A student once narrated how he was counting on the last N1000 in his account to survive the weekend at school. He got to the ATM to discover that about N200 has been taken from the money for transaction charges, and that proved to be one of the longest weekends he’s ever had at school. Unfortunately, it’s an experience that so many other students can relate with. But that’s about to be changed, there is good news.
The Guaranty Trust Bank (GTB), is changing the story of multiple transactional charges that Nigerian banks are known for. With its GTCRea8 Account, GTB is offering students a waiver in the cost of banking services.
The bank has removed all charges for undergraduates between the ages of 16 and 25 using its GTCRea8 Account. This is part of the bank’s commitment to support academic pursuit of young people, which has been displayed through other offers like the Education Support Grants, digital training, masterclasses etc. all powered by the academic oriented GTCReat8 Account.
In the latest development, account holders who are within the age range have had their transactional charges forgiven. Bank transfer charges, transaction notification charges and every other inter-bank related charges. Undergraduates have also been excluded from charges emanating from 737 transactions.
There is also relatable discount for other services obtainable on GTB’s platforms, like music and video streaming through Habiri, shopping, bill payment, messaging etc.
The gesture has attracted encomiums from many, especially students who have had to deal with the painful experiences of having their funds taken by the banks in the name of transaction charges.
Segun Agbaje, GTBank’s CEO said the bank has for long found delight in making life easy for young people, especially graduates.
“Empowering young people in every way we can is the most valuable investment that we can make for the future. That is why we have taken the bold step to cover the cost of all their banking charges, not just to allow them to the bank for free, but also to inspire them to imagine a world free of all limits to their ambitions, and in which they can achieve their greatest dreams,” he said.
Other banks have been urged to emulate the example set by the Guaranty Trust Bank in easing the burden of Nigerian students. One of the major challenges the students face has been fund and the banks helping them to manage the little they have, by quashing the transaction charges as part of their Corporate Social Responsibility, will bring the students a sense of relief.
The press release
GTBank removes all Bank Charges for Young Undergraduates on its GTCRea8 Account Product
If you are an undergraduate, between the ages of 16-25, then you can now bank for free with Guaranty Trust Bank (GTBank). The leading, youth-focused, financial institution has announced that it will cover all charges on transfers, USSD transactions and bank alerts for holders of its GTCrea8 Account, a bespoke banking product for young undergraduates between the ages of 16-25.
GTCRea8 has been a core part of the GTBank’s value proposition to deliver value adding banking services to young people whilst empowering them to pursue excellence in their academics and respective interests. Over the years, tens of thousands of university undergraduates have benefited from GTCrea8 concerts, masterclasses, digital trainings, Education Support Grants, and several other initiatives championed by the bank to ensure students have a more rewarding campus experience. Now, millions of students across the country will be able to bank for free following the Bank’s commitment to cover the cost of all banking charges for GTCrea8 account holders.
Some of the bank charges that GTCrea8 account holders will no longer have to pay include charges on bank transfers, even when the transfer is to other banks. Undergraduates will also not be charged for using 737, the bank’s industry-leading USSD service, nor will students be charged for transaction alerts received whether via SMS or email. GTCrea8 account holders will also enjoy special offers and discounts when they make use of GTBank’s trendsetting digital platforms, such as Habari, which offers access to music and video streaming, shopping, messaging, and bills payment all in one place.
Commenting on the Bank’s removal of bank charges for young undergraduates, the Chief Executive Officer of Guaranty Trust Bank, Segun Agbaje said, “Empowering young people in every way we can is the most valuable investment that we can make for the future. That is why we have taken this bold step to cover the cost of all their banking charges, not just to allow them to bank for free, but also to inspire them to imagine a world free of all limits to their ambitions, and in which they can achieve their greatest dreams.”
He further stated that “At GTBank, we will continue to find innovative ways and create new initiatives to give young people all the motivation, support and platform that they need to thrive. This is the reason we have made banking free for young undergraduates, and it is also the reason we are organizing the GTBank Fashion Weekend, the biggest fashion event in Africa, on November 9-10, 2019 to champion the talent, creativity and endeavours of our young entrepreneurs.”
Guaranty Trust Bank plc has been at the forefront of supporting education for all and champions several initiatives that provide undergraduates with various avenues to learn, interact and have fun while in school. The Bank is also regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.