About GT Bank

Guaranty Trust Bank (GTBank), officially known as Guaranty Trust Holding Company Plc (GTCO), is one of the leading financial institutions in Africa, particularly known for its operations in Nigeria. Established in 1990, the bank has grown into a major player in the banking sector across Africa, offering a wide range of banking products and services to both individual and corporate customers.

Key Highlights

Founding and Growth
  •  GTBank was founded by Tayo Aderinokun and Fola Adeola, who both envisioned a customer-centric financial institution.
  •  The bank is known for its innovative approach to banking, setting high standards for customer service and product delivery.
  •  GTBank became publicly listed on the Nigerian Stock Exchange in 1996
Operations
  • GTBank provides a wide range of financial services, including retail banking, corporate banking, investment banking, and asset management.
  •  The bank is particularly strong in digital banking, offering services such as mobile banking, online banking, and a variety of digital products.
  •  It operates in several African countries, including Ghana, Kenya, Uganda, and Tanzania, among others. GTBank also has a presence in Europe through its UK subsidiary.
Innovation
  • GTBank is widely recognized for its early adoption of technology. It was among the first banks in Nigeria to introduce internet banking, SMS banking, and mobile apps.
    The bank has consistently invested in modernizing its infrastructure to provide seamless digital banking experiences for its customers.
Reputation
  • GTBank has a strong brand reputation for transparency, corporate governance, and strong leadership.
  •  It has won numerous awards both locally and internationally for its performance, customer service, and innovation in financial services.
Holding Company Transition
  • In 2021, GTBank restructured into a holding company (GTCO), allowing it to diversify its operations beyond banking. This move was designed to enable the group to expand into new business areas such as payments, fintech, asset management, and other non-banking services.
Corporate Social Responsibility
  • GTBank is also known for its commitment to corporate social responsibility, contributing to education, community development, and health initiatives across its regions of operation.
  • GTBank’s ability to balance traditional banking with cutting-edge technology has positioned it as a favorite among customers in Nigeria and across Africa. Its restructuring into GTCO reflects its vision of expanding into other financial services beyond traditional banking.

Historical Background

Guaranty Trust Bank (GTBank) has a rich history that spans over three decades, characterized by its pioneering approach to banking and consistent innovation. Here’s an overview of the historical background of GTBank:

Founding and Early Years

Establishment (1990)
  • GTBank was established in 1990 by Tayo Aderinokun and Fola Adeola, two visionary Nigerian bankers who sought to create a financial institution with a unique corporate governance culture, transparency, and exceptional customer service.
  •  The bank was licensed by the Central Bank of Nigeria as a commercial bank that same year.
Public Listing (1996)
  • GTBank became a publicly listed company on the Nigerian Stock Exchange in September 1996, making it one of the earliest financial institutions in Nigeria to go public.
  •  The listing allowed the bank to raise significant capital, which was reinvested in its operations and expansion efforts, solidifying its financial base.
Expansion and Innovation (1990s-2000s)
  •  Throughout the 1990s and early 2000s, GTBank positioned itself as an industry leader by focusing on corporate banking and institutional customers.
  •  The bank became known for its strong risk management, innovative products, and services, particularly in technology-driven solutions.
  •  In 2002, GTBank became the first Nigerian bank to be awarded the International Organization for Standardization (ISO) 9001:2000 certification for quality management systems.

Growth and Regional Expansion

Regional Growth
  • GTBank rapidly expanded beyond Nigeria, starting with the opening of its first subsidiary in The Gambia in 2002. Over the years, it expanded into several African countries, including Ghana, Sierra Leone, Liberia, Kenya, Uganda, Rwanda, and Tanzania.
  • The bank also opened its first European subsidiary in London, United Kingdom, becoming the first Nigerian bank to establish a fully operational office in Europe.
Technological Leadership
  • GTBank has always been at the forefront of digital banking in Nigeria. It was one of the first banks to introduce electronic banking solutions like online banking, SMS banking, and mobile banking apps, enhancing customer convenience and expanding its reach.
  •  In 2006, GTBank launched *GTConnect*, Nigeria’s first interactive voice response-based contact center, and in 2009, it introduced *GTBank Internet Banking*, allowing customers to carry out a wide range of transactions online.

