Guaranty Trust Bank plc (GTBank) has disclosed its plan to win the digital payment space in coming years and as such reiterates its commitment to customer satisfaction.
However, the bank has reported 50% increase on mobile banking value to N8.76trillion as against N5.8trillion reported in 2018 while its Mobile bank volume grew by 67 per cent to 154.8 million in 2019 from 92.2 million in 2018.
GTBank also disclosed 32.8 per cent increase in its Unstructured Supplementary Service Data (USSD) transactions in 2019 to N3.55trillion as against N2.68trillion reported in 2018.
The lender in its presentation to investors and analysts disclosed that total volume of USSD transaction in 2019 was 575.8 million, 33.4 per cent increase over 431.7 million reported in 2018.
The bank explained that total number of USSD unique users grew by 32.6 per cent from 4.6 million in 2018 to 6.1 million in 2019, while total number of active users on the USSD platform increased by 1.1 million from 3.7 million in 2018 to 4.8 million in 2019.
According to the report, as USSD and mobile banking increased last year, GTBank’s internet banking dropped by 2.9 per cent to N2.1 trillion from N2.17trillion in 2018 while internet banking by volume also dropped by 14 per cent to 11.8 million as against 13.7 million in 2018.
In all, the financial institution reported N18.42 billion income from digital banking in 2019, 59 per cent increase over N11.61billion reported in 2018.
The breakdown revealed that commission on NIP transfer increased by 79 per cent from N6.23 billion in 2018 to N11.15billion in 2019 while USSD convenience fee gained 34 per cent to N2.13 billion in 2019 from N1.58 billion in 2018.
In addition, E-channel income/bills payment grew by 52 per cent to N1.92billion in 2019 from N1.26 billion in 2018 and earning from mastercard/others added 28 per cent to N3.23 billion from N2.53 billion reported in 2018.
GTBank in 2019 had 18.5million customers with 30 e-branches and cash centres. The bank also had 21,540 active POS terminal, 5.39 million active cards users, 576 million unique transactions and 435,000 unique mobile app users.
The Chief Executive Officer, GTBank, Mr. Segun Agbaje had said the bank would continue focusing on caring about human feelings to win the digital payment space in future.
He said, “I will be lying if I tell you that the bank that will win the payment space in future is one with the best technology.
“So, the person that is going to win, whether a FINTECH, a TELCO or a bank, is one that is going to build the right technology that can leave customers with that feeling that there are people who care about them and not artificial intelligence.”.
The CEO said the bank was well placed to win, as it had the required digital platforms. “We have GT-Connection, GTPay, GABS-Lite, we have all the digital platforms required.
“In addition, we have “Habari”, a digital platform for children. No matter what the people say, it is the most successful interactive platform in Nigeria today.
“ On it we have music, on it we have E-Commerce, on it we have the credit, we have the most successful of all endowed things on that platform.
“We are going to put travels, event management and you are going to come into our ecosystems and you will believe that we care about you,” Agbaje said.
The CEO said another reason that the bank was going to win was that it never stopped interacting with people.
According to him, the idea of Fashion and Food fair is so that the bank can engage with small businesses that are in those segments. For each of these events, we bring more than 250,000 people in two days and continue to engage them and try to understand what they want.
“So already, we are beginning to put that balance together between a digital platform and a human experience; we care about our people and we have the ability to build a successful business platform,” he said.
Agbaje said what was driving the payment space was the people and SMEs. “We have 180 million SMEs in Africa doing 4.5 billion transactions a day, so when you take the young population, you take the huge proliferation of SMEs that you have, then you see the engine of growth that is really driving the payment space,” he said.