-- International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions and individuals that have set the bar for industry excellence. The 2019 Banking Awards acknowledge the organisations and individuals within the banking and financial industries in the Middle East and Africa that drive global economic commerce, create capital and opportunities for economic growth within their regions, set the benchmarks for technological advancement and customer service, while maintaining high levels of regulatory compliance and corporate governance. The standout institutions working within retail, commercial, investment and private banking are recognized with these awards. In addition, special awards are given to outstanding CEOs in each region.
Honoured with the awards for Best Commercial Bank of the Year Sierra Leone 2019 and Best Innovation in Retail Banking Sierra Leone 2019 to acknowledge and celebrate its innovation and leadership in the areas of commercial and retail banking in Sierra Leone, Guaranty Trust Bank (SL) Limited has achieved a prominent position on the International Banker Middle East and Africa Banking Awards 2019 list.
Guaranty Trust Bank (SL) Limited, founded in 2002 and headquartered in Freetown, Sierra Leone, is a subsidiary of Guaranty Trust Bank Nigeria. Although rich in mineral resources, Sierra Leone is one of the world’s poorest countries. Nearly 90 percent of the population is isolated and excluded from financial services. Since its entrance into this challenging market, GT Bank (SL) has strived to radically transform the banking landscape and bring it in tune with fast-paced, technology-driven banking. Its innovative financial offerings, designed and launched to meet the divergent needs of the people, have helped to expand the breadth of the economy, and its massive expansion of branch networks has helped reach the underserved population.
Despite the earlier challenges with acceptance encountered, GTBank (SL) has become a household name in the corporate- and consumer-banking industry due to its consistent delivery of efficient services, innovation and year-on-year growth. The bank has been among the most profitable and best-run banks in the country over the past six years, despite challenging market conditions and fierce competition. GTBank (SL) has achieved market dominance in upper-corporate and middle-commercial markets and intends to achieve the same in the lower-retail and SME segments.
The bank launched its five-year-strategy growth plan predicated on the expansion of its retail footprint. It involves leveraging on partnerships with fintech companies to provide customers with innovative digital solutions. Considering that Sierra Leone’s population is one of the poorest in the world with limited internet penetration, cost is a significant consideration in growing the retail market. GT has employed branchless-banking technology to deliver products and services throughout Sierra Leone without the use of the internet. The bank has been able to set the pace in digital-banking innovations, pioneering the rollout of several products—SMS banking, Leone-denominated MasterCard debit card and internet banking—and boosting the adoption of ATM and POS channels.
In partnership with Mobinet Solutions, it introduced the mobile-banking GT-SIMPAY, a path-breaking innovation enabling the unbanked population to consume a full suite of services.
To reach out even more to the public, GTBank (SL) is increasing its corporate-social-responsibility interventions in education, capital investments and public-awareness campaigns. The success of this approach is evident in its notable growth in the retail market.
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Organization: Finance Publishing
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Website: https://internationalbanker.com/
Release ID: 520595
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