Bank Review: Guarantee Trust Bank (GTBank)—Everything you need to know

GTBank is one of the top Nigerian banks with over $9 billion in assets. Since 2002, it has held a Universal Banking License.

Bank Review: Guarantee Trust Bank (GTBank)—Everything you need to know

Guaranty Trust Bank Limited (GTBank), a subsidiary of Guaranty Trust Holding Company PLC (GTCO Plc), is a financial institution that provides banking services to individuals, businesses, and institutions.

With more than 12,000 employees worldwide and a total assets base of 4.057 trillion Naira ($9,776,139,106.20), GTBank is considered one of the top banks in Nigeria.

GTBank is also known for its innovative products and events aimed at increasing its customer base among small businesses and the younger generation.

GTBank’s holding company, GTCO, currently owns and sponsors the GTBank Fashion Weekend, the GTBank Food and Drink Festival, Ndani TV, Habari, and Squad by GTCO.

This article covers the products and services offered by Guaranty Trust Bank Limited.

History of GTBank

Guaranty Trust Bank Plc was established as a limited liability company in 1990.

GTBank began operations in February 1991, became a public quoted company, and won the Nigerian Stock Exchange President's Merit Award in 1996.

In February 2002, GTBank was granted a universal banking license.

Since then, it has expanded to other African countries like Cote D'Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom.

In 2005, GTBank rebranded and expanded its previous banking products to include more retail products for individuals.

GTBank has also won numerous local and international awards for its products and services.

It was recognised as the Best Bank in Africa and the Best Bank in Nigeria in 2019 by Euromoney Magazine.

Mr Ibrahim Hassan is the current chairman of GTBank’s board of directors.

Guarantee Trust Bank’s corporate social responsibility

Guarantee Trust Bank has a range of social and economic projects aimed at “improving access to education, driving community development, promoting the arts, and protecting the environment”.

In alignment with its CSR goals, some of GTBank’s major programmes include the Adopt-a-School programme, Orange Ribbon Initiative, and GTBank football tournaments.

GTBank became a signatory to the United Nations Environmental Programme Finance Initiative (UNEPFI) on Sustainable Development in 2012.

The bank also promotes research and development in sustainability as an organizational stakeholder of the Global Reporting initiative.

You can learn more about Guaranty Trust Bank’s corporate and social responsibility aims and achievements here.

GTBank’s products and services

Guaranty Trust Bank offers a wide range of traditional and digital products to individuals, businesses, and corporations.

Its product and services are split into two main categories: personal banking and business banking.

GTBank’s personal bank accounts

GTBank offers savings and current accounts to individuals. Some of GTBank’s savings and current accounts are:

GTSave

GTSave is a savings account that earns an interest of 1.15% p.a. GTSave account owners also get access to a Naira Mastercard and GTBank digital banking platforms.

Requirements
  • A filled out and signed GTSave account opening form
  • A valid means of identification (Driver's License, International passport, National ID Card)
  • One passport photograph
  • Any utility bill issued within the last 3 months

You can open a GTSave account by visiting any GTBank branch near you or through GTBank’s Account Opening Web Engine (AOWE) here

GT target

GT target is a high-earning interest account that can be used to save towards a specific target.

You need a GTBank account and a minimum standing order of N500 Naira ($1.20)  to open a GT target account.

How to open a GT target account
  • Log in to GTBank’s internet banking platform or visit any GTBank branch
  • Select GT Target from the request menu
  • Select a suitable standing order amount (minimum of N500 Naira ($1.20)
  • Choose your preferred savings option (i.e. monthly, quarterly or semi-annually)

GTInstant

This is a GTBank savings account that does not require much documentation to open; all you need is any ID and a utility bill.

GTInstant accounts have a maximum single deposit limit of N50,000 ($120.48) per transaction and a maximum cumulative account balance of N300,000 ($722.91).

You can open a GTInstant account by

GTMobile wallet

A GTMobile wallet account does not require a bank verification number (BVN) to open.

GTMobile Wallet accounts have a daily transaction limit of N20,000 ($48.19) and a maximum cumulative account balance of N100,000 ($240.97).

You can open a GTMobile wallet by:

Individual current account

This is a GTBank current account with flexible spending limits.

Individual current accounts also get access to GTBank’s digital banking platforms, a free chequebook, and a Naira Mastercard.

