Guaranty Trust Bank (GTBank), an African lender, has formed a strategic alliance with Etisalat, a Nigerian telecommunications company, to introduce a new savings account service for customers.

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The new savings offering, GTEasySavers, will enable under-banked and unbanked individuals achieve their financial goals while operating a regular bank account via their mobile phones.

The service will allow Etisalat registered subscribers to open a GTEasySavers account by dialling a USSD short code, "737*0#", using their mobile phones, following which a ten-digit GTBank account number is sent via SMS immediately.

Customers will be able to fund their accounts through cash deposits at Etisalat Experience Centers and GTBank branches besides using electronic transfers from other bank accounts.

GTEasySavers account will also accept deposits via cash deposit ATMs at GTBank branches and GT Express Agent locations.

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The new service, which operates like a regular bank account, will have transaction limits, as prescribed by CBN’s Tier 1 KYC status limits, of NGN20,000 ($100.5) for single deposits with maximum permissible cumulative of NGN200,000 ($1004.8) account balance at any point in time.

GTBank managing director and CEO Segun Agbaje said: "We are passionate about driving the CBN’s financial inclusion strategy in ensuring the under banked and unbanked, begin to find the propositions of banking services more attractive and convenient and then take the bold step of patronizing our numerous bank products and offerings, a passion which we fully share with Etisalat Nigeria."