GTBank Eliminates PoS Processing Fees to Support Business Growth
Nigeria’s leading Bank that offers Online/Internet Banking, Retail Banking, and Corporate Banking, Guaranty Trust Bank (GTBank), has unveiled a new initiative aimed at reducing transaction costs for businesses by removing processing fees on all its POS terminals. This move, set to take effect from February 2025, will exempt merchants from Merchant Service Charges (MSC), allowing them to receive payments without incurring additional fees.
Announcing the initiative, GTBank emphasized its dedication to fostering a business-friendly financial environment. The bank’s Managing Director, Miriam Olusanya, highlighted that the initiative is part of a broader effort to enhance value for businesses and simplify digital payments.
“At GTBank, we continuously seek ways to enrich our financial ecosystem. By eliminating POS processing fees, we are ensuring that businesses maximize the full value of every transaction while offering a seamless and efficient payment experience,” Olusanya stated.
The initiative is particularly beneficial for small and medium-sized enterprises (SMEs), allowing them to cut operational expenses and focus on business expansion. GTBank reiterated that this effort aligns with its mission to provide innovative financial solutions that drive economic growth and efficiency.
This announcement comes amid recent changes in Nigeria’s banking landscape, including new Central Bank of Nigeria (CBN) regulations on ATM withdrawal charges. While ATM fees are being restructured, GTBank’s latest move provides financial relief for merchants, reinforcing its commitment to supporting businesses with cost-effective payment solutions.
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