The School of Accountancy Alumni Chapter organized a public lecture for Alumni, Students and Staff delivered by the Managing Director of GT Bank Mr. Adekunle Sonola. The lecture was held on Thursday 10 April 2014 at the University’s Auditorium from5.30 pm to 8 pm
Mr. Sonola told the attendants the history and principles behind the success of GT Bank. The bank started 24 years ago with an equivalent of KShs 10 million and now has a market capital of USD 6 billion. In 24 years it has created several multi-billionaires and moved in ranking from position 50 to 6 in Africa.
Over the years, the Bank has created a unique culture of transforming lives, first those who work in it. It is a bank of ordinary people who do extraordinary things where people only focus on success.
The key principles behind the success of the bank are simplicity, humility, ethics and integrity. GT Bank has the lowest fraud rate in the industry. Staff are part of the bank being shareholders as well. Thus everyone is a bank manager on his own and every team works together.
The Bank has had 4 case studies done by Harvard Business School as well as several others by London Business School.
Mr. Sonola explained to the attendants about the GT bank training school that is a critical part of their success. After 4 months, one must get a pass of 70%; trainees spend a day in jail to know that crime does not pay and are expected to do a social responsibility programme (fund raising and implementing a community project like building a dispensaries, hospital, sanitation facilities for primary schools etc)
He reminded the attendants about the challenges that start after one completes university like peer pressure and attainment of work-life balance, noting that Kenyan youth were highly educated, vibrant and dynamic. This is the main reason why multinationals are coming to Kenya.