Banking

GTBank allays fears of electronic banking fraud

by Hope Moses-Ashike

March 7, 2018 | 12:21 am
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Having focused on building securities around its alternative banking channels, Guarantee Trust Bank (GTBank) last week allayed fears of electronic fraud in its operations.

“Let me be honest to you, the percentage of transactions that are susceptible to fraud is immaterial to the larger level. So, I don’t think people should be scared. We are beginning to build more security around it and I think there are more transactions that are carried out without fraud,” Segun Agbaje, CEO said.

Speaking in Lagos, on ‘Making Sense of a World in Motion’, during Social Media Week, Agbaje stress the need for banks to become more innovative to maintain their market share and fashion ways to continue to generate more revenues.

Agbaje described the relationship between banks and FinTechs as collaboration that would eventually turn to competition.

“Once the fintechs become big enough and have enough of your customer base, you will become competitors. I think it is collaboration, but it would migrate to competition.”

He emphasised the need for deposit money banks to build business models and create platforms to meet the needs of their customers always.

“If as a customer, you come into our ecosystem, you can just buy anything, you can do your banking business, you can buy your tickets, you can buy insurance, you can travel, if you want to get a 10-day loan, you can come in and do it. “So, really, we want you to come into our ecosystem, maybe five times a day to do something more than banking”, Agbaje said.

Hope Moses-Ashike


by Hope Moses-Ashike

March 7, 2018 | 12:21 am
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