GTBank reduces transfer fee to other banks on *737# service

Guaranty Trust Bank Plc. has announced significant reduction in it USSD (*737#) money transfer charge to the other banks.

The lender in a mail sent to its customers Thursday informed them of the reduction in the convenience fee when they transfer money to other banks using *737# service.

“This means that you will now pay N40, half the original fee, when you transfer money to other banks via *737#,” the mail read.

Prior to the announcement, the bank has been charged N80 as commission on each transaction initiated to other banks.

The bank in its unaudited result for the period ended 30 September 2017 made N39.677 billion on fee and commission, which contributed 32 percent to N125.578 billion profits for the period.

To ensure that banks in Nigeria are not swindling their customers through various charges, a bill for an Act to amend the Banks and other Financial Institutions Act has passed second reading in the House of Representatives.

The amendment seeks to mandate banks and other financial institution in Nigeria to state in writing, all charges and fees accruing to any transactions in the banks.

The bill, which was sponsored by Jones Onyereri, seeks to increase penalties to deter corporate and individual misconduct.