We'll go through how to apply for a GTBank Prepaid Virtual Naira MasterCard in Nigeria in this article. If you are a Nigerian with a GTBank account, you can apply for a virtual prepaid card by following the steps outlined here.
About GTBank Nigeria
Guaranty Trust Holding Company PLC, popularly known as GTCO PLC, is an international financial services business headquartered in Victoria Island, Lagos, that provides retail and investment banking, pension management, asset management, and payments services.
Guaranty Trust Bank Limited (GTBank) is a worldwide financial organization that offers a wide range of market-leading financial products and services to people, corporations, private and public entities throughout Africa and the United Kingdom. The Bank, which is headquartered in Lagos, Nigeria, and has subsidiaries in Cote d'Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom, employs over 12,000 people and has total assets of 4.057 trillion dollars and shareholder funds of 661.1 billion dollars.
Guaranty Trust Bank Limited is dedicated to providing the best possible service to our customers and communities. Since our beginning, we've been able to maintain continuous year-over-year growth in our customer base and profitability because to our excellent service culture, efficient management, world-class corporate governance standards, and a propensity for innovation. We are also ardent supporters of a wide range of Social Responsibility initiatives aimed at increasing educational access, encouraging community development, promoting the arts, and safeguarding the environment.
We are entirely committed to driving our continent's progress as a proudly African and truly international institution. Our free business platforms, the GTBank Fashion Weekend and the GTBank Food and Drink Festival, are driving the expansion of Africa's fashion and food industries and helping to generate new and worldwide opportunities for the continent's extraordinarily young population.
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By cultivating strong, value-adding relationships with customers, stakeholders, and the communities in which it operates, GTBank aspires to become a Platform for Enriching Lives. In keeping with this ambition, we are always developing ground-breaking innovations that provide clients with extra value outside of banking, such as Habari, an integrated digital platform that connects customers to everything they need in one location, from e-commerce to music. With our first-of-its-kind digital lending product, Quick Credit, we're also changing consumer loan access. Quick Credit enables people and small businesses fast, real-time access to loans, anytime, anywhere.
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Guaranty Trust Bank Limited has won multiple awards for product and service innovation, corporate social responsibility, and world-class governance standards over the years. In 2019, Euromoney Magazine named GTBank the Best Bank in Africa and Best Bank in Nigeria, and World Finance Magazine named GTBank the Best Banking Group and Best Retail Bank in Nigeria. Guaranty Trust Bank Limited also topped the Central Bank of Nigeria's Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, winning eight of the twelve awards for banks in the forefront of driving financial services digitalization.
What is a Prepaid Virtual Card?
A virtual prepaid card resembles a physical prepaid card in appearance. A virtual prepaid card provides all of the same features as a real prepaid card, with the exception of being able to access and use the card solely for online purchases.
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A virtual credit card (VCC) is a debit or credit card that may be generated fully online. They're a 16-digit number with a card verification number and an expiration date that's produced at random. They function in the same way as regular credit cards, except they don't require a physical card.
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One advantage of VCC is that it is difficult to track them back to the original. As a result, internet hackers or deceptive merchants will be unable to access your personal information.
Virtual credit cards are also nearly hard to clone due to their non-physical nature, making them extremely safe for all online transactions.
Advantages of using a Virtual Credit Card(VCC)
- The first concern is the security of your personal information.
- Second, there are no additional fees when you use them (free)
- Finally, most internet users around the world accept VCC.
- Each day, customers are given a minimum and maximum credit limit per transaction.
- Flexible
Some Cons of VCC
- To begin with, virtual credit cards are only valid for a set amount of time, as determined by the card issuer.
- Second, because it isn't a genuine credit card, it isn't accepted by all merchants.
- Finally, transactions may take longer than expected, resulting in the item being dispatched without the transaction being completed.
- Finally, virtual cards are worthless in transactions where the customer is required to produce the original credit card used to make the payment.
What is the GTBank Prepaid Virtual Naira MasterCard?
The GTBank Prepaid Virtual Card, like any other prepaid virtual CC, is an instant card issued using the Internet Banking Platform.
The GTBank Virtual MasterCard is a digital payment card that provides a secure and versatile alternative to traditional payment cards for frequent online buyers. The virtual card is issued immediately using Internet Banking.
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The GTBank Prepaid Virtual Naira MasterCard application is primarily for:
- Security conscious online shoppers who prefer not to use their debit/credit cards linked to their regular bank account online.
- As a fall back option for customers who have forgotten or lost their Card, but need to perform urgent online purchase.
