Guaranty Trust Bank Ltd (GTBank) has removed processing fees on all its point-of-sale (POS) terminals, allowing small and medium-sized enterprises (SMEs) to accept payments at no extra cost.
The bank announced the initiative in a customer notice on Thursday, stating that the waiver on Merchant Service Charges (MSC) took effect on 11 February.
This move comes as Nigerian businesses face rising operational costs due to inflation and currency depreciation. Many merchants have been turning to neobanks for lower transaction fees and faster processing times.
GTBank says eliminating these charges will help ease financial pressures on SMEs while strengthening its position in the digital payments market.
“With this initiative, all qualifying SME merchants can now receive payments at zero cost, helping them cut expenses, grow their businesses, and enhance customer experience,” the bank said.
The bank’s Managing Director emphasized that the decision aligns with its strategy to support business growth.
“At Guaranty Trust Bank, we always seek ways to add value to our financial ecosystem. By removing processing fees on POS transactions, we empower businesses to retain the full value of every payment, while ensuring a seamless and efficient payment experience,” she said.
The move is expected to drive higher transaction volumes for the bank while reinforcing its commitment to innovative financial solutions for businesses. SMEs using GTBank’s POS terminals can now process payments without extra charges, with further details available through relationship managers or digital banking support.
