GTBank Waives POS Processing Fees to Support Merchant Growth

Guaranty Trust Bank (GTBank) has announced the removal of processing fees on its Point-of-Sale (POS) terminals, a move aimed at easing financial burdens on merchants and boosting adoption of its payment solutions. This policy, which took effect on Tuesday, February 11, 2025, ensures that businesses using GTBank POS terminals can now accept payments without incurring Merchant Service Charges (MSC).

A Strategic Move to Add Value

Explaining the rationale behind the initiative, Miriam Olusanya, Managing Director of GTBank Nigeria, said:

> “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.”

For many merchants, POS fees represent an additional cost that cuts into their profit margins. By scrapping these charges, GTBank is positioning itself as a cost-effective alternative in the increasingly competitive digital payments space.

How This Impacts Businesses

Typically, businesses pay a fee—usually a percentage of each transaction—to their payment service providers. Removing these charges means merchants can now keep 100% of their earnings when customers pay via GTBank POS terminals.

This initiative is particularly beneficial for small and medium-sized businesses (SMBs) that rely on digital payments but struggle with operational costs. By eliminating processing fees, GTBank is helping businesses maximize revenue while promoting a cashless economy.

Competing for Market Share in Digital Payments

Nigeria’s digital payment ecosystem is rapidly expanding, with more businesses transitioning to cashless transactions. This has led to increased competition among banks and fintech companies offering POS solutions. GTBank’s fee waiver could attract more merchants to its platform, potentially setting a new industry standard.

While GTBank has taken the first step, it remains to be seen whether other financial institutions will adopt similar strategies to stay competitive. For now, the bank’s decision is a major win for businesses seeking cost-effective payment solutions.