Nigeria: GTBank partners with Etisalat to launch mobile banking service

Jun 03, 2015

The GTEasySavers account operates like a regular bank account.

Guaranty Trust Bank Plc has partnered with Etisalat to introduce a new mobile banking service called GTEasySavers.

The bank said it is a savings account that is "easy to open and easy to save", designed to enable "the under-banked and unbanked individuals to achieve their financial goals while operating a regular bank account via their mobile phones", the Daily Trust reports.

Managing director of Guaranty Trust Bank Segun Agbaje said the GTEasySavers account operates like a regular bank account and is in line with the central bank's financial inclusion strategy, adding that it is aiming to make financial services more attractive to people who do not own a bank account.

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

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 has also partnered with Etisalat to offer a mobile banking service in the country.ADNFCR-2976-ID-801789759-ADNFCR