In the blog, we will answer the question “How does GT bank make money”. Alongside we will also look into the business operations of GT bank, As well as the features it offers to its customers.

how does GT bank make money works

GT Bank generates revenue from E-businesses. In addition, to check writing, portfolio management, tenured deposits, foreign exchange forward contracts, financial advising, customer synergy, loan syndication, and corporate account administration, GT Bank provides the following services.

What exactly is GT Bank?

Guaranty Trust Holding Company, often known as GTCO PLC, is a multinational financial services company located in Victoria Island, Lagos. It offers wholesale banking, asset management, income management, and payments services.

What is the history of GT Bank?

The business was founded in Nigeria in 1990 as a kind of limited liability corporation. Since its founding in February 1991, the bank has evolved to become one of the most recognizable and service-oriented financial institutions in Nigeria. Guaranty Trust Bank plc received the Nigerian Stock Exchange’s President’s Merit Award from September 1996 to September 2009.

The CBN gave the bank a worldwide banking license and classified it as a settlement bank in 2002. 2003 Guaranty Trust Bank was able to expand its operations and compete more effectively against global financial institutions as a result of around 11 billion nairas in funding from Nigerian investors. It meant the bank was on track to fulfill the Nigerian 25 billion minimum capital base requirement imposed by the National Central Bank in 2005 to clean up and strengthen Nigerian institutions.

Following the purchase, Guaranty Trust Bank plc opted to concentrate on retail banking. In June 2005, the company underwent a rebranding that resulted in increased services, an audacious growth plan, and an eye-catching orange identity.

2007: The bank launched a US$350 million regulation S Eurobond and a US$750 million Global Depositary Receipts (GDR) issuance. The Bank’s GDRs were listed on the main market in July of that year, making it the first Nigerian and African bank to do so.

The Bank successfully issued a $500 million non-sovereign benchmark bond in May 2011. (other than South Africa). The very successful deal, which will expire in 2016, significantly enhanced GTBank’s brand trust among worldwide banks.

On the international capital market, the Bank of Africa issued the first 400 million Euro bond, with a coupon rate of 6%. The Eurobond was made available to investors in Africa, America, Asia, and Europe via the Global Medium Term Note Program, which was registered with the Securities and Exchange Commission in the United States and the United Kingdom following Regulation FD.

GT Bank’s subsidiaries

Guaranty Trust Bank plc is a market leader in financial services in West Africa (Anglophone and Francophone), East Africa, and Europe. Its headquarters are in London. The bank employs around 10,000 people in Nigeria, Cote d’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom, and has a total asset value of over N3.11 trillion.

Since its founding in 1990, it has increased its customer base and major financial indicators year after year, based on a foundation of quality, professionalism, and best practices. The Bank has been devoted to offering innovative financial solutions and great client experiences since its establishment. The Bank’s operations are guided by eight fundamental principles, which include employee behavior and service delivery techniques. Simpleness, professionalism, service, friendliness, quality, trustworthiness, social responsibility, and innovation are just a few of these values. A collection of restrictions dubbed the Orange Rules was devised in honor of the Bank’s characteristic color, a brilliant orange.

Apart from providing exceptional service, GT Bank’s commitment to the progress of their host communities is even more important to us than providing exceptional service. As a result, social responsibility is a critical component of the GT Bank business model, with a significant amount of their annual revenue dedicated to high-impact programs supporting education, community development, the arts, and the environment, among other areas.

Guaranty Trust Bank plc’s objective is to establish a lasting Proudly African and Truly International Institution that serves as a Platform for Enriching Lives by establishing strong, value-added connections with its customers, stakeholders, and the communities in which they operate. This will be accomplished via the establishment of long-term, value-added connections with their customers, investors, and the communities in which they operate.

GT Bank’s Banking and Financial Advisory Services

  • Foreign Currency Drafts Issuance
  • Foreign Currency Transfer of Funds in Transit Purchases and Sales of Foreign Currency
  • Contributions to SSNIT’s Treasury Bill Remittance Services
  • MoneyGram Funds Transfer
  • Western Union is a money transfer company that operates on a worldwide scale. Funds Transfer
  • RIA for Money Transfer
  • Transferring Money in a Small World
  • Transferring Funds through Unity Link
  • Vigo E-Business Services Bank 737

You can open an instant account, pay bills, transfer funds to any bank account in Ghana, purchase airtime and Treasury bills, link your bank account to your Mobile Money wallet, transfer funds between your wallet and your account, and link your bank account to your Mobile Money wallet, all without leaving your home or office.

Union Pay Cards in China

Chinese people in Ghana, tourists, students, businessmen, and women may now withdraw cash and check their account balances at any GTBank ATM in Ghana by using their China UnionPay cards.

G-Cash

G-Cash is an online money transfer service that enables you to send money to any destination in the country (up to GHS10,000.00 per transaction). Beneficiaries may get cash or a draught at any of the company’s locations around the nation.

