The channels were blocked as a result of MTN reducing the banks’ commission on USSD airtime to 2.5 per cent.

However, following the intervention by the Minister of Communications and Digital Economy, Isa Pantami, the Governor of the Central Bank of Nigeria, Godwin Emefiele, as well as the Nigerian Communications Commission, MTN agreed to revert back to a 4.5 per cent commission.

In a letter signed by MTN Chief Executive Officer, Karl Toriola, on Saturday and addressed to the Chairman of Body of Banks’ CEOs, Herbert Wigwe, Toriola said a meeting for the reduction of the charges would be held on Tuesday.

The letter was a follow-up to the virtual meeting held Saturday morning by Toriola, Wigwe, Managing Director/CEO, Guaranty Trust Bank Plc, Segun Agbaje and MTN Nigeria’s Chief Financial Officer, Modupe Kadri.

The letter, which copied the Executive Vice Chairman/CEO of the NCC, read in part, “In an attempt to resolve the current USSD recharge impasse, given the intervention of our regulators, we hereby agree that the banks revert to the status quo of 4.5 per cent commission. However, the banks and MTN Communications Nigeria Plc shall sit to agree on various options that will result in the reduction in the costs on 6th of April 2021.”

Foremost African financial institution Guaranty Trust Bank plc has been named the Best Bank in Africa 2019 by Euromoney at its annual Awards for Excellence, which held in London on Wednesday, July 10, 2019, at the London Hilton Hotel, Park Lane.

GTBank was also named the Best Bank in Nigeria for a record ninth time, reflecting the Bank’s position as one of the best managed financial institutions in the country, with strong and focused leadership that keeps the business in a constant state of reinvention and innovation.

Now in its 50th year, Euromoney is the leading publication for covering the growth of international finance. Euromoney’s Awards for Excellence are the awards that matter to the banks and bankers who matter.

This year, Euromoney received almost 1,500 submissions from banks in an awards programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.

The Magazine’s Awards for Excellence celebrates the best banks around the world by recognizing institutions that have demonstrated leadership, innovation, and momentum in the markets they operate.

In selecting its award recipients, Euromoney combines quantitative and qualitative data to honor institutions that have brought the highest levels of service, innovation and expertise to their customers.

Key to the emergence of GTBank as the Best Bank in Africa and the Best Bank in Nigeria is the Bank’s digital drive and its clarity of vision in reimagining the future of banks and banking. The Euromoney awards also recognized GTBank’s commitment to leading the future of banking as well as its consistent long-term strategy led by a senior management team that abhors complacency and keeps the business in a constant state of innovation.

The Chief Executive Officer of GTBank, Segun Agbaje, while appreciating the Bank’s Euromoney awards said; “We are delighted and proud to win the Euromoney Awards for Africa’s Best Bank and Nigeria’s Best Bank. These awards reflect the progress we are making in delivering the best banking experience that captures what customers want in the world of today and tomorrow. They are also a testament to our leading role in driving world-class corporate governance standards, excellent service quality and innovation in Africa’s banking industry.”

He further stated that; “At GTBank, we are passionate about building the bank of the future by leveraging the best of technology to add real value to our customers’ lives, and these awards illustrate the hard work and commitment of our staff, management and board towards achieving this goal.”

GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality and innovation.