Requirements
  • Original and copy of any valid means of identification (driver's license, international passport, national ID card, or NIMC slip or card)
  • One passport photograph.
  • Two completed reference forms
  • Utility bills issued within the last 3 months

You can open a GTBank individual current account by submitting a filled and signed individual current account form and required documents to any GTBank branch near you or via GTBank’s Account Opening Web Engine (AOWE)

Seniors Account

A GTBank seniors account is for individuals aged 65 years and above. Senior account owners get priority service at GTBank branches in Nigeria and no amount is required to open the account.

Requirements
  • A signed and filled out account opening form
  • One passport photograph
  • Original and copy of any utility bill issued within the last three months
  • Means of identification (international passport, national id card, national driver’s license, or NIMC slip/card)
  • One reference form filled out and signed by an individual or corporate body maintaining a current account with a bank in Nigeria.

You can open a senior account by submitting the required documents to any GTBank branch near you or via GTBank’s Account Opening Web Engine (AOWE).

GTBank e-Account

The GTBank e-account is a flexible current account for salary earners.

GTBank e-account holders get access to GTBank’s personal loans and do not pay any current account maintenance fee.

Requirements

  • A valid means of identification (international passport, national id card, national driver’s license, or NIMC slip/card)
  • One passport photograph
  • Letter of introduction from your organization.

You can open a GTBank e-account via the GTBank’s Account Opening Web Engine (AOWE).

Other types of personal bank accounts are GTPatriot account, smart kids save account, GTCrea8 account, call account, fixed and tenured deposits, domiciliary account, and private banking accounts.

GTBank’s diaspora banking

GTBank provides banking services and products to Nigerians in the diaspora through its Non-Resident Nigerian service.

Some of NRN's products and services include savings and current accounts, investment in money market instruments, and eBanking services.

NRN account

This is a bank account for Nigerians living abroad. To open a GTBank NRN account, you need:

  • A filled and signed NRN account opening form
  • One passport photograph
  • A valid Nigerian ID or a notarised notarized foreign ID card with an expired Nigerian regulatory ID
  • Proof of address (a notarised utility bill, stamped bank statement, or a foreign ID issued within the last 3 months)
  • Current account openers also need two references from current account holders in any Nigerian bank or a bankers confirmation/reference letter from a foreign bank
  • A valid Bank Verification Number (BVN)
  • A filled and signed self-certification form (individual, entity, or controlling persons as applicable) as well as your TIN

You can open a GTBank Non-Resident Nigerian (NRN) account here. You can also send an email to nrnaccount@gtbank.com for more information.

Internet banking

GTBank NRN customers can also use GTBank’s internet banking platform to:

  • Manage and track the transactions in their non-resident account
  • Transfer funds to other GTBank holders or other banks
  • Set up standing order transactions to other GTBank accounts or other Nigerian banks

You can register for GTBank internet banking here or by sending an email to nrnaccount@gtbank.com to request the service.

You can learn more about GTBank’s diaspora banking products and services like debits cards, BVN registration and updates here.

GTBank’s personal Loans

These are GTBank individuals can apply for with their mobile phone or at any GTBank branch. Some of GTBank’s personal loans are:

Quick credit

This is an instant loan that can be accessed with your mobile phone.

You can borrow a minimum of N5000 Naira ($12.04) and a maximum of N 5 million Naira ($12,043.96).

Quick credit loans have a monthly interest rate of 1.5% (approximately 18% per annum).

Features and requirements
  • You must earn a minimum salary amount of N10,000 ($24.09) or maintain a minimum monthly deposit of N20,000 ($48.18) to qualify for quick credit loans
  • You must have a good credit history
  • Salary earners can request a maximum loan amount of N5 million Naira ($12,043.96) while non-salary earners can request a maximum of N500,000 ($1,204.40 ) Naira.
How to apply for a GTBank’s quick credit loan

You can apply QuickCredit by dialing *737*51*51# or applying via GTBank’s digital banking platforms (internet Banking, GTWorld, and GTBank mobile app).

Salary advance

This is an instant loan for employees of private companies and government agencies with active GTBank salary accounts.

