Nigerian customers of Guaranty Trust Bank are grappling with network downtime, rendering transactions impossible via the bank’s app, USSD, or Point of Sales terminals.
As observed by Nairametrics, the network problem which started on Wednesday, April 4, 2024, persists without resolution at the time of this report’s publication.
Customers have encountered error messages such as “Issuer inoperative” and “2102 error, this service is currently not available” when attempting transactions, exacerbating the inconvenience.
Despite the widespread network downtime, GTbank is yet to issued an official statement addressing the ongoing network issues.
Consequently, agitated customers have taken to social media platforms, notably X (formerly Twitter), using the hashtag #gtbank to express their frustration and demand transparency regarding the network downtime debacle.
What Nigerians are saying on X
Moe
Maryam
Titemijuopelo
Gimba Kakanda
Rsvptemple
TenaViolinist
Aniekan
Oyinda Kel
What you should know
Nairametrics earlier highlighted the Central Bank of Nigeria’s (CBN) decision to raise the minimum capital requirements for commercial banks with international authorization to N500 billion and national banks to N200 billion. This regulatory adjustment signifies an uptick in the capital base for banks, tailored to the extent of their operations.
Under the new policy directive, Tier-1 banks are expected to maintain a minimum capital base of N500 billion, while national banks must adhere to a threshold of N200 billion. Additionally, regional banks are required to maintain a capital base of N50 billion.
However, an analysis based on the banks’ 2023 9-month results revealed that all banks fell short of meeting the stipulated capital requirements, particularly in terms of share premium and ordinary share capital.