Leadership Transition and Consolidation

Leadership under Tayo Aderinokun and Fola Adeola
  •  Fola Adeola served as the bank’s first Managing Director/CEO from its inception in 1990 until 2002. He was succeeded by Tayo Aderinokun, who led the bank through another phase of growth.
  •  Tayo Aderinokun’s tenure saw further technological advances, enhanced customer service, and geographical expansion.
Passing of Tayo Aderinokun (2011)
  •  Sadly, Tayo Aderinokun passed away in 2011 after a battle with cancer. His death marked a pivotal moment for the bank, but his leadership legacy had already set a strong foundation for the future.
  •  Segun Agbaje, who had been with the bank since its inception, was appointed the Managing Director and CEO following Aderinokun’s passing.
Consolidation and Strengthening of the Brand
  •  Under Segun Agbaje’s leadership, GTBank continued to solidify its position as one of the leading banks in Africa. The bank adopted a customer-focused strategy, investing in technology to make banking more accessible.
  •  During this period, GTBank won numerous industry awards for innovation, corporate governance, and customer satisfaction.

Restructuring into GTCO (2021)

Formation of Guaranty Trust Holding Company (GTCO)
  •  In July 2021, GTBank transitioned from a bank to a holding company, Guaranty Trust Holding Company Plc (GTCO). This restructuring allowed the institution to diversify its business operations beyond traditional banking.
  •  The move to a holding company structure was intended to give GTCO greater flexibility to venture into non-banking services such as payments, asset management, and other financial technology (fintech) solutions.
  •  GTBank itself became a subsidiary of GTCO, while the holding company oversees the entire business operations, including all new subsidiaries in different financial sectors.

Achievements and Impact

Reputation for Excellence
  •  GTBank is widely recognized as a bank that emphasizes strong corporate governance, customer service, and innovation. It has consistently ranked as one of the top financial institutions in Nigeria and Africa.
  • The bank has won numerous awards, including the *Best Bank in Africa* and *Best Bank in Nigeria* from reputable organizations like Euromoney and The Banker.
Corporate Social Responsibility
  • Beyond its financial achievements, GTBank is also known for its commitment to corporate social responsibility. It has been involved in initiatives in education, health, and community development across Africa.

Mission Statement

“We are a high-quality financial services provider with the urge to be the best at all times while adding value to all stakeholders.”

This mission emphasizes GTBank’s commitment to delivering high-quality financial services, aiming for excellence in every aspect of its operations while ensuring value creation for customers, shareholders, employees, and the wider community.

Vision Statement

“We are a team driven to deliver the utmost in customer service. We are synonymous with innovation, building excellence, and superior financial performance.”

The vision statement reflects GTBank’s focus on exceptional customer service, innovation, and a dedication to maintaining high standards of performance and excellence in the financial industry. It also highlights their goal of being a leader in financial innovation and service delivery.

Services Offered

GTBank offers a wide range of banking services tailored to meet the needs of individuals, businesses, and corporations. Below is a comprehensive list of the services offered by GTBank:

Personal Banking Services

GTBank provides various banking services for individuals, aimed at simplifying banking and offering convenience:

  • Savings Accounts: Various options like GTSave, Smart Kids Save (SKS), and Fixed Deposit Accounts.
  • Current Accounts: Includes standard current accounts for day-to-day banking.
  • Domiciliary Accounts: Foreign currency accounts (USD, GBP, EUR) for international transactions.
  • GTTarget: A target savings account that allows individuals to save towards specific goals.
  • GTBank E-Savers Account: A digital-only savings account with competitive interest rates.
  • GTMax: A premium account offering higher interest rates and added benefits.
  • Salary Advance: Short-term loans for salaried customers.
  • Personal Loans: Loan facilities to help with personal needs.
  • Asset Finance: Loans for purchasing assets like vehicles.
  • School Fees Advance: A loan facility designed to help customers pay for their children’s education.

Digital Banking Services

GTBank has invested heavily in digital platforms to make banking easier and more convenient for customers. Their digital banking solutions include:

  • Internet Banking: 24/7 online banking services for checking balances, making payments, transferring funds, etc.
  • Mobile Banking: The GTWorld app allows customers to carry out transactions directly from their smartphones.
  • USSD Banking (737 Service): A USSD code (*737#) that enables users to perform banking transactions using basic mobile phones without internet access.
  • ATM Services: Cash withdrawals, fund transfers, bill payments, and account services via ATMs.
  • GTBank Debit and Credit Cards: International and local debit cards (MasterCard, Visa, and Verve) for both online and POS transactions.
  • Quick Credit: A fast, pre-approved loan service available via digital channels for eligible customers.

