Wednesday , December 1 2021

GTBank hits N1.74trn USSD transactions in 6 months

In the first half year of 2019 (H1), Guaranty Trust Bank Plc (GTBank) has reported a total value of N1.74 trillion transactions on its Unstructured Supplementary Service Data  (USSD), an increase of 41 per cent from N1.23 trillion reported in prior  half year 2018.

The breakdown for H1 2019 revealed that a N235.59billion USSD transactions was recorded in January; N245.95 billion in February; N306.83 billion in March; N323.95 billion in April;  N327.09 in May and N297.95 billion in June.

According to the GTBank report, the bank recorded a total volume of 265.1 million USSD transactions in H1 2019, an increase of 35.5 per cent from 195.9million reported in H1 2018.

The bank in its “Digital Banking and USSD performance” report disclosed that the total number of USSD unique users grew by 20 per cent to 5.5 million in June 2019 from 4.6 million in December 2018.

The bank further disclosed that, total number of active Users on the USSD platform also increased by 1 million users from 3.7 million in Dec. 2018 to 4.7 million in Jun. 2019.

Mobile Banking showed N3.95trillion total value of transactions in H1, an increase of 55 per cent from N2.57trillion in H1 2018, while its volume grew by 62 per cent to 61.7 million in H1 2019 from 38.2 million reported in H1 2018.

However, GTBank’s internet Banking dropped by 8per cent to N1.040.4 billion in the first six months under review from N1,125.1 billion total value of internet Banking transaction reported in the prior first six months of 2018.

Consequently, Internet banking by volume also dropped by 13 per cent to 6 million in first six months of 2019 from 6.9 million in first six months of 2018.

With all indications, the bank’s customers are embracing USSD and Mobile Banking transactions  as it is fastest means to transacting business conveniently.

GTBank with 265million unique transaction on its *737# and 413,640+ unique users on its GTWorld app, is one of Nigeria’s leading financial institution in the Electronic banking space.

Reports has it that fee and commissions income grew by 29.2per cent to N35.35 billion  from N27.4 billion in H1 2018, on the back of increased transaction volumes across all our digital channels

Also, income earned from growth in volume of foreign exchange transactions and new loan bookings further complemented Fees and Commission Income line.

Further checks revealed that GTBank in the period under review recorded an E-Business income that grew by 67.1per cent to N7.13 billion from N4.27 billion reported in H1 2018.

The Managing Director, GTBank, Mr. Segun Agbaje had said, “As part of our strategy to grow our retail business, we are continuously making our banking processes and touch points simpler, easier and faster, irrespective of where and when our customers choose to bank.

“This has enabled us improve the customer experience across all our touch points; from expanding the range of functionally we offer on our interest, mobile and USSD banking platforms, to ensuring better experience in our branches and providing more intelligent Automated Teller Machine (ATM) to allow customers save time through efficient self-service.

He explained to shareholders that over the years, the bank has shared how digital technologies have changed its competitive landscape in the banking sector.

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According to him, digital technologies have dissolved the boundaries between industry sectors and banking has not been spared from this disruption.

He said GTBank intends to continue to win and dominate and move beyond its traditional role as enablers of financial transactions and providers of financial products, to playing a deeper role in the digital and commercial lives of customers.

In his words, “We are investing and building our digital capabilities, and also actively seeking to collaborate with FinTech companies. Whether we compete or collaborate, we will be aggressively pursuing these digital opportunities to strengthen our traditional businesses, and going beyond being a bank to becoming a platform that enriches the lives of all the customers that it serves.

“As a platform for enriching lives, we are transforming   our organization into a business enterprise that is all about creating value for its customers.

“By providing our retail customers with the information and access that they need to make decisions, offering our  financial capabilities to high and corporate institutions and leveraging our brand and networks to support small businesses we will ensure that we continue to add value to our customers and develop meaningful relationships and partnerships.

“Simply put, we are putting our customers first in everything that we do by offering a differentiated and personalized user experience,” he explained.

About Bukola Olanrewaju

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