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:
- Nigeria to champion fair, inclusive global financial system as it assumes G-24 leadership
- NSDC launches outgrower programme to boost local sugar production, rural incomes
- Artistic Pulse Festival to spotlight Nigeria’s creative industry, sustainable innovation
- NACCIMA pushes stronger Nigeria–China partnership for SME growth
- NSDC rolls out sugarcane support scheme for agripreneurs
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.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