Features and requirements
  • Public sector employees must earn a minimum of N25,000 ($60.22) while private-sector employees must earn N50,000 ($120.45)
  • Salary advance loans have a maximum repayment period of 30 days
How to apply for a GTBank’s salary advance

You can apply QuickCredit by dialling  *737*8*2# or applying via GTBank’s digital banking platforms (internet Banking, GTWorld and GTBank mobile app).

You can also visit any GTBank branch near you.

Computer acquisition scheme

This is a loan scheme for serving NYSC members that have NYSC allowance accounts with GTBank.

You can borrow up to a maximum of N60,000 ($144.53) but the loan must be repaid within 3-10 months.

Requirements
  • A signed and filled application form
  • An employer undertaking form
  • An NYSC allowance account with GTBank
  • You must apply for the loan during the NYSC orientation activities

You can learn more and apply for GTBank’s computer acquisition scheme by visiting any GTBank branch near you.

Other GTBank loan products are GTMax advance, GTBank school fees advance, GTmortgage, premium advance, travel advance, vehicle insurance premium financing, max advance

GTBank’s business banking solutions

These are accounts, payment gateways, cards, and other solutions offered by GTBank to businesses and corporations.

Some of GTBank’s business banking solutions are:

GTBusiness account

This is a business account for small and medium businesses in Nigeria with a maximum monthly turnover of N50 million Naira ($120,444.19).

GTBusiness accounts also enjoy unlimited withdrawals.

A monthly fee of N5,000 ($12.04) is charged to the account and a minimum amount of N20,000 ($48.18) is required to open the account.

You can open a GTBusiness account by visiting any GTBank branch near you or via GTBank’s Account Opening Web Engine (AOWE).

GTPay

GTPay is an internet payment gateway for businesses to receive payments from customers through their websites.

GTPay accepts payments from both local and international cards.

Businesses can register for GTPay online here or by sending an email to ecollections@gtbank.com.

Point of Sale Terminal (POS)

GTBank’s point of sale terminals (POS) allows businesses to receive card payments from customers at physical business locations.

Businesses can learn more and apply for GTBank’s POS terminals by visiting any GTBank branch.

QuickCredit for Small Business

This is a loan for SME businesses in the trade, service, education (creche, primary & secondary schools), and healthcare (hospitals, retail pharmacies, and diagnostic centres) sectors.

Businesses can access up to 50% of their average turnover at an interest rate of 1.5% per month (16% per annum).

Eligible businesses can apply for GTBank business quick credit loans on the GAPs/GAPsLite platform and follow the prompts.

SME invoice discounting finance (SME IDF)

This is a short-term loan where businesses can borrow up to N50 million Naira for a maximum of 60 days at an interest rate determined by GTBank.

Loan requirements

  • A filled out and signed SME invoice discounting application form
  • A stamped invoice from a reputable blue-chip company
  • A copy of the business certificate of incorporation or operating license for service providers [Contractors and professional firms (first time only)]
  • Evidence of previous successfully executed contracts [Contractors and professional firms (first time only)].
  • A confirmed certificate of the project’s completion/delivery.
  • One-year account statement with GTBank or other banks.
  • A copy of the contract with the principal.
  • Personal guarantee of the sponsor/cross-guarantee from another professional firm.
  • A letter of irrevocable domiciliation of invoice proceeds by the customer

Businesses can apply for SME IDF loans by visiting a GTBank branch with the required documents.

You can learn more about GTBank’s other SME, commercial, and corporate banking solutions here.

How to access GTBank’s products and services

You can access GTBank’s products and services through its mobile bank apps, internet banking platform, and ATMs.

GTBank mobile bank apps

GTBank offers two types of bank apps for GTbank savings, current, domiciliary, and mobile wallet account holders.

They are the GTBank mobile bank app and GTWorld app. With GTBank mobile apps, you can:

  • Transfer money to other accounts
  • Communicate with your relationship manager
  • Purchase airtime and data
  • Pay bills
  • Apply for GTBank instant loans  

You can download the GTBank mobile app from the App Store and Playstore OR download the GTWorld app from App Store and Playstore.

It is best to download the GTWorld app because it is easier to navigate.

GTBank internet banking

GTBank internet banking platforms allow individuals and businesses to manage and track their GTBank accounts.

With GTBank’s internet banking, you can:

  • Manage and track your payments
  • Make transfers to other local bank accounts
  • Pay your bills
  • Your US Visa fee
  • Request and block cheques

You can register for GTBank’s internet banking platform here or by visiting any GTBank branch near you.

