Tuesday, 27 December 2016


The Nigerian banking sector is eating deep into the pockets of the masses in pure form of exploitation. Banks provide the basic function of keeping of money and other valuables. This will be done for some charges to be deducted from the account in any form.

Various charges in different forms have crippled the masses. The case study in this write up will be Guaranty Trust Bank Nig. PLC.

This bank out of many other Nigerian banks moved up among its counterparts because it pioneers most innovations. SMS Banking, SMS Balance, USSD Code for transaction (*737#), e-branches, Zero balance in savings account and so on. These are advancements that have put them on the pedestal of achievement.

Enough on that, now how have they squeezed the pockets of their customers to their own advantage and selfish earnings and interest? 


Automated Teller Machine Cards have eased transaction but how much should an ATM card really cost. The chip which is the most important element on the card cost just about #100 on the telecoms SIM. What makes it different that makes it cost #1,050????? Is that not exorbitant?

If your ATM is damaged and you go to the bank for a replacement, are you not charged? If YES is the answer, then what is the maintenance charges fee for? These charges still come with a VAT charges. Are these charges actually normal?
An average SMS cost from GTB as confirmed is #4.00. On a transfer from the advertised *737# USSD code. If you transfer #10,000 from a GTB account to a First Bank Account. GTB sends you 3 SMS for this transaction.

  •      An SMS of #10,000 and showing your account           balance
  •       #100 transfer charges and showing your balance
  •       A VAT SMS and showing your balance

Effect: you have been charges additionally #12:00 for SMS alone which will be deducted from your account. Can’t the SMS be merged and sent as one. Are these charges not really outrageous?

Have you transferred money using the mobile transfer code or app and only to find out that the transfer was successful twice? It’s happening recently now. To pour salt on the injury, the Customer tells you to call the customer you transacted with, that they can’t really do anything about it. Is this not absurd?

Have you also observed the few customer care attendants? And the long queue of complainants?

Many Nigerians don’t bother about little deductions in the account but this becomes millions to this giant masses-sucking businesses. They make so much money and still employ little staff. Recession is biting hard on everyone and so no one should feed carelessly on the other.

Please share your story/comment below.