In a move to support businesses and gain a competitive edge, Guaranty Trust Bank (GTBank) has eliminated processing fees on its POS terminals. This decision, effective February 11, 2025, allows merchants to receive full payment value without incurring Merchant Service Charges (MSC).

According to Miriam Olusanya, Managing Director of GTBank Nigeria, “By implementing zero processing fees on POS transactions, we empower businesses to get the full value of every payment, ensuring a seamless and efficient payment experience.”

GTBank’s initiative is a strategic shift in the POS market, traditionally dominated by fintech firms offering lower fees and faster settlements.

By absorbing transaction costs, GTBank aims to boost adoption among small and medium-sized businesses, positioning itself against fintech-led payment solutions.

The long-term sustainability of this strategy remains uncertain, given traditional banks’ financial structures and regulatory obligations.

It is unclear whether this zero-fee initiative is a temporary promotional strategy or a broader shift in GTBank’s payment processing approach.