Is Facebook the Future of Account Opening?

Here is an email from GT Bank clarifying how their Facebook Account Opening system works.

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Thank you for your report on the future of banking. Your contributions have very significant and positive implications for creating an enabling paradigm shift that will foster public acceptance and usage of this platform. In this regard, we are very grateful for the report and would like to explain in greater detail our social banking platform. Kindly see attached and below our response to the write up

GTBank Social Banking offers a variety of services for existing and potential customers to conduct banking transactions safely, quickly and conveniently.

These include:

  • Online Account Opening Options
  • GTBank Account Balance enquiries
  • Money Transfers
  • Airtime Recharges
  • Real time customer service on our facebook page

GTBank accounts can be opened in two ways on this platform:

1. Regular Account Opening

This involves applicants filling the online account opening form and receiving an identification number. To complete the account activation process, applicants then have to visit any GTBank branch with an original copy of a utility bill, a valid ID, and the identification number generated online.

As soon as these documents are presented and verified, all that is required at the branch is a click to approve the application and the new account is activated. This invariably reduces the time it takes to open an account.

2. Instant Account Opening
Applicants can alternatively select the Instant account option, which allows them complete the account application process and get their account number instantly.

Instant Account applicants are required to upload their passport and scanned signature during the application process. To activate the account for transactions, they simply need to visit their preferred GTBank branch for facial verification only.

The procedure is in line with the Central Bank of Nigeria’s new tiered account regime with different Know Your Customer (KYC) requirements. The features of GTBank instant accounts are:

  • Account deposit limit of N20,000 (US$ 125) per transaction
  • Account balance limit of N200,000 (US$ 1,250)
  • Instant account holder debit cards cannot be used for online transactions nor can International funds transfers be performed with this account.

Applicants who exceed the transaction threshold for instant accounts can upgrade to regular GTBank accounts by simply visiting any GTBank branch and presenting the required upgrade KYC documents.

We hope this provides more information about the GTBank Social Banking Initiative. Our statement can be verified by simply visiting and clicking on the ‘Open an Account or Social Banking’ tab.


GT Bank

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