Nairametrics| MD of Guaranty Trust Bank, Segun Agbaje at an event on Friday gave insight as to why the bank stopped its customers from having access to PayPal services. According to him, some fraudsters opened multiple accounts in people’s names, collected dollars at the official rate, and then sold the dollars in the black market. He however said, that the bank was working on a way to filter out genuine business people and give them access to the platform.

He made this comment at a GT bank event during Social Media Week Lagos, tagged “Banking in The Age of Social.” He also stated that the bank was working on a revamped version of its banking app, that would be called GT World.

PayPal is one of the top online payment processors globally. The company was established in 1998, and went through several mergers and transitions before being acquired by E-bay after its IPO in 2002.

Nigerian businesses, who were importing goods into the country, transferred money into their PayPal accounts, then paid for goods. PayPal is also a common means of exchange for people who operate online businesses.

Guaranty Trust bank, also known as GT Bank, is one of the foremost tier one banks in the country. The bank is also dominant in Nigeria’s version of mobile money service using its 737 platforms which carries out transactions running into billions of Naira every month. Segun Agbaje, is on his final lap as MD of the bank.


Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.


  1. If paypal operates in Nigeria,it means the cbn is solely responsible for the depreciation and appreciation of the MIGHTY NAIRA,we do not need god to tell us this the cbn is too powerful to affect the forex market as much as they want or they lets the forexmarket to be fully liberalzed.the private sectors and banks,broker and investors takes the risk and the gain of the forex market dometics your oil forex earning in nigeria
    Why i said so ? a couple of month ago,some Nigerian are advising and passing economic on trading on forex operated from Nigeria trading in American and the british market or europe market.(2)Nigerian debit card quarannteed by VISA and MASTERCARD can operated oversea (2)some Nigeria banks uses moneygram and western union to transfer money to Nigeria deposit of cash (20 citigroup have an universal banking license,they do not need to to cbn for their forex needs,the list is endless.
    There is no excuse by the cbn,all they need to do, a little research to confirm what most Nigerian suspects will do now and in future(2) a strategyis a purpose thinking or thinking for your give up something for sometime,you use the present stage do you break it,or purifies it,or clean it bring it to it’s full power.if it cannot be done that way,you add something to it.a woman looks ugly without make-up.once she put make-up on her eyes.mouth cheeks.all you do such woman or the naira is to says “at your service i service your top or your below”

  2. This is the most stupid i have heard.

    So why do we have to be the ones to pay for the banks ineptitude?

    I remember all the different hoops i have to join to , to meet GTB’s KYC before opening an account, so how did this crooks open the account? And also GTB does not give anybody dollar at official rate via their cards or paypal payments, so how is this even true?

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