Electronic Banking System in Nigeria

Topics: Bank, Cheque, Online banking Pages: 9 (2953 words) Published: July 11, 2012

Guaranty Trust Bank Plc over more than two decades has distinguished itself as a leading institution and a major contributor to the economic advancement in Nigeria.

Guaranty Trust Bank Plc with its headquarter at Victoria Island, Lagos as at December 2011 had an operating income of N141.729 billion, net income of N52.654 billion, total asset of N1,525.010 billion and a total equity of N235.911 billion and it had more than two thousand,five hundred employees in Nigeria. Its subsidiaries include Guaranty Trust Assurance Plc, GTB Registrars Ltd, GT Homes Ltd, GTB Assets Management Ltd, and GTB Finance B.V Netherlands. Guaranty Trust Bank has over 160 branches in Nigeria and runs nationwide more than 230 ATMs. As one of the first banks in Nigeria, they introduced online banking and first sms banking and as very first naira denominated mastercard as well as the platinum and World signia cards and GTB on wheels, the only existing mobile branches. GT bank has already expanded to Cote d'ivoire, Gambia, Ghana, Liberia, and Sierra Leone. These countries belong to the 'Ecozone'. It has also expanded to the United Kingdom and future plans include expanding to more African countries. In 2011 Guaranty Trust Bank Plc became the biggest and the most profitable bank in Nigeria by market capitalization. Whereas in 2010, it was on the 3rd place behind Zenith bank and First Bank plc. It is one of the biggest companies in entire West Africa. On July 26,2007 the bank was, as very first the Subsaharan bank and first Nigerian joint stock company listed on London stock exchange and Deutch Borse as the IPO raised $750,000,000. In the same year, they successfully placed Nigeria's first private Eurobond issue on the international capital markets.

Guaranty Trust Bank Plc is a partner of Atlantic City, a new made island (820 hectares) in the Atlantic ocean, adjacent to Victoria Island Lagos. It will be the home of the new financial District. The building of Eko Atlantic City started in 2009 and is expected to be completed in 2016. GTB is also a partner of Morgan Stanley and BNP Paribas.

Guaranty Trust Bank as a financial magnate and epitome of a successful financial institution has worn various awards which includes: 1996, 2000, 2003, 2004, 2005, 2006, and 2008 Nigerian Stock Exchange Presidents Merit Awards, most respected company Award in Nigeria in 2006 and 2007 by Pricewaterhouse Coopers, 2005 and 2006 Banker of the year award by This Day Newspaper, Most IT bank award by National Daily Newspaper in 2009, Best Bank in Nigeria award in 2010 and 2011 by Euromoney magazine and best bank in Nigeria in 2011 (awarded by EMEA Finance Magazine) and many other awards which were not listed above. The bank has continued to be a leader in financing long term development of the economy. To demonstrate its commitment to its customers and the development of Nigeria economy, the bank has broaden its loan and credit portfolio to various sectors of the economy. The bank has improved tremendously judging from a number of parameter including number of branches,growth in capital base,asset size and size of loan and advances.

Guaranty Trust Bank has been highly innovative in the adoption of cashless policies and development of a system that encourages electronic banking and the use of computer and internet facilities to carry out bank transactions and this is what makes it the most developed bank in Nigeria and one of the largest companies in Africa. A search was conducted on the website of Guaranty Trust Bank, Nigeria(www. gtbank.com) and the following information were also found. BBOARD OF DIRECTORS OF GUARANTY TRUST BANK PLC, NIGERIA;

Mr. Oluwole Odeyemi Chairman of the board
Olusegun Agbaje Managing Director
Cathy Echeozo Deputy Managing Director
Wale Oyedeji Executive Director
Ohis Ohiwerei Executive Director
Omotola Oluwole Executive Director.

Observation has...
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