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GTCO Records High Mobile Banking Transaction

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CEM REPORT, FINANCE | Guaranty Trust Holding Plc has recorded an increase to 972 million volumes of USSD transactions in 2022, a one per cent increase from 966.9 million recorded in 2021.

This is as the volume of mobile banking transactions hits 490.6 million in 2022, a growth of 18 per cent from 414.1 million reported in 2021.

According to GTCO’s financial year statement for 2022, the Holdco, recorded N32.8 trillion in mobile banking transactions, an increase of 28 per cent from N25.6trillion in 2021


“Increased adoption of electronic banking platforms with strong growth in both volume and value of Mobile Banking.

“28 per cent year-on-year growth in Mobile Banking value grew from N25.8 trillion in 2021 to N32.8 trillion in 2022 on the back of an 18 per cent increase in volume from N414.1 million to N490.6 million from new users on the platforms.”

Explaining the decline in USSD transactions and the rise in mobile banking, the Holdco attributed the decline to the introduction of two-factor authentication and the impact of the N6.98 flat fee that weighed negatively on the volumes and values of transactions consummated using USSD.

The financial institution added that customers switched to GTWorld to consummate their NIBSS Instant Payments (NIP) and other electronic payments.

These figures further show that more Nigerians are tilting towards cashless means of transacting. However with several failed transactions during the cash crunch, not so many may remain on the trend on the cashless trend.

It is fair to say that the banking industry has improved on its system but the system still requires overhauling according to experts at the Continental Economy Round Table discuss on the Evaluation of Nigeria’s Electronic Transfer System.

The Group Chief Executive Officer, GTCO, Segun Agbaje, in a statement, said, “Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.

“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”

The Group announced N23.2 billion income from electronic -banking transactions in 2022 from N21.08 billion in 2021, while commission on touch points dropped to N2.25 billion in 2022 from N2.48 billion reported in 2021.

However, the report added that transactions on internet banking dropped by six per cent to N2.62 trillion in 2022 from N2.78trillion in 2021, as the volume of internet banking significantly dropped to 8.8 million, 20 per cent below 11.1 million reported in 2021.

“The value of Internet Banking transactions declined but remained strong at N2.62 trillion.”

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