Nigeria is known for it's corruption practices within the government sector which to the Introduction of BVN (Bank Verification Number) to minimize or completely eliminate corruption within the banking industry how the corruption is with the bank itself and not the masses.
Guaranty Trust Bank of Nigeria otherwise known as GTBANK scams their customers in a systematic way When a transaction is done online using GTBank Naira MasterCard, you will be charged at the exchange rate of 320 Naira to a dollar (1 dollar = 320). That's what I was charged. When you want to receive money from overseas (Western Union, Bank transfer), GTBANK will pay you at the exchange rate of 198.50 Naira to a dollar (1 dollar = 198).
GTBANK bank extort their customers. They will tell you that is the exchange rate from Central Bank but when you put the same money into your account with GTBANK and perform online transaction the same GTBANK will charge you 320 to a dollar (One dollar = 320 Naira).
When you call them and ask why you're charged at that rate? The lady who spoke to me on phone said "We don't use Central Bank exchange rate when making any International transaction, e.g Online transaction, POS, PayPal etc, we charge based on the "Black Market" exchange rate because that's where we usually got the dollar".
GTBANK Customer Service representative was been free with me and trying to convince me that all is well and that how the system works, little did she know she was exposing the bank.
I quote her words, " Bros, see eh, The Central Bank exchange rate is 198.50 Naira to a dollar that's for the bank but at the black market is 320 Naira to a dollar. So, the bank have to make profit as "Na where man dey work himself dey shop".
The Game: GTBANK charge customers at the "Black Market" exchange rate for all international transactions and then pay back the Merchant or store or website where you did the transactions at The Central Bank exchange rate and made profit of 198.50 Naira = 1 USD against 310 Naira = 1 USD. They make 112 Naira per dollar automatically.
GTBANK steels from there customers and then pay for the transactions you do online to the merchant at Central Bank exchange rate which is 198.50 to 1 USD. Then charge their customers 310 per dollar. 112 Naira profit for doing nothing.
The whole of the banks in Nigeria feels comfortable with this fraud and has no intention of making it right. If the government truly wants to fight corruption, they should start with her banks.
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