System for Notification of Cheque Returns

Customers are alerted through SMS or email when a third-party financial institution returns their incoming checks to the bank. To provide an accurate depiction of the check(s) returned, the message contains information such as the check number, amount, and issuing bank.

GTDirect

GTDirect allows users of GTBank to transfer funds between their cedi accounts or between their cedi accounts and those of a recipient in Ghana. The automated clearing house (ACH) system is identical to the fully automated online transfer system.

Customers who have already enrolled with GTBank for Internet Banking may request this service at any GTBank branch. Customers who have not yet completed their Internet Banking profile are required to finish it before accessing this service. Customers may request to be profiled for the service via their account officers or any bank’s CIS desk.

It’s simple to use, safe, and secure. It saves customers time by allowing them to transfer money to their own or a beneficiary’s cedi account from the comfort of their own home or from anywhere in the globe through a computer or mobile internet device. Customers would be prompted to establish an account-specific secret question and answer. This private response would be utilized for any transactions with third parties. Customers may regain access to their lost passwords online by providing their secret questions and answers.

Guaranty GeNS (Guaranteed Electronic Notification System)

You will get notification of transactions on your account (deposits, withdrawals, and transfers) through the Guaranty Trust Electronic Notification System (GeNS), which will be provided to you by email or text message (s).

  • You’ll get real-time information on your accounts.
  • Facilitates and expedites account monitoring.
  • An effective fraud alert is delivered in the case of unauthorized transactions on a customer’s account.
  • Distributor payments may be approved even without deposit documents.

Money Transfer via Guaranty Trust (GTMT)

GTMT is a web-based platform that enables clients and non-customers to send money (up to USD10,000) from their accounts or in cash to family, friends, and business partners in Nigeria. Following the completion of a transaction, money delivered through this channel become immediately available for payment.

Email Statement

With Guaranty Trust Bank’s statement by email service, you may get your statement quickly. Your statement is sent to you immediately upon request, eliminating the lengthy wait.

Financial Consultancy Services

Guaranty Trust Bank plc provides financial guidance to help you and your organization in generating value via knowledge of the complex forces at work in difficult times. A draught is a written order from a bank committing the bank to pay a certain sum of money to a specific individual on-demand. Their foreign currency draughts are currently being drawn on Citibank New York and Citibank London in the United Kingdom and across Europe.

Treasury Bills are available for purchase via GTBank by visiting one of their locations or calling your Relationship Manager. The Bank offers the following Treasury notes for sale:

  • Appropriation for 91 days Appropriation for 182 days
  • One-Year Bill
  • Fixed-Rate for Two Years Note
  • Bond with a fixed rate of three years
  • Bond Remittance Services Note with a Two-Year Floating Rate Note with a Three-Year Floating Rate

On weekdays between 8:00 a.m. and 4:30 p.m., you may pick up your money transfers at any GTBank branch nationwide and get the highest level of customer service from our highly trained remittance officers. You may open a GTBank account immediately by using the same identification card that you use to receive remittances.

In conclusion, We answered the question that is “How does GT bank make money” and we discovered that GT Bank makes money with the help of E-Business services such as Bank 737, GAPS, GTPAY, GeNS, SchoolPay, GTCollections, Point of Sale Terminal (POS), e-Invoicing, and Flas2pay.

Frequently Asked Questions (FAQ): how GT bank makes money works

How do you make money on GTWorld?

Step 1: Install the GTWorld application. If you don’t already have it, you can download the GTWorld App from your device’s app store by clicking here.

Step 2: Obtain your Login Information. Following installation, click “Sign Up” to get your login credentials (User ID and password).

Step 3: Make a payment.

Step 4: Dispose of Airtime.

Which bank uses the Boss Revolution in Nigeria?

Boss Revolution allows individuals living in the USA to send funds to family, friends, and associates in Nigeria. Funds can be received directly into your Access Bank USD account or as cash pick-up at any of their over 500 branches nationwide.

How do I become a GTB mobile money agent?

Just dial *156#

After which, you will receive a welcome message, please select I.D. type;

Then choose Play/Send;

Input your I.D number, e.g. 1234.

Choose a PIN code, e.g. 32564.

Then repeat the PIN code- 32564.

How do you transfer on the GTWorld app?

Select “Make Money” on the second page of your dashboard. After that, choose “Transfer.” Make a debit account selection and a beneficiary bank selection. Input the beneficiary’s account number and the desired amount.

How can I get money from GTBank?

Selling airtime and data is one way for GTBank Make Money users to earn money. If you sell a minimum of N10,000 airtime/data at the end of each month, you will earn a 2% fee on all transactions. Given the status of the economy at the moment, you might easily sell considerably more than N10,000.

References

Guardian, T. (2020, May 28). See how more people are making extra cash during this pandemic. Retrieved from The Guardian : https://guardian.ng/business-services/see-how-more-people-are-making-extra-cash-during-this-pandemic/#:~:text=Selling%20airtime%2Fdata,way%20more%20than%20N10%2C000.

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