The Guaranty Trust Bank Plc has declared “free of charge” transactions for its customers amid the economic crisis caused by the Coronavirus (COVID-19) pandemic.
GTBank announced in a newsletter to all its customers on Saturday that it had resolved to lift charges on transactions of N5,000 and below.
The bank said, “From now till the 31st of March 2020, when you want to give money to family, help out a friend in need, pay for items at any grocery store, or send money to anyone at all, you will not be charged on transfers of up to N5,000.
“This is our little way of encouraging you to go cashless on all your transactions, no matter how small; it is the safer and more convenient thing to do, especially at this time.”
Meanwhile, the move came after the Central Bank of Nigeria (CBN) , on Saturday, issued a communique of the Bankers’ Committee Meeting on the impact of COVID-19 on the global and Nigerian economy.
The CBN and the bankers committee which comprises mainly of Chief Executive Officers of Nigerian banks had resolved to “collaborate at this critical moment – with one coherent strategy to provide confidence to the customers, counter parties, the public most importantly, put Nigeria first.”
The communique said the committee, “resolved that profit will not be the primary motive at this time.Rather, preserving confidence, financial stability and support for the economy will be the overriding objectives.”
On its part, the CBN said it was injecting N3.5 trillion into the Nigerian economy as a way of stimulating the economy and ameliorating “the pains arising from the COVID-19 health and economic crisis.”
Meanwhile, as of today March 21, Nigeria had recorded a total of 22 confirmed cases of Coronavirus.
The COVID-19 incidences led to the closure of all five international airports in the country by the Nigerian Civil Aviation Authority (NCAA).
The government had also ordered the closure of all schools, including secondary schools and tertiary institutions, to curb the spread of COVID-19 in the country.
The governments of Lagos, Ogun, Kwara and Kaduna states had also banned religious and other public gatherings of more than 50 persons.