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Nigeria: GTBank launches money transfer service via mobile phone

20.05.2015

The service has a minimum transfer limit of N1,000 (€4.5) and a daily transfer limit of N20,000.

Guaranty Trust Bank Plc has launched a new mobile banking service allowing customers to perform third party money transfers to both GTBank and other bank account holders in Nigeria.

It said users only have to dial the USSD short code *737* with details of the amount and account number (NUBAN) of the beneficiary. The service has a minimum transfer limit of N1,000 (€4.5) and a daily transfer limit of N20,000.

The bank's managing director, Segun Agbaje, said in a statement seen by This Day that the bank "will continue to leverage technology to make banking, especially payments and transfers, faster, safer and more convenient for all customers."

Mobile banking is more and more popular in Nigeria. It has recorded a total of 15 million transactions since the inception of the scheme in 2012 with 58 million subscribers. The total value of the transactions to date is N430 billion.

In January this year, First Bank of Nigeria and the mobile operator Etisalat partnered to offer a mobile banking service which allow users to pay bills and pay for goods and services, receive and send money, withdraw cash, top-up airtime account and manage their bank accounts.ADNFCR-2976-ID-801788044-ADNFCR