to customers and a world of customers to businesses.

“The speed, efficiency and convenience with which transactions can be completed are distinct advantages that e-commerce has over traditional means of transacting business. With the platform that allows small and medium business owners create & maintain an online presence and expand their business frontiers to new markets and millions of buyers that are online”.

Agbaje added that GTBank Plc has been at the forefront of industry innovations within the Nigerian financial service sector.

On her part, Mrs Lola Odedina, general manager and head, Communication and External affairs, all of Guaranty Trust Bank PLC speaking during the SME HUB Launch at the weekend, said, the Bank wants SMEs to think online, as businesses that lack online presence, seemingly, lack credibility.

 “Today, having an online presence is crucial to remaining competitive and achieving growth within the global market. GTBank’s value proposition is to provide businesses with the technology and knowledge tools to trade online and gain global visibility.

 “We are here to help our customers take advantage of growth opportunities and develop the right e-commerce approach and strategies. Benefits include: establishing a digital and global footprint; reducing operating costs associated with expanding physical footprints like rent, utility bills, employee and furniture costs; expanding your customer audience and establishing an alternative distribution channel for sales and services,” Odedina said.

 During a presentation on the requirements to join the SME marketHub, Ms Ololade Fadoju, head, E-Commerce, GTBank, said that setting up an SME Market Hub storefront for one’s business is free, although merchants are expected to have registered business in Nigeria, “and have one of the following accounts: GT business account; corporate current account or GTMax account”.

Merchants are also required to complete and submit other necessary documents which  Odedina described as would spur second level KYC in the system.

GTBank had in the past introduced social banking; the first of its kind by any Nigerian Bank which allows GTBank Social Account holders transfer money, purchase airtime, pay bills and confirm their account balances on Facebook as well as the introduction of a ‘Fast Track’ banking system that allows its customers deposit and withdraw money within its branches using their debit cards,” he added.

GTBank Plc was established in 1990 and has within the last 24 years come to be recognised as one of the most innovative and service focused banks in the Nigerian financial market space.