Guaranty Trust Bank (GTBank) Limited has announced the elimination of processing fees on all its Point-of-Sale (POS) terminals, a move that will undoubtedly excite small and medium-sized enterprises (SMEs) across Nigeria. This significant development, effective February 11, 2025, aims to directly support businesses by reducing operational costs and enhancing their competitiveness.
“At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem,” emphasized Ms. Miriam Olusanya, Managing Director of GTBank. “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.”
This landmark decision translates to substantial savings for businesses. Previously, merchants using GTBank POS terminals incurred Merchant Service Charges (MSC), a fee levied on each transaction. The removal of these charges will directly impact a business’s bottom line, allowing them to reinvest these savings into crucial areas like inventory, marketing, or employee salaries.
Beyond the immediate financial benefits, this initiative holds immense potential for driving economic growth. By reducing the cost of doing business, GTBank empowers SMEs to thrive, contributing significantly to job creation, innovation, and overall economic development. This move aligns perfectly with GTBank’s commitment to fostering a thriving business environment and empowering entrepreneurs.
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This announcement has been met with widespread approval from the SME community. Many business owners have expressed their gratitude for this impactful initiative, highlighting the significant relief it provides amidst challenging economic conditions. This move not only demonstrates GTBank’s commitment to its customers but also positions the bank as a leader in supporting the growth and development of the Nigerian business landscape.
Every naira counts, and the cost of accepting card payments through a POS terminal has been a constant burden. With GTBank’s decision to waive POS fees, this restaurant owner can now breathe a sigh of relief. The savings generated can be used to upgrade the menu, hire additional staff, or even expand their operations, creating new job opportunities and contributing to the local economy. This is just one example of how GTBank’s initiative will have a tangible and positive impact on the lives of countless Nigerians.
