Guaranty Trust Bank Ltd (GTBank) has eliminated processing fees for all its point-of-sale (POS) terminals, enabling small and medium-sized enterprises (SMEs) to accept payments without incurring any costs.
The bank made this announcement in a notice to customers on Thursday, indicating that the removal of Merchant Service Charges (MSC) became effective on 11 February.
This initiative comes as Nigerian businesses face increasing operational expenses due to high inflation and currency devaluation, prompting many to turn to neobanks for their POS transactions, where they report lower costs and quicker processing times.
By waiving transaction fees, GTBank aims to alleviate financial burdens on merchants while enhancing its competitive edge in the rapidly evolving digital payments landscape.
“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.
Guaranty Trust Bank Nigeria Managing Director Miriam Olusanya stated that this initiative is consistent with the bank's strategy of fostering business growth. She explained that Guaranty Trust Bank continuously seeks opportunities to enhance its financial ecosystem's value. Eliminating POS transaction processing fees empowers businesses to realize the full value of each payment received, while simultaneously ensuring a smoother, more efficient payment process.
This decision is anticipated to increase the bank’s transaction volumes.
The announcement indicated that the zero processing charge initiative is in line with GTBank's commitment to providing businesses with innovative financial solutions that enhance growth and operational efficiency.
Businesses utilizing GTBank’s POS terminals can now accept payments without incurring extra fees. Additional information can be obtained from relationship managers or the bank’s digital banking support team.