MD of Guaranty Trust Bank, Segun Agbaje at an event on Friday gave insight as to why the bank stopped its customers from having access to PayPal services. According to him, some fraudsters opened multiple accounts in people’s names, collected dollars at the official rate, and then sold the dollars in the black market. He however said, that the bank was working on a way to filter out genuine business people and give them access to the platform.
He made this comment at a GT bank event during Social Media Week Lagos, tagged “Banking in The Age of Social.” He also stated that the bank was working on a revamped version of its banking app, that would be called GT World.
PayPal is one of the top online payment processors globally. The company was established in 1998, and went through several mergers and transitions before being acquired by E-bay after its IPO in 2002.
Nigerian businesses, who were importing goods into the country, transferred money into their PayPal accounts, then paid for goods. PayPal is also a common means of exchange for people who operate online businesses.
Guaranty Trust bank, also known as GT Bank, is one of the foremost tier one banks in the country. The bank is also dominant in Nigeria’s version of mobile money service using its 737 platforms which carries out transactions running into billions of Naira every month. Segun Agbaje, is on his final lap as MD of the bank.
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