Guaranty Trust Bank Ltd (GTBank) has scrapped processing fees on all its point-of-sale (POS) terminals, allowing small and medium-sized enterprises (SMEs) to receive payments at no cost.
The bank announced the initiative in a notice to customers on Thursday, stating that the removal of Merchant Service Charges (MSC) took effect on 11 February.
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The move comes as Nigerian businesses grapple with rising operational costs amid high inflation and currency depreciation, driving many to shift to neobanks for their POS transactions, where they claim to benefit from lower costs and faster processing times.
By eliminating transaction fees, GTBank says it aims to ease financial pressures on merchants while strengthening its position in the increasingly competitive digital payments market.
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“With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience,” it said in the notice.
The Managing Director of Guaranty Trust Bank Nigeria, Miriam Olusanya, said the initiative aligns with the bank’s strategy of supporting business growth.
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“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, whilst also ensuring a more seamless and efficient payment experience,” she said.
The decision is expected to boost the bank’s transaction volumes.
It said the zero processing charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency.
Businesses using GTBank’s POS terminals can now process payments without additional charges, with further details available through relationship managers or the bank’s digital banking support team.
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