Fri 19th April, 2019
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GTSL Diaspora Accounts
FAQ
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Q1: Who is GTSL?
GTSL is an acronym for Global Trust Savings & Loans Ltd, a primary Mortgage Institution, licensed by Central Bank of Nigeria, or hitherto Federal Ministry of Works and Housing to carry on the Mortgage banking business in Nigeria.

Q2: Who owns GTSL?
GTSL is owned by IGI Plc, thus a subsidiary of the parent company, IGI.

Q3: What are the services rendered by GTSL?
  1. GTSL accepts deposits from the public in form of savings,  Current Accounts and fixed deposits.
  2. Grant Mortgage loans to its customers to purchase property, Land, renovate properties and for building/construction.
  3. Helps its customers in the processing of National Housing Loan to individuals and Estate loans for developers from Federal Mortgage Bank of Nigeria.
  4.  Also assist in salary administration for companies/organizations. 
Q4: Can GTSL receive deposits?
Yes, GTSL receives deposits like any other bank and pays interest on such deposits.

Q5: Which of deposits attracts interest and the ones that does not receive interest?

Deposits into the following products are paid interest:
  1. Savings, Target Savings etc.
  2. Fixed Deposits with 30, 60, 180 days tenor etc.
  3. Interest presently not paid on Current account products; rather, customers pays COT (Commission on turnover) for running such account and cheques books are issued.
Q6: Can GTSL handle Salary Administration for corporate organization?
Yes, GTSL can assist in the payment of salaries to staff of large corporate organizations

Q7: What type of salary accounts are opened with GTSL?

Savings, Current AccountQ8: Can I take a loan on my savings salary account?
No, Savings Account is not always allowed to go into debit or be overdrawn. Hence GTSL will always request you open a Current Account when you want overdraft or loan.

Q9: What are the roles of a Bank and that of GTSL?
As mentioned in Question 1, GTSL is a Mortgage Bank, Banks by their nature perform an intermediary role; collecting money from the surplus units (on Savings, Fixed Deposit & Current Accounts) and give it to the deficit units (in form of loans, overdraft) i.e. people in need for consumption or investment purposes.

Q10: How can I support GTSL to perform its role effectively as a bank?
I need to open account with GTSL in form of Current, Savings Accounts and Fixed Deposit.

Q11: Can I have access to my cash after banking hours?

Yes, you can now withdraw using your UBA - GTSL cash wallet on any ATM machine.

Q12: What do I stand to gain if I leave my money with Global Trust Savings & Loans Ltd?.
  1. Higher interest rates compare to any commercial Bank
  2. Better and faster opportunity to access loan facilities. You will be given first consideration.
  3. Easy access to your fund.
Q13: What is the difference between GTSL and UBA, ETB or Intercontinental Bank?
GTSL is a specialized and Mortgage Bank with restriction on provision of certain services. While UBA, ETB, Intercontinental Bank are Universal Banks without restriction on services. For example, Universal Banks go to the clearing houses they provide International Trade and FX Services. These are not allowed by laws for mortgage banks.

Q14: Can I still get these services from GTSL?
Yes, your cheques are cleared by GTSL through a Universal Bank (ETB) no disadvantage of any sort. Also we route your international Trade/FX services through our universal Bank. 

Q15: What is the benefit for me and why bank with GTSL?
  1. GTSL is a stable, healthy and owned by one of the biggest Insurance Company in Nigeria.
  2. You get better rate of interest on deposits more than what you get from Universal Banks.
  3. Hope of having a roof over your head - GTSL is presently going into Estate Development and shall be available for all Houses will be developed in partnership with Chancellor Properties Ltd.
  4. The management of the bank is focused and ready to create, preserve and protect wealth.
Q16: Can I open more than one account?
Yes, apart from your salary account, you can open Savings Accounts for your children, Spouse, Target-Savings, Fixed Deposit etc. You can have up to 2 - 10 accounts opened for different reasons and run on behalf of members of your family. Group, Church, Association, Corporative accounts can be opened at GTSL.

Q17: Do you finance, purchase of land or building for private use Or commercial purposes? Yes, we finance purchase of land or build residence and commercial buildings, either for outright sale or personal use.

Q18: What are the things needed to access a mortgage loan?
  1. Evidence of regular and sustainable income
  2. Copies of title deeds for land or building, copies of offer/allocation letter for purchase
  3. Equity contribution up to 30%
  4. Means of identification
  5. Repayment plan.
Q19: Do you operate domiciliary accounts?
By law we are not allowed to operate domiciliary accounts; however, we can access foreign currency deposits via our correspondent Bank, ETB for our customers.

Q20: Can GTSL provide me with a reference letter to other institutions/organizations including embassies?

Yes, at your instance, GTSL can provide references on your behalf to third parties.

Q21: Can I bring my business or introduce business to GTSL?

Yes, we shall appreciate your referrals and shall continue to appreciate your patronage.

Q22: What is GTSL - Diaspora package (GDP)?

This is a special opportunity for Nigerians outside the country to access the following services from the bank (GTSL)
  1. Cultivate the habit of savings towards specific projects in Nigeria.
  2. Appoint GTSL to handle building projects on their behalf as we have various instances of diversion, misappropriation of funds by relatives trusted to handle these projects. (iii) Access Advisory services of our technical group on building projects (our sisters company - Chancellor Properties Ltd. has Architects, Engineers, (Civil, Electrical & Mechanical) Quantity Surveyor & Estate Valuers available for your use. 
  3. Access Mortgage Loans for Purchases & building of houses in Nigeria (assist in the choice of houses in Estate owned by us or other Mortgage banks in Nigeria).
Q23: How do I transfer funds to my account to be opened with GTSL- Nigeria?
The following process will be applied:
  1. Complete our account opening package for either GTSL Diaspora - Savings/Current/Investment Account. On line on our web site www.globaltrustsavings.com
  2. GTSL will embark on KYC doctrine to approve application for account for a potential customers after submission of all relevant documents on line.
  3.  After satisfactory fulfillment of condition (2) above, Account will be opened.
  4. The potential customer will be provided GTSL correspondent bank details for transfer of funds.
  5. Funds received through our correspondent bank will be converted at spot rate based on the official exchange rate as advised by the Central Bank of Nigeria and proceeds will be used to open a Naira Account using the documents submitted to GTSL as indicated in (2) above.
Q24: How do I run my account?
Withdrawals from your account will be made using your cheque leaf to third party and saving withdrawal leaflets by yourself. The cheque book and savings withdrawal booklets will be mailed to your address through IGI Liaison offices in London and New York. Also, deposits/lodgments to your Naira account can be through transfers as stated under response to Question 23 or by third party(ies) in Nigeria.
 
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Global Trust Savings & Loans.
Plot 740, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria