Every licenced financial institution makes an effort to know who their customers are. This process is called customer identity verification. That’s why your bank will, as a banking culture, take you through the Know Your Customer or KYC process. In doing this, you will be asked to prove your identity, to prove that you are what […]
What Customer Identity Verification Do I Need to Open a Bank Account? Read More »
When you walk into a bank to open an account, one of the first things they will ask you to do is something called “KYC.” This might sound complicated, but it’s just a way for the bank to get to know you better. What is KYC? KYC or Know Your Customer is a basic check
Know Your Customer (KYC): Why It’s Important and How It Works Read More »
Interest income is the money you earn from keeping your savings or investments in a bank or financial institution over a certain period. It’s like getting paid for allowing the bank to use your money for a while. How interest income works Imagine you have ₦100,000 in a savings account. The bank agrees to pay
Interest Income: Meaning and Its Sources Read More »
A joint account is a bank account that is shared by two or more people, and everyone who is part of the account can access the money. This means they can deposit (add money), withdraw (take money out), or transfer funds whenever they need to. Example: Let’s say you and your spouse open a joint
How Joint Account Works Read More »
An instant transfer is a quick and easy way to send money between people or businesses, where the money moves almost immediately. Unlike regular bank transfers that can take a couple of days to go through, an instant transfer happens within seconds. Example: Imagine you want to send money to a friend who just paid
How Does Instant Transfer Work? Read More »
“Insufficient funds” is a message you see on an ATM or in your online banking app when you don’t have enough money in your account to make a payment or withdraw cash. Example: Let’s say you want to buy groceries that cost ₦5,000, but you only have ₦3,000 in your account. If you try to
Insufficient Funds: Meaning and Example Read More »
Banking mobility is a service that makes it easy for people to switch from one bank to another. It is also known as Mobilité bancaire in French because that is where it is most popular. When you want to change your primary bank, the new bank will help by notifying all the companies that take money
Banking Mobility and How It Works Read More »
When you deposit into your bank account, that’s a top-up. You can also top up a virtual card or a prepaid card that isn’t connected to your bank account. The idea behind top-up is to add money to your existing balance. Top-up is not limited to banking, the term is also used in the telecommunication
What is a Top Up in Banking? Read More »
If you just opened a domiciliary account, there is a possibility that your dorm account details will not appear on the GTWorld App until you add it using Internet banking. Before now, you would need to register for GT Bank’s internet banking service, but now the login details to your GTWorld app are all you
How To Register For GT Bank Internet Banking And Add New Account Numbers Read More »
When you agree to be a reference to someone who wants to open a domiciliary or business account in Guaranty Trust Bank (GTB), the bank will want you to consent that you know the person through a confirmation form. However, there are two ways to confirm an account reference: Via internet banking Login to the
2 Ways To Confirm a GT Bank Account Reference Read More »
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