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 b… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Bank scraps POS charges to support SMEs By Busola Bamidele on February 14, 2025 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. Read also: Bank scraps POS charges to support SMEs Jigawa's rice millionaire project hailed as youth empowerment model FG plans port modernization, cuts agencies to boost efficiency FG's railway cargo plan to boost business growth nationwide Nigeria eyes $19.6 trillion global market with co-operative sector revamp 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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