Missing funds, unexplained loans and angry customers: Is GTBank still in crisis?

For nearly a month now, Guaranty Trust Bank (GTBank), a cornerstone of Nigeria’s banking industry, has been mired in controversy following its transition to a new core banking system powered by Finacle. What was meant to be a seamless upgrade promising enhanced efficiency and customer experience has unleashed chaos for many of its customers.

From missing funds to bizarre debit alerts for loans they claim to have never taken, customers are now questioning whether the new system is a technological advancement—or a disastrous misstep. 

While GTBank has tried to reassure its clients through public statements, the stories emerging from affected users paint a picture of frustration, mistrust, and unresolved grievances.

The timeline of troubles

October 10, 2024: GTBank announces that it is migrating to a more “robust” core banking system, touting the transition as a step forward in enhancing customer service and reliability. At the time, customers are informed that digital services might be temporarily unavailable during the migration.

October 14, 2024: Services officially resume, with GTBank announcing that its branches will remain open until 6 PM to accommodate any backlogs caused by the downtime. The bank reassured its customers, in a public statement, that the upgrade would improve their banking experience.

However, within hours, reports of service disruptions began to surface. Customers complained that they were unable to log into the mobile banking app or complete basic transactions.

October 16, 2024: Complaints escalate. By now, it’s not just about an inaccessible app—some customers alleged missing funds. Social media platforms light up with angry tweets and comments. Some customers say they’ve been debited for transactions they never authorised, while others claim that their account balances simply do not add up.

Same date. The issue deepens. While GTBank continues to urge customers to remain patient, new allegations emerge. Some customers claim they are receiving automatic debits tied to loan repayments for loans they claimed they never took out. Others report that they can no longer access certain services, with their funds effectively “frozen” in their accounts.

October 25, 2024: GTBank announced weekend banking hall services for customers. In a statement, the bank apologises for disruptions caused by the migration. But, the issues persisted after that. 

End of November 2024: By now, the issue has snowballed. Customers allege that the bank is slow to provide clear answers or resolutions. Social media remains the primary platform for aggrieved individuals to voice their concerns, the outcry is met with generic responses from the bank, asking users to “exercise patience” or contact customer care.

“I didn’t take a loan—So why am I repaying one?”

One of the most shocking developments in this saga is the claim that some GTBank customers are being debited for loans they insist they never applied for.

For these individuals, the notifications come as a rude awakening: amounts automatically deducted from their accounts, marked as “loan repayment.”

Without responses from GTBank explaining these debits, speculation is rife. Some customers suggest the bank’s new system has misclassified old transactions as loans. Others worry that their accounts have been linked to loans taken by third parties—an alarming possibility in a time when financial fraud is on the rise.

ICYMI: GTBank’s system upgrade is leaving a trail of transaction woes

GTbank customers speak on X

In the whirlwind of GTBank’s ongoing banking disruptions, customers have begun to share their stories, revealing a troubling pattern of unexplained account debits, phantom loans, and a frustrating lack of accountability. These are not isolated incidents but recurring experiences that paint a picture of deep-seated issues in the bank’s financial systems.  

For @maxvayshia, the ordeal began when his account balance inexplicably turned negative by a staggering ₦400,000. It was as if he had taken a loan he never applied for, and now, all incoming payments were being diverted to settle this “debt.” Even his salary was not spared. Every time it hit his account, the bank deducted it. 

When he approached customer care for clarification, he was told that on his previous salary payment, he had been paid twice—a claim his employer flatly denied. 

The real shock came when his bank statement showed a phantom transaction: the supposed “double payment” originated from the bank itself, but it never appeared in his account. Instead, the system treated it as a debt he now owed. After being bounced from one explanation to another, Max’s money was gone, untraceable.  

Max’s story eventually had a resolution after significant public outcry. Following his tweets that garnered widespread attention, GTBank refunded every kobo. 

The user commended the professionalism of one staff member at the Akure branch but emphasised the need for constant pressure to resolve such issues. 

This user’s experience opened the floodgates for others to share their stories, and the pattern was strikingly similar:  

- @talk2veee recounted losing ₦40,000 to a phantom debt. "They took it and said I was owing yet I’ve never taken loan from them. Omo. I’m weak," the user lamented.  

- @afolabiolamide8 shared a bizarre cycle where the bank debited ₦13,000 from his account, returned it, and then took it back again. Exhausted by the back-and-forth, he decided to leave GTBank altogether. "I just let it slide cos.. just like you highlight here.. it is story upon story. I don open OPAY and Moniepoint.. goodbye to GTB and co."  

- @SunmolaIdowu revealed an uncle’s nightmare: payment for goods sold was credited to his account, confirmed by a transaction alert and the customer’s debit. But the next day, the money vanished entirely. When he complained, the bank claimed he had taken a loan. Two weeks later, the issue remained unresolved.  

- @osmondik detailed losing ₦50,000 and ₦3,750 from his savings account in November without any explanation. Despite countless efforts to get the money back, he has seen no success. "Theirs is a case of broad day robbery," he fumed, hinting at possible legal action.

From accounts mysteriously turning negative to salary deductions for loans customers never took, the stories suggest a deeper systemic issue. Customers are not just losing money—they are also losing trust. In the words of @maxvayshia, “This is scam, and this is unfair.”  

Many customers, disillusioned by GTBank’s handling of these incidents, have resorted to closing their accounts. For others, the battle continues. Public pressure and social media seem to be the only tools forcing the bank to act, with those who raise the loudest alarms seeing their issues resolved faster.  

Read also: GTBank.com: The scary implications of domain hijacking

GTBank’s reassurances—and their limits  

Throughout the crisis, GTBank has offered public reassurances, but these have done little to address the specifics of customer complaints. 

In its latest official statement, the bank expressed gratitude for customer patience and acknowledged the significant disruptions caused by its migration to the new Finacle Suite of Core Banking Applications. 

The statement described the move as a necessary step to improve agility, adaptability, and overall customer experience. However, it also admitted that the process was marked by delays in transaction processing and service interruptions, for which it offered a formal apology.  

While the apology is a step forward, many customers remain unsatisfied with the bank’s lack of detailed explanations for issues such as missing funds and phantom loan repayments. 

Internally, one GTBank staff suggested that the disruptions might stem from incomplete transactions during the migration period.  

“Some customers initiated transactions before the transition that didn’t properly clear in the system. These were flagged automatically, resulting in account blocks or unintended debits,” one insider speculated.  

But for many customers, this rationale would fall short. The mounting allegations of phantom loans and unexplained debits point to deeper systemic problems that cannot simply be written off as migration hiccups. Without a comprehensive breakdown of the causes and a clear roadmap for resolution, GTBank risks losing the trust of customers. 

What could be going wrong?  

Experts in banking technology believe the scale of GTBank’s issues may indicate inadequate preparation during the system upgrade. 

“When transitioning to a new core banking system, thorough testing of all possible scenarios—especially edge cases like account reconciliations and loan processing—is crucial,” said one IT consultant familiar with such migrations. 

“If the system isn’t properly calibrated, errors like unexplained debits, missing funds, or misclassified loans can surface.”  

However, some analysts argue that the problem might go beyond technical glitches. The recurring allegations of phantom loans, where customers claim they are repaying debts they never incurred, raise troubling questions about data integrity and internal governance. Could GTBank’s financial records have been compromised during the migration process?  

Also, the apology issued by the bank does not directly address these specific concerns. Instead, it frames the disruptions as temporary challenges on the road to providing a more robust banking experience. While this may be true in part, customers are demanding more than reassurances; they want transparency, accountability, and immediate resolutions to their grievances.