GTBank eliminates POS processing fees to support SMEs amid economic challenges

Guaranty Trust Bank Ltd (GTBank) has announced the removal of processing fees on all its point-of-sale (POS) terminals, a move aimed at providing small and medium-sized enterprises (SMEs) with cost-free payment solutions.

The initiative, which became effective on February 11, was disclosed in an official notice to customers on Thursday.

The bank’s decision comes at a time when Nigerian businesses are struggling with mounting operational costs due to high inflation and currency depreciation.

In response, many businesses have migrated to neobanks, which promise lower transaction costs and faster payment processing. By eliminating Merchant Service Charges (MSC), GTBank aims to ease financial burdens on merchants and reinforce its position in the increasingly competitive digital payments market.

“With this initiative, all qualifying SME merchants can now receive payments at zero cost, allowing them to reduce operational expenses while promoting their enterprises and enhancing customer experience,” the bank stated in its notice.

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Miriam Olusanya, Managing Director of Guaranty Trust Bank Nigeria, emphasized that the initiative aligns with the bank’s broader strategy of supporting business growth.

“At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By implementing the zero processing fees on POS transactions, we are empowering businesses to get the full value of every payment they receive while also ensuring a more seamless and efficient payment experience,” she said.

The decision is expected to increase transaction volumes processed through GTBank’s POS terminals, as businesses can now accept payments without additional charges. The bank reaffirmed that this initiative aligns with its ongoing efforts to provide innovative financial solutions that drive business growth and efficiency.

Businesses using GTBank’s POS terminals can now take advantage of the zero processing fee policy, with further details available through relationship managers or the bank’s digital banking support team.