Offering financial support for individual and SMEs growth

Guaranty Trust Bank (GTBank) acquired Fina Bank back in December 2013. GTBank (Rwanda) Ltd Managing Director, MR. OLABAYO VERACRUZ, explains how the bank has grown in the recent past and its expansion programs in the future.
GTBank MD Olabayo Veracruz (Courtesy)
GTBank MD Olabayo Veracruz (Courtesy)

Guaranty Trust Bank (GTBank) acquired Fina Bank back in December 2013.  GTBank  (Rwanda) Ltd Managing Director, MR. OLABAYO VERACRUZ, explains how the bank has grown in the recent past and its expansion programs in the future

GTBank Rwanda has been in the market for 3 years since the acquisition of Fina Bank. GTBank’s entry into the East African region is in line with the Bank’s strategic focus as East Africa presents a strong integrated economic bloc with a large population, similar demographics, language, markets, etc. which makes doing business across the region attractive as various synergies can be harnessed across the East African region.

The Rwandan financial sector offers enormous opportunities attributable to strong macroeconomic fundamentals and governance. Excellent service delivery and Innovation are integral parts of the Bank’s core principles as it continuously invests in and enhance it’s alternative service channels. The Bank is committed to continually pioneering innovative products and services that enable it to push the frontiers of service delivery through innovative solutions and maintaining very high standards in creating sustainable value for stakeholders.

Landscape of Banking in Rwanda

The landscape of banking in Rwanda has changed remarkably in the recent past. The industry is a lot more dynamic and competitive. Banks are more customer centric and actively solicit customer businesses. Customers are also more enlightened and knowledgeable and demand for better service. This has put banks on their toes and improved the engagement levels with customers. In addition technology has assisted in improving service delivery as customers can now be served everywhere 24/7 in more efficient ways. Finally the BNR has put in place an enabling environment with its accommodative economic policies and strong oversight function that has resulted in the growth and stability of the industry.

Geographical reach

GTBank currently has fourteen physical branches. There are seven branches in the City of Kigali and seven branches distributed across the Northern, Southern, Western and Eastern provinces. The face of banking has changed considerably over the last decade from physical locations to ensuring that banking services are available every time and in the hands of the customer. To this end the Bank has made significant investments in alternative service delivery channels to ensure that customers have access to Banking services everywhere and every time. Products and services that meet our customers’ needs have been carefully put in place and the Bank prides itself in its ability to provide bespoke solutions to customers. Outlined below are some of the products/services offered.

GTBank Automated Payment System (GAPS)

Robust internet banking equipped with features that give customers control over their account. These features cut across transfers, bill payments, account enquiries amongst several other features.

Mobile Banking via the Mobile App

Mobile banking via the USSD platform

GTBank Collection System (GTCollection)

Guaranty Trust Bank Notification System (GeNs).

Access to different types of MasterCard.

Although the bank plans on opening more branches, a lot more emphasis will be placed on investment in technology and alternative banking channels to enhance customer experience and value.

Transforming lives

At GTBank we are driven to deliver the utmost in customer service, which we continuously strive to institutionalize throughout the organisation. The customer is at the heart of everything we do. We have also carefully put in place products and services that meet our customers’ needs and we pride ourselves in our ability to provide tailor made solutions to customers.

The Bank has invested in training and enhancing the skill set of its most important asset; its employees making them knowledgeable and amiable to customers. Various internal and external training programs are conducted to improve the skills of employees and enhance its human capital resources. The continuous training and empowerment of staff will no doubt translate in personal and career growth and development. The training and mentorship programs put in place by the Bank are aimed at enhancing staff productivity and effectiveness.

The bank offers a lot of products and services for SMEs. There are time loans, term loans, invoice discount facilities and various collection facilities. In addition, the Bank offers advisory services to customers.

Mortgage facilities are available to facilitate customers’ housing needs. The mortgages are accessible to the Banks customer. In the education sector, the Bank has products for financing construction of school infrastructure, in addition to having loans for teachers and other products for the pupils like the Smart Kids Save Account where children are encouraged to save and imbibe financial discipline. For the children in high school and universities, there are online accounts and card accounts. The Bank has also sponsored events in schools. GTBank invests in the education sector to ensure the development of Rwanda’s human capital and thus facilitating the sustainability of the economy.

Lastly, the Bank finances bankable projects in the agricultural sector. Most of the agriculture financing is done in the agro-processing space and livestock farming.

More ahead

GTBank has laid out strategies that will facilitate rapid organizational and institutional growth. It will place stronger focus on customer service, innovation and invest in technology to deliver value to customers. The Bank is committed to the growth of Rwanda and is focused on facilitating its development.

N.B: This is a Sponsored article

 

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