Financial Inclusion: GTBank, Etisalat Target 55bn Unbanked Nigerians

Guarantee Trust Bank (GTB) and Etisalat have formed a business partnership targeted at connecting 55 billion unbanked Nigerians in the next few months, through the mobile payment system, that will enable them open a Tier 1 bank account, using their mobile phones.

Announcing the initiative in Lagos on Tuesday, both organisations said the partnership would drive financial inclusion in the country, as championed by the Central Bank of Nigeria.

Given the estimated population of over 170 million Nigeri- ans, and with the recent statistics that 85 million out of the 170 million Nigerians are adults and that only 30 million out of the 85 million adult Nigerians own bank accounts with various banks, GTB and Etisalat have assured Nigerians that they would be able to connect the remaining 55 million Nigerian adults that are without bank accounts, and help them open an account without stress, in the next few months, through their mobile payment initiative.

Head of eBusiness at GTB, Mr. Bolaji Lawal, who blamed the huge gap that exists between the banked and unbaked Nigerians, on the issue of financial documentation, which he said has deprived many adult Nigerians from enjoying the benefits of banking.

He however explained that the initiative borne of the partnership between GTBank and Etisalat, would remove the barrier of documentation, which now make it easy for Nigerians to own bank accounts via their mobile phones, without visiting the banks.

Guaranty Trust Bank and Etisalat Nigeria have partnered to introduce GTEasySavers, a savings account that is easy to open and easy to save, designed to enable underbanked and unbanked individuals achieve their financial goals, while operating a regular bank account, via their mobile phone.

The strategic alliance, which will enhance service delivery of both brands, will offer customers, unparalleled lifestyle and loyalty benefits.

Speaking on the partnership, the Managing Director