Business Banking Services

GTBank provides several services tailored to the needs of small and medium-sized enterprises (SMEs) and large corporate clients:

  • Business Current Accounts: Solutions for day-to-day business transactions.
  • SME Loans and Financing: Loan packages designed to support the growth of small and medium-sized enterprises.
  • GTBank Business Account (GTA): A specialized account designed for entrepreneurs and growing businesses.
  • Corporate Loans: Financing solutions for large corporate clients.
  • Trade Finance Services: Import/export services such as letters of credit, documentary collections, and trade loans.
  • Invoice Discounting: A financing solution that allows businesses to receive cash advances on unpaid invoices.
  • Overdraft Facilities: Short-term credit solutions for businesses needing working capital.
  • Asset Financing for Businesses: Financing for the purchase of business assets like equipment and machinery.
  • Corporate Internet Banking: A secure platform designed for businesses to manage their finances and transactions online.

Investment Services

GTBank offers a variety of investment options to help individuals and businesses grow their wealth:

  • Fixed Deposits: Allows customers to invest a lump sum for a fixed period with guaranteed returns.
  • Bonds and Treasury Bills: Investment in government bonds and treasury bills.
  • Mutual Funds: Investment in collective funds to earn returns over time.
  • Wealth Management: Advisory services for high-net-worth individuals and corporations to manage their investments.

Corporate and Institutional Banking

GTBank provides specialized banking services for large corporations, government agencies, and multinationals:

  • Corporate Finance: Solutions for mergers, acquisitions, and capital restructuring.
  • Commercial Banking: Custom financial solutions for large commercial entities.
  • Project Finance: Financing for large-scale infrastructure and development projects.
  • Public Sector Banking: Banking services tailored to government agencies and institutions.
  • Cash Management Services: Comprehensive cash flow solutions for large organizations.
  • E-Business Solutions: Digital payment solutions for businesses (POS terminals, payment gateways, e-commerce solutions).
  • Treasury and Risk Management: Solutions to manage financial risks such as currency fluctuations and interest rate risks.
  • Syndicated Loans: Large-scale loans arranged with multiple lenders for massive projects.

International Banking

GTBank also offers international banking services, making it easier for customers to carry out cross-border transactions:

  • Foreign Currency Accounts (Domiciliary): Accounts in USD, GBP, and EUR for international transactions.
  • Foreign Exchange Services (FX): Currency exchange services for personal and business needs.
  • International Money Transfers: GTBank offers money transfer services via platforms like Western Union, MoneyGram, Ria, and SWIFT transfers.

Corporate Social Responsibility (CSR) Initiatives

GTBank is involved in various community and social initiatives, focusing on education, healthcare, and sports:

  • Educational Sponsorships and Partnerships: Support for educational initiatives across Nigeria.
  • Health Initiatives: Funding and partnerships with health-related programs and campaigns.
  • Autism Awareness Campaign: GTBank has been a major advocate for autism awareness and support in Nigeria through its annual autism conference.
  • Sports Development: GTBank sponsors local football tournaments and other sporting activities as part of its CSR.

GTBank SME MarketHub

  •  An online platform created by GTBank for small and medium-sized enterprises to showcase and sell their products and services to a wider audience.

GTBank Payment Services

  • POS Terminals: For businesses that want to accept card payments.
  • Internet Payment Gateway: For e-commerce websites to accept payments online.
  • GTCollections: A platform that allows businesses and organizations to receive payments online and offline.
  • Quickteller/Paybill Services: Customers can pay bills for utilities, schools, flights, and other services through GTBank’s channels.

GTBank FX Services

  • GTBank provides foreign exchange services to individuals and businesses for international transactions, including Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) services.
  • GTBank offers a broad spectrum of financial solutions designed to cater to the diverse needs of individuals, SMEs, large corporations, and institutional clients. Its focus on innovation, customer service, and digital banking has established it as a leader in the African financial industry.

Conclusion

GTBank’s history is one of innovation, strategic growth, and leadership in the African banking sector. From its humble beginnings in Nigeria in 1990 to its transformation into a global financial institution with a holding company structure (GTCO), the bank has consistently demonstrated resilience and a forward-thinking approach to banking.