GTBank Licensed as a 'Principal Member' of Visa International

Becomes the 1st Gambian Bank to achieve the status

2009-01-26

Guaranty Trust Bank has scored another 'first' in the history of banking and financial services in The Gambia when it obtained the approval of the Visa International in South Africa on 22nd January 2009, to be licenced as a principal member of the exclusive club of Visa banks and agents. Visa International, the owner of visa brand is a global leader in electronic payments that provides assurance of acceptance of the Visa Card at over 29million locations and more than 1.2million ATMs worldwide.

Principal membership status would enable GTBank Gambia to do a number of activities which include: the right to issue visa cards under its own name and brand, provide ATM platforms that can accept Visa cards in The Gambia, whether such card is issued by GTBank or not, acquire merchants and deploy Point of Sales (PoS) terminals which would be Visa card enabled, and sponsor other banks in The Gambia for consideration for appointment as associate member of visa.

Visa International guides its brand jealously and an applicant bank for principal membership status has to meet a number of stringent financial and technical conditions, as well as, a demonstration of capability to manage the business before being considered for appointment.

GTBank took the pain of going through the process of appointment to add its own impetus to the growth of Tourism in The Gambia. A direct link by a local bank to visa platform would provide significant convenience to hotels, restaurants, travel agents, tour operators, car rentals, tourists, international visitors, diplomats and other holders of visa cards. Today, Gambian hotels face collection problems with visa card transactions carried out with them by their customers. This appointment of GTBank would put a smile on the faces of our hotel managers as the bank would be able to deploy visa enabled PoS terminals to these hotels. Likewise, tourists and other foreigners with Visa cards would be able to access cash and make local expenditures conveniently when GTBank completes its implementation process and deploy its visa enabled ATM and PoS terminals as part of its rights as a principal member of visa.

Beaming a satisfying smile in his office and in a very delighted mood, the Managing Director of GTBank Gambia, Mr. Lekan Sanusi said 'I am very proud of GTBank. It is a 'first class' solution provider. We could have taken the easier and cheaper route of being an Associate or Branch Licence member of visa like other institutions in this environment. Neither of these two options would have provided the solutions and put that smiles we would like to see on the faces of our current and potential customers. Quite honestly, principal embership status of visa card is capital intensive but, if you ask me, it is the total solution needed for The Gambia and Gambians, and I am happy that my institution is the one putting it on the table. It is both the 'clincher' and the 'ace'.

Wouldn't you rather bank with us?