GTBank introduces "International Money Transfer" Service

2008-06-16

In its relentless efforts to meet the banking needs of its regional customers, Guaranty Trust Bank has gone a step further to introduce GTBank International Money Transfer (GTMT) service. The GTMT which would start initially within the West Africa sub-region, would now enable customers as well as non-customers of the bank to receive and send money with ease and speed. With the presence of GTBank in four countries across West Africa, the GTMT would squarely solve the perennial problem associated with money transfer within the sub-region.

In essence, this new product would enable customers and non-customers of the bank in Nigeria, Gambia, Ghana and Sierra Leone to walk into any of the various branches of the bank in any of these countries to receive and send money.

The product has a number of advantages and benefits over existing modes of money transfer; Firstly, it is fast, instant and secured. A customer only needs to walk into any of our branches with cash and within minutes the sender would be given a pin code for the receiver to use in collecting the transferred funds.

Secondly, it's relatively cheaper than other existing modes of transfer as it charges a flat rate of 3% on amounts above $300, while a flat sum of $10 is charged for amounts below $300.

Thirdly, the service is available to both account and non-account holders of all Guaranty Trust Bank in Nigeria, The Gambia, Sierra Leone and Ghana.

Fourthly, there is a fixed exchange rate as the payment and receipt of funds is in US Dollars unless the recipient requests for the local currency.

Fifthly, GTMT users could make a huge transfer of up to a limit of $10,000 per transaction.

According to the Managing Director of GTBank (Gambia) Ltd Mr. Lekan Sanusi 'The fixed exchange rate would eliminate the high risk of customers getting huge losses as the exchange rate of the US Dollar changes almost on daily basis'. 'At GTBank, customers' satisfaction is second to none in anything we do' Mr. Sanusi posited. Mr. Sanusi further pointed out that 'With the large presence of Nigerian, Sierra Leonean and Ghanaian population in The Gambia, GTMT would be highly welcomed.

Commenting on the reliability of GTMT, GTBank (Gambia) Ltd General Manager who also heads the Operations Division, Mr. Bolaji Ayodele said 'The reliability of the new service is devoid of any short coming as it immediately notifies the sender of the transaction by email message.Mr. Ayodele went on to say that when the receiver finally receives the money, an email message is automatically sent to the sender for notification of receipt of the money.

Guaranty Trust Bank plc has within its 18 years of operations, established itself as the one of the Sub-region's leading financial institution with the hallmark of world class products and services. The bank in 2007 became the first African bank to be listed in the London Stock Exchange and also the first African bank among its contemporaries to be licensed to operate fully in corporate and retail banking in the UK. GTBank presently operates from 120 locations in Nigeria, 7 locations in The Gambia, 4 locations in Sierra Leone, 4 locations in Ghana and one location in West London, UK. Our wide branch network within the sub-region and beyond make us ideal for sub-regional funds transfers.

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