GTCO Network Collapse on Easter Sunday As Customers Threatens To Quit Bank

GTCO one of the suffering Nigerian banks have once again failed its customers as network totally collapsed on Easter Sunday.

Many customers experienced great difficulties while trying to transact on the Gtbank app, thereby making it a worst easter holiday for most of their customers.

According to reportsa a total of 32,992 fraud cases were perpetrated through the financial system of tier-1 Nigerian lenders, Guaranty Trust (GT) Bank and Access Bank in 2021, more than both firms recorded the previous year.

This number is 90.5% higher than the fraudulent activities recorded by Access Bank and Guaranty Trust in 2020, which is 17,310 fraud cases, increasing the value of money stolen during the process.

Of the 32,992 fraud case, Access Bank recorded the highest, according to their financial statements report for the year ended December 2021. Prime Business Africa gathered that the firm reported 17,968.

The amount involved in the Access Bank fraud cases is N2.30 million, checks showed, but the actual amount the financial institution lost to the fraudsters during the period under review is N1.98 million.

FIndings disclosed that the fraud cases performed on the Access Bank system rose last year, when compared to the 10,910 faud cases recorded in 2020, which involved N1.26 million, with N1.01 million lost to the fraudsters.

Note that in March this year, Access Bank restructured into a subsidiary of Access Holdings, also known as Access Corporations, based on its listing name in the capital market, Nigerian Exchange Limited (NGX).

Meanwhile, for GTBank, the company recorded 15,024 fraud cases, involving N1.21 million, but the fraudsters successfully stole N511,962 from the bank. However, this was in contrast to the 17,310 fraud cases of 2020, involving N1.35 million, but they only defraud the bank of N174,402.

The fraud occurred during the same year when GTBank, in July 2021 restructured into a subsidiary of Guaranty Trust Holdings Company (GTCO), in the capital market, in a bid to spin off other businesses that are not core-banking.