On September 22, 2020, Guaranty Trust Bank (GTB) disabled USD transfers between accounts. As a result, we're currently unable to settle USD payouts into GTB domiciliary bank accounts.
What does this mean for your business?
While we're no longer able pay out USD transactions into GTB domiciliary bank accounts, Zenith Bank domiciliary accounts are able to receive USD payouts.
So if you currently have your USD payout account set to a GTB domiciliary account, kindly update it to a Zenith Bank USD account to be able to receive your USD payouts.
Here's a helpful article on how to change your payout bank account.
How to create a Zenith Bank USD account
If you don't already have a Zenith Bank USD account, you can create one by filling out one of the forms below and submitting it at the closest Zenith Bank location to you.
If you run into any trouble opening your account, please send us an email at email@example.com with the subject Paystack Merchant Domiciliary Account. Kindly attach a completed copy of the account opening form in your email.
Known issue with $1,000 minimum
We're aware that a number of Zenith Bank locations are informing prospective account openers that they need to deposit a minimum of $1,000 before they can open a domiciliary account. This is incorrect.
We have clarified from Zenith Bank Nigeria headquarters that you do not need a minimum of $1,000 to open a domiciliary account.
If you are asked for an initial deposit of $1,000 as a prerequisite for opening the domiciliary account please, send us an email at firstname.lastname@example.org with the subject Paystack Merchant Domiciliary Account, explaining what happened when you tried to open the account.
Important: Kindly include the name and phone number of the account officer asking for the initial deposit of $1,000 so we can help resolve this quickly.
Is it possible to display prices in USD, but get paid out in Naira?
Yes, it's possible for your customers to pay in USD, but for you to get paid out into any Naira account with any bank. Here is more information on how to do this.
If you have any other questions, please send us an email at email@example.com. We're happy to help.