GTBank introduces naira denominated mastercard
Friday Ekeoba and Odidison Omankhanlen, Lagos - 22.09.2009

GUARANTY Trust Bank (GTB) has stepped up its e-banking quality services with the introduction of the first Naira denominated MasterCard in Nigeria.

This innovation, which is also an Automated Teller Machine (ATM) card, is fortified with the chip and pin technology and linked directly to the customer’s account.

It allows the cardholder to withdraw cash from all ATMs which bear the MasterCard logo or stickers and pay for goods and services at MasterCard Point of Sale (POS) terminals.

According to a statement from the bank, with this initiative, existing GTBank CashPlus (ATM) cards were being phased out and replaced with the EMV-compliant chip to enable GTBank MasterCard debit (naira) cards.

However, GTBank customers will still be able to use their CashPlus Debit card until the expiration of the cards.

The General Manager and Head, E-business at GTB, Ronke Kuye, while speaking on the new product, said “the Naira denominated GTBank MasterCard debit card is a world-class and innovative product that has met the EMV standards and will offer enhanced security and convenience to customers of the bank.”

She said the bank had been in the lead in banking innovations since its inception, with the pioneering of real-time online banking in 1990.