Registered users can access the platform here.

GTBank USSD banking (*737#)

GTBank’s mobile banking code (*737#) allows GTBank customers to access the bank’s products and services without an internet connection. With *737#, you can:

  • Open a new GTBank account
  • Pay bills
  • Transfer money to other accounts
  • Buy airtime
  • Access GTBank’s instant loans (quick credit and salary advance)

Open an account, transfer funds from your GTBank account and to other banks, pay bills, buy airtime or data and access our in-branch services right from your mobile phone.

Simply dial *737# on your mobile phone to get started. You can also view the full *737# codes here.

GTBank ATMs

GTBank has a large network of ATMs in Nigeria and all you need is a GTBank debit card to use a GTBank ATM.

You can perform the following bank activities at a GTBank ATM:

  • Withdraw money
  • Buy airtime
  • Check your account balance
  • Manage your GTBank card
  • Print a GTBank mini account statement
  • Transfer money to other accounts
  • Link your BVN to your GTBank account

You can find a GTBank ATM near you here.

GTExpress

GTExpress is GTBank’s agency banking network that allows GTBank customers to access the bank’s services from authorised agents. You can perform the following banking operations are GTBank’s agent locations:

  • Open a GTBank instant account
  • Withdraw and deposit money
  • Pay bills
  • Transfer money to other accounts in Nigeria
  • Check your account balance  

You can find any GTBank express agent near you here.

GTBank cards

GTBank offers Mastercard and VISA naira and dollar debit, credit, and prepaid cards. You can learn more about GTBank’s different card options here.

You can apply for a GTBank debit, credit, or prepaid card by visiting any GTBank branch or via GTBank’s digital banking platforms (internet Banking, GTWorld, and GTBank mobile app).

How to block a Gtbank ATM card

You can deactivate your GTBank debit card with GTbank’s USSD banking, internet banking, and ATM service.

How to block a GTBank card with *737#

Simply dial  *737*51*10# with your registered mobile number.

How to block a GTBank card with internet banking

  • Log in to GTBank internet banking with your User ID and Password
  • Select Cards
  • Select Card Hotlist
  • Choose “Card Number” and “Request Reason”
  • Input the answer to your secret question
  • Select Continue
  • Input your token-generated code
  • Select Submit

How to block a GTBank card at an ATM

  • Press any Key on the ATM to perform a cardless transaction
  • Select Cardless Hotlist
  • Input your phone number
  • Input the last four digits of the card to be deactivated/blocked/hotlisted.

You can also use GTBank self service portal, call a GTBank’s customer care number or visit any GTBank branch to block and unblock your GTBank ATM card.

Frequently asked questions

What is Gtbank’s contact information?

Head Office Address: Plot 635, Akin Adesola, Victoria Island, Lagos.

Telephone number: +234 1 2715227

You can also find any GTBank branch or ATM here.

How to borrow money from Gtbank

You can borrow money from GTBank by dialing *737*51*51# for GTBank’s quick credit loan or *737*8*2# for GTBank’s salary advance.

You can also apply for Quickcredit and salary loans on all GTBank’s digital banking platforms (internet banking, GTWorld, and GTBank mobile app) or at any GTBank branch near you.

How to transfer money from Gtbank without ATM Card

You can transfer money from your GTBank account to other accounts by:

  • Dialling *737# on your mobile phone and following the prompts
  • Login to GTBank’s mobile app
  • Login to GTWorld internet banking with your user ID and password

What is GTBank’s website

You can visit GTBank’s website here.

You can also visit its Meta(Facebook), Twitter, Instagram, LinkedIn, and blog pages.

What is GTbank’s customer care number

You can call GTBank’s 24 hours contact center (GTConnect) by dialing +234 700 4826 66328, +234 1 448 0000, +234 802 900 2900, or +234 803 900 3900.

You can also fill out the bank’s customer enquiry form here or send a WhatsApp message to +234 701 697 4994.

Conclusion

Like most big banks, GTbank’s main problem is its online and offline customer service online and offline.

Luckily, its mobile and internet banking platforms are reliable most of the time and its debit cards can be used for most offline and online transactions.

Sources

https://www.gtbank.com/

https://en.wikipedia.org/wiki/Guaranty_Trust_Holding_Company_PLC