GTbank and Total Nigeria have entered into a partnership that allows Total customers make cash withdrawals in designated Total Service Stations. This service is called *737# cash out. It is a USSD (Unstructured Supplementary Service Data) platform which will enable utilization of our daily sales cash proceeds of the Total Service stations to pay out cash to customers.
How does it work?
- Customers dial a USSD string on their mobile phones e.g. *737*35*AMOUNT*SAPCODE# to withdraw cash from Total service stations.
- The customer’s GT Bank account is debited by the amount withdrawn, and Total’s account is credited.
- The station staff then releases the cash to the customer.
What are the Benefits?
- Convenient service for the customer through instant cash out; reduces the need to go to the ATM or bank to withdraw cash.
- Enhanced liquidity management as Total stations are able to manage cash and save time in going to the bank to deposit cash.
- No installation or capital expenditure required: GTBank has provided the phones required for the 50 (fifty) stations in the pilot phase.
- Income generation: GTBank will share proceeds from the commission on the cashout service with Total.
This solution not only offers customers the convenience of getting cash easily but also helps mop up excess in cash in stations – this is line with a recent Cashless policy issued by the Central Bank of Nigeria. An activation was conducted in Total Solar Service Station, Onigbagbo on the 13th of April to formally launch the pilot phase of this service in over 50 stations across the Country. Roll of services in more Total Service Station Nationwide is expected to continue throughout the course of the year.