GT Bank innovates to boost financial inclusion – The Sun Nigeria
In addition, financial experts believe that the challenge of access to credit and financial inclusion lies in non-participation in shared services initiatives aimed at reducing channel costs, less focus on the provision of financial services to informal segments and less innovative products to serve low-income rural residents.
In addition, these MSMEs as well as employees distinguished high interest rate loans, documents or no return travel requirements as well as the provision of guarantors, among others, Guaranty Trust (GT) Bank offers loan product time called Quick Credit which aims to finance working capital as well as disburse funds for up to three months of an individual’s salary in less than two minutes.
This product offers quick loans to employees with accounts domiciled at GT Bank and comes with a convenient 12-month repayment plan at a competitive interest rate of 1.75% per month.
Speaking on the product, its CEO, Segun Agbaje, said: âGTBank is regarded by industry observers as one of Africa’s best-run financial institutions and Quick Credit is in line with the bank’s commitment to deliver. a superior banking experience that is tailored to the financial needs of its clients, which include acunrestricted cash flow. Basically, fintech conducts financial transactions outside of the banking room. I think in terms of innovation, fintechs are creating payment platforms and banks are also capable of creating payment platforms. So we just need to start thinking more like fintechs, which we are doing. That’s why when we launch retail products, we launch them online where you can access them on your phones â.
Employees whose account is domiciled at GTBank. Employees who have received a monthly payment from the same employer for at least three consecutive months.
Repayment plan and interest rate
Quick Credit offers a convenient 12-month repayment plan at a competitive interest rate of 1.75% per month. For small businesses, the repayment is structured in two ways: monthly interest payments and quarterly principal repayments (the option is only available for schools) Equal monthly repayment of principal and interest.
Funds are disbursed instantly, eligible clients can apply through the GAPs / GAPslite platform, access 50% of average annual revenue and open a business account and operate it for 12 months before applying for the facility credit.