In a move aimed at empowering businesses and reducing operational costs, Guaranty Trust Bank (GTBank) has announced the removal of processing fees on all GTBank POS terminals. This initiative, which took effect on Tuesday, 11 February 2025, ensures that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when accepting payments.
This decision reinforces GTBank’s commitment to supporting small and medium-sized enterprises (SMEs) by providing cost-effective payment solutions. By eliminating transaction fees, the bank is helping businesses maximize revenue, enhance customer experience, and drive business growth.
Zero Processing Fees: A Game-Changer for Merchants
With this initiative, all qualifying SME merchants can now accept payments at zero cost, allowing them to:
- Lower operational expenses and retain more of their earnings.
- Improve cash flow without worrying about additional deductions.
- Encourage digital transactions, leading to a more seamless and efficient payment experience.
GTBank’s Managing Director, Miriam Olusanya, emphasized the bank’s dedication to fostering business growth, stating:
“At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By implementing 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.”
GTBank’s Commitment to Business Growth
The Zero Processing Charge campaign is part of GTBank’s broader mission to provide businesses with innovative financial solutions that enhance efficiency and sustainability. This initiative aligns with the bank’s ongoing efforts to promote financial inclusion and create an enabling environment where businesses—especially SMEs—can thrive.
By removing transaction costs on POS payments, GTBank is setting a new benchmark in the Nigerian banking industry, making it easier for merchants to transition to cashless payments and improve financial operations.
What This Means for Merchants
- Zero MSC (Merchant Service Charge) on GTBank POS terminals.
- Better profitability for businesses with reduced transaction costs.
- Faster, seamless, and cost-free digital payments.
As businesses navigate economic challenges, GTBank’s initiative provides much-needed financial relief, ensuring that merchants get the full value of every sale while enhancing customer convenience.
This move further strengthens GTBank’s position as a leading financial partner for SMEs, helping businesses scale, innovate, and succeed in a rapidly evolving digital economy.
