Guaranty Trust Bank says it has waived all charges on GTCrea8 accounts; a product designed for university students aged between 16 and 25.
In a statement released on Monday, the bank said it would cover all the costs of banking transactions including transfers to other banks, USSD transactions and bank alerts.
“Undergraduates will also not be charged for using 737, the bank’s industry-leading USSD service, nor will students be charged for transaction alerts received whether via SMS or email,” the bank said.
“GTCrea8 account holders will also enjoy special offers and discounts when they make use of GTBank’s trendsetting digital platforms, such as Habari, which offers access to music and video streaming, shopping, messaging, and bills payment all in one place.”
Speaking on the bank’s motive, Segun Agbaje, GT Bank’s chief executive officer, said: “Empowering young people in every way we can is the most valuable investment that we can make for the future.
“That is why we have taken this bold step to cover the cost of all their banking charges, not just to allow them to bank for free, but also to inspire them to imagine a world free of all limits to their ambitions, and in which they can achieve their greatest dreams.
“At GTBank, we will continue to find innovative ways and create new initiatives to give young people all the motivation, support and platform that they need to thrive.
“This is the reason we have made banking free for young undergraduates, and it is also the reason we are organizing the GTBank Fashion Weekend, the biggest fashion event in Africa, on November 9-10, 2019 to champion the talent, creativity and endeavours of our young entrepreneurs.”
The bank said it is targeting millions of students across the country with this move.