GTCO Reports 22% Decline in USSD Transactions to N3.21trn
Nume Ekeghe
Guaranty Trust Holding Plc has announced 22 per cent drop in its Unstructured Supplementary Service Data (USSD) transactions in 2022 to N3.21trillion from N4.12trillion in 2021.
The Holdco announced 972 million volumes of USSD transactions in 2022, an increase of one per cent from 966.9 million in 2021.
The lender in a presentation to investors and analysts attributed the decline to the introduction of two-factor authentication and the impact of N6.98 flat fee that weigh negatively on the volumes and values of transactions consummated using USSD.
The financial institution added that the two factors lead to behavioural change as customers switched to GTWorld to consummate their NIBSS Instant Payments (NIP) and other electronic-payments.
In the year under review, GTCO reported N32.8 trillion mobile banking transactions, an increase of 28 per cent from N25.6trillion in 2021 as volume of mobile banking transactions hits 490.6 million in 2022, a growth of 18 per cent from 414.1 million reported in 2021.
The Group in a statement said, “Increased adoption of electronic banking platforms with strong growth in both volume and value of Mobile Banking.
“28 per cent year-on-year growth in Mobile Banking value grew from N25.8 trillion in 2021 to N32.8 trillion in 2022 on the back of an 18per cent increase in volume from N414.1 million to N490.6 million from new users on the platforms.”
The report added that transactions on internet banking dropped by six per cent to N2.62trillion in 2022 from N2.78trillion in 2021, as volume of internet banking significantly dropped to 8.8 million, 20 per cent below 11.1millin reported in 2021.
“The value of Internet Banking transactions declined but remained strong at N2.62 trillion,” the Group explained.
The Group Chief Executive Officer, GTCO, Mr. Segun Agbaje, in a statement said, “Our ability to successfully navigate the peculiar challenges in the different markets where we operate underscores our strong business fundamentals and unwavering commitment to sound business strategies.
“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth.”
