Guaranty Trust Bank Ltd (GTBank) has eliminated processing fees on all its point-of-sale (POS) terminals, enabling SMEs to receive payments at no cost.
Effective February 11, the bank’s removal of Merchant Service Charges (MSC) aims to ease financial burdens on businesses struggling with high inflation and currency depreciation. Many merchants have been shifting to neobanks due to lower costs and faster transactions.
GTBank’s Managing Director, Miriam Olusanya, stated that the initiative aligns with the bank’s mission to empower businesses. “We are ensuring businesses get the full value of their payments while enhancing the customer experience,” she said.
The move is expected to boost GTBank’s transaction volumes and strengthen its position in Nigeria’s competitive digital payments market.
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