Guarantee Trust Bank (GTBank) on Thursday scrapped processing fees on all of its point-of-sale (POS) terminals to support business entities across the country in light of the Central Bank of Nigeria’s (CBN) approved increase in ATM withdrawal charges.
GTB users will no longer incur Merchant Service Charges (MSC) as a result of this change, which is scheduled to go into effect this month — just as the new ATM withdrawal charges will be effective March 1.
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Removal of POS transaction fees to enhance value for businesses
The program is a part of a larger push to simplify digital payments and improve value for businesses, according to Miriam Olusanya, managing director of the bank.
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“At GTBank, we continuously seek ways to enrich our financial ecosystem. By eliminating POS processing fees, we are ensuring that businesses maximise the full value of every transaction while offering a seamless and efficient payment experience,” Olusanya stated.
The program is especially helpful for small and medium-sized enterprises (SMEs), enabling them to reduce operating costs and concentrate on growing their businesses.
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Mitigating CBN’s ATM withdrawal fees hike
This endeavour is in line with GTBank’s objective to offer creative financial solutions that promote efficiency and economic progress, the bank reaffirmed.
The statement coincides with recent developments in Nigeria’s banking sector, such as new rules on ATM withdrawal fees from the Central Bank of Nigeria (CBN).
In addition to restructuring ATM costs, GTBank’s most recent action offers merchants financial relief and demonstrates its dedication to helping companies with affordable payment options.