GTBank Eliminates POS Processing Fees to Support Business Growth

Nume Ekeghe

Guaranty Trust Bank Ltd (GTBank) has removed all processing fees on transactions made through its Point-of-Sale (POS) terminals, a move designed to ease costs for businesses and encourage wider adoption of digital payments.

The bank in a statement noted that effective from Tuesday, February 11, 2025, merchants using GTBank’s POS terminals will no longer have to pay Merchant Service Charges (MSC) when receiving payments from customers.

It states that by eliminating these fees, GTBank is giving businesses, especially small and medium-sized enterprises (SMEs) a much-needed boost. With rising operational costs already squeezing margins, this initiative allows merchants to keep the full value of every transaction, improving their cash flow and making digital payments more attractive for businesses of all sizes.

Managing Director of Guaranty Trust Bank Nigeria, Miriam Olusanya, explained the rationale behind the decision: “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.”