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Transaction Limits of the GTBank Prepaid Virtual Naira MasterCard
- DAILY LOADING LIMIT N100,000
- DAILY MAXIMUM CARD BALANCE N500,000
- LOCAL WEB TRANSACTIONS N500,000 daily
- INTERNATIONAL ONLINE TRANSACTIONS $3,000 monthly
Features and Benefits of the GTBank Prepaid Virtual Naira MasterCard
- Your Virtual Mastercard is usable wherever that MasterCard is accepted online.
- Instant: Upon request, the Virtual card is immediately available.
- It's Versatile: You can load the card with funds from your existing account using Internet Banking.
- Your card is safe since it eliminates the risk and hassle of carrying cash, and it cannot be stolen.
- It's a prepaid card that may be loaded using Internet Banking.
- Shopping Online: You no longer need to wait until you travel to shop using your card. Many foreign websites that distribute to Nigeria now allow you to do so, including ASOS, Amazon, Victoria Secret, River Island, Hawes and Curtis, and many others.
- It's Virtual: You don't have to carry it around with you to use it for online purchasing because it's constantly accessible through Internet Banking.
- Secure: The card is based on GTBank's existing state-of-the-art secure technological platform for Internet Banking.
- Back-up strategy: Customers who have forgotten or lost their Mastercard but need to make an urgent online transaction can use the Virtual Mastercard as a fallback alternative.
- It Can Be Converted: Upon request, the card can be converted to a physical debit card.
- The card is good for three years.
Some common frequently asked questions about the GTBank Prepaid Virtual Naira MasterCard
1. Where Can I Use my GTBank Virtual Prepaid Card?
Your card can be used for online purchases ONLY
2. Do I need to activate my GTBank Prepaid Virtual Naira MasterCard before first use?
No, you do not need to activate the card before use.
3. Is my Virtual card linked to my primary account with the bank?
No, the card is not linked to your primary account, a separate account is created for the card.
4. What is my Maximum Balance?
Your maximum balance represents the maximum amount that can be stored on your card at any time. Your maximum balance cannot exceed N500,000 at any time.
5. What is my Daily Funding Limit of the GTBank Prepaid Virtual Naira MasterCard?
The maximum amount that can be loaded on your virtual card each day is your daily funding limit. GTBank Virtual Prepaid Cardholders can only load a maximum of N100,000 per day into their virtual cards.
6. What is my Daily Transaction Limit?
On the card, the daily transaction limit is N500,000.00. The financial restrictions are subject to Central Bank of Nigeria (CBN) regulation and are subject to change at any time.
How to apply for GTBank Prepaid Virtual Naira MasterCard
When you request a virtual card through Internet Banking, it is issued immediately. Follow the procedures below to make a request:
- Login to the Internet Banking Platform via the link https://ibank.gtbank.com/ibank3/login.aspx
- Select Cards from the left-hand panel, click on the Virtual Card request menuand fill the displayed form
- Click the new “Request Button” to initiate your request for a new virtual Pre-paid Card
- Select the Account to Debit for charges
- Click on the ‘Account to link’ and agree to the “Terms and Condition” check boxes
- Answer your secret question and click the ‘Continue’ button
- The confirmation button is then displayed
- Generate a 6-digit code from your hardware token device
- Input the generated 6-digit token code on the confirmation page and click the ‘Submit’ button
- Internet Banking will display the details of the Pre-paid card once your request is successful:
- PAN (Card Number)
- Expiry date
- Activation Code
- CVV
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How to Convert to Your GTBank Prepaid Virtual Naira MasterCard to a Physical MasterCard
To convert your GTBank Prepaid Virtual Naira MasterCard into a physical MasterCard, you'll need to do the following:
- Once you've logged in to the GTBank Internet Banking Platform, click the 'Convert to physical Card' link button on the right.
- Choose the account that will be debited for the card charge.
- Choose your chosen Pickup Location.
- Click the 'Continue' button after you've answered your secret question.
- Once the request is complete, a record that was successfully sent is displayed.
The card is no longer available as a Virtual card and has been removed from the History page.'
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Conclusion On How To Apply For GTBank Prepaid Virtual Naira MasterCard
It's a good idea to get one because the GTBank virtual Naira MasterCard is instant on request, secure, and accepted by many international online platforms. It can also be turned into a physical master card. As a result, we will advise GTBank clients to buy one for themselves, especially if they conduct a lot of online transactions, as it offers a backup alternative for consumers who have forgotten or misplaced their card yet need to make urgent online purchases.
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