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   Market Date: 22-12-2014   
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GTBank introduces first naira-denominated MasterCard

Category: Capital Market

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GTBank introduces first naira-denominated MasterCard


Guaranty Trust Bank has introduced the first MasterCard branded naira-denominated debits cards in the world.



According to a statement from the bank on Wednesday, the innovation, also an Automated Teller Machine card, was fortified with the Chip and Pin technology and linked directly to the customer‘s account.



The statement said it allowed the cardholder 24 hours access to funds from all ATMs displaying the MasterCard logo or stickers and enables them to pay for goods and services at MasterCard Point of Sale terminals.



It said, ”With this initiative, existing GTBank CashPlus (ATM) cards are being phased out and replaced with the EMV-compliant, chip enabled GTBank MasterCard debit (naira) cards. However, GTBank customers will still be able to use their CashPlus debit cards until expiration of their cards.”



It quoted the General Manager and Head, e-Business, GTBank, Ms. Ronke Kuye, who spoke during the inauguration, as saying, ”The naira-denominated GTBank MasterCard debit is a world class and innovative product that has met the stringent EMV standards and will offer enhanced security and convenience to customers of the bank”.



GTBank has been at the fore-front of innovation in the Nigerian banking sector since its inception with the pioneering of real time, online banking in 1990 and has, over the years, championed the introduction of novel e-products such as mobile, telephone and Internet banking in 2002, slip-free banking in 2006. It also introduced Nigeria‘s first fully interactive self service call centre, GT Connect, in 2006 as well as the Drive-Through-Banking and GTBank on Wheels in 2007.



Established 20 years ago in 1990, GTBank currently has significant footprints in all Anglophone West African countries (Nigeria, Ghana, Gambia, Sierra Leone, Liberia) and the United Kingdom.The statement said the bank was set to extend its regional network into Francophone West Africa.



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