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GTBank Maintains Leading Position as Best Bank in Nigeria, Wins Bank of the Year, Sierra Leone



GTBank has been named Bank of the Year Nigeria for the second time in a row and also Bank of the Year Sierra Leone.

Foremost African financial institution, Guaranty Trust Bank Plc has won the award for “Bank of the Year Nigeria” for the second year in a row at The Banker’s Bank of the Year Awards, regarded as the industry standard for excellence within the global banking sector. Guaranty Trust Bank Sierra Leone Ltd, a subsidiary of Guaranty Trust Bank Plc, was also recognized as the “Bank of the Year Sierra Leone” at the event, which held on November 29, 2018, at the Sheraton Grand London Park Lane, London, United Kingdom.

The Banker, a publication of the Financial Times, is the world’s leading monthly journal of records for the banking Industry, with over 90 years expertise in publishing developments in the banking industry in Africa and on the global scale. The Magazine’s Bank of the Year Awards celebrates leading financial institutions within the global banking sector who are setting new industry standards and driving innovation in financial services and customer experience.

Receiving the award on behalf of the Bank, Segun Agbaje, Managing Director/CEO of GTBank said; “We are honoured to be recognized as the 2018 Bank of the Year in Nigeria and Sierra Leone. These awards serve as further motivation for us as we continue to go beyond traditional banking services by creating innovative digital services that are less about us as bank and more about our customers and how we empower them with everything that they need to better their lives.

He further stated that “Our vision has always been to create an oasis in the financial services industry that leads, not only in earnings and returns on equity but also in maintaining world-class corporate governance standards and pushing the bounds in service delivery and customer experience. These awards reflect our sustained commitment towards this vision, which we will continue to pursue, driven by our passion for excellence and guided by our founding values of hard work, discipline and integrity.” Alongside its record for consistent year-on-year growth, GTBank is widely regarded by industry watchers as a trailblazer in the banking industry due to its many innovations in digital and financial services. Recently, the Bank launched Habari, Nigeria’s largest platform for music, shopping and lifestyle content and the first mobile platform created by a financial institution in the country that focuses on enabling people’s needs and lifestyle rather than providing regular banking products.

GTBank Website

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Banking / Insurance

Standard Chartered deepens investments in digital solutions




Standard Chartered recently reiterated its commitment to improving the overall banking experience of its clients’ through digitisation and technology.

With a renewed focus on strengthening its digital banking platforms to provide clients with multiple and convenient alternate banking channels, the Bank will be optimising its digital banking solutions and its branch network to cater to the evolving needs of its client.

The Head of Retail Banking, Standard Chartered Bank Nigeria Limited, Ebehijie Momoh, noted that the bank seeks to provide convenient and accessible banking for its clients everywhere and at anytime without time restrictions, physical limitations and dependence on branches.

She added that this plan also aligns with the financial inclusion and cash-less policy strategy of the Central Bank of Nigeria (CBN). “We have observed a significant increase in the use of our digital platforms by our clients compared to the use of our physical branches. This is in sync with observable behaviours in the digital age with customers embracing technology and digital channels to conduct transactions.

“Therefore to ensure we are optimizing all existing service platforms for the benefit of our clients, we continue to invest in upgrading our digital banking solutions and branch network.

“Our clients want flexibility, accessibility and efficiency in the solutions and services we provide and with our ongoing optimisation drive, they will be able enjoy these benefits from the comfort of their homes, offices or on the go.”

Earlier this year, the bank launched its first and fully digital retail bank in West Africa as an important milestone in its path towards innovation in its customer service value proposition and plans to roll this out in Nigeria shortly, following Ghana and Côte d’Ivoire.

The bank said it will also strategically merge some of its branches across the country- 14 branches will be merged, while maintaining a network of 21 large branches strategically located for the convenience of clients.These mergers enables the Bank to further reassign resources to other functions and locations that require more support with client interfacing.

– GuardianNG

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Banking / Insurance

Rotich pushes for bank mergers




Treasury secretary Henry Rotich. FILE PHOTO | NMG


Kenyan commercial banks should seek consolidation opportunities to strengthen and take advantage of business opportunities across the African continent, Treasury secretary Henry Rotich said last Friday.

Speaking during the signing of a Sh13 billion financing commitment with the German government, Mr Rotich welcomed the announcement of a merger between NIC Bank and Commercial Bank of Africa (CBA), saying it represented the direction that local banks should take.

He said West African banks had taken advantage of their size to expand into the rest of Africa and Kenyan financial institutions would similarly benefit from increased stability and strength.

“The merger is very welcome. Kenyan banks will benefit from increased stability and will be stronger when they are bigger. This should help our banks to be able to take advantage of opportunities elsewhere in Africa,” said Mr Rotich.

Ecobank and UBA banks that currently operate in Kenya have their origin in West Africa. They have been expanding across the continent in the past decade.

NIC and CBA announced the merger on Thursday, which, if successful, will create the third largest lender by assets in Kenya after KCB Group and Equity Bank.

The new entity will have Sh444.3 billion in total assets based on disclosures at the end of September, relegating Co-op Bank to the fourth from its current third position.

The merger is subject to approval by shareholders and regulators.

NIC has traditionally been strong in asset finance and has sought to expand its retail market presence with new branches and the launch of digital banking platforms. CBA, on the other hand, has been strong in corporate banking with ability to give big-ticket loans.

The merger places them in a stronger position to confront the headwinds that have faced the industry since the commencement of restrictions on movement in lending rates in September 2016.


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Banking / Insurance

Zenith Bank launches POS payments without cards




Zenith Bank Plc has launched the Unstructured Supplementary Service Data, USSD, payments on Point of Sales (USSD on POS), enabling customers to pay for goods and services via POS terminals in merchant locations or on e-commerce websites without the use of cards.

The innovative payment solution, which is powered by CoralPay, allows Zenith Bank customers to use the *966# Eazy Banking (USSD) to pay for goods and services on POS terminals in merchant locations or on e-commerce websites through the generation of a payment code on the POS terminal which is then confirmed by the customer using their USSD pin.

At the launch of the new payment solution, the Group Managing Director and Chief Executive Officer of Zenith Bank Plc., Mr. Peter Amangbo, said: “This solution is an exciting and highly innovative initiative in promoting financial inclusion, facilitating payments by customers either remotely in the comfort of their homes/offices or at merchant locations without the use of a payment card. With this solution, customers in remote locations plagued with challenges of poor Internet access can now carry out transactions easily using their feature phones.”

Zenith Bank’s *966# Eazy Banking on POS will further drive financial inclusion through agency banking. It also allows bank customers, irrespective of their bank, to carry out withdrawals from their accounts or wallets without cards on the POS terminals at agent locations.

The solution has been successfully connected to all existing POS terminals through integration with leading Payment Terminal Service Providers (PTSPs) and directly to e-commerce sites (Websites) of Zenith Bank merchants/customers.

It also supports wallet-to-wallet transactions across provider banks and Mobile Money Operators (MMOs), enabling interoperability across platforms, financial institutions and payment service providers (PSPs) in the payment industry. (NAN)

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