Gt bank Nigeria
Guaranty Trust Bank (GTBank) has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to cost-effective payment solutions for merchants and businesses.
According to a statement obtained by Technext, this move is part of the bank’s Zero Processing Fee initiative, which takes effect from February 2025. Under this policy, businesses using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when processing customer payments.
Why GTBank is Removing POS Charges
Managing Director Miriam Olusanya highlighted that the initiative reflects GTBank’s commitment to adding value to Nigeria’s financial ecosystem.
“At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By implementing zero processing fees on POS transactions, we are empowering businesses to get the full value of every payment they receive, whilst also ensuring a more seamless and efficient payment experience,” Olusanya stated.
With this change, qualifying SME merchants can now accept payments at zero cost, reducing operational expenses and enhancing customer experience. The Zero Processing Fee initiative aligns with GTBank’s broader mission to provide innovative financial solutions that foster business growth and efficiency.
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CBN Introduces New ATM Charges
GTBank’s POS fee removal comes at a time when the Central Bank of Nigeria (CBN) has introduced new ATM withdrawal charges, effective March 1, 2025.
Key Changes in CBN’s ATM Charges:
- Same-bank withdrawals remain free – Customers will not be charged for ATM withdrawals from their own bank’s ATMs.
- Interbank ATM withdrawals now cost ₦100 per ₦20,000 – When withdrawing from another bank’s on-site ATM (within bank premises).
- Off-site ATM withdrawals incur an extra ₦500 surcharge – If the withdrawal is made from an off-site ATM (e.g., malls, airports, supermarkets), customers will pay ₦100 per ₦20,000 plus an additional ₦500 surcharge per transaction.
- Three free ATM withdrawals per month removed – Previously, customers enjoyed three free monthly withdrawals from other banks’ ATMs before charges applied. This policy has now been discontinued.
CBN’s Acting Director on Financial Policy and Regulation, John Onojah, stated that the revised ATM charges are a response to rising operational costs and the need to improve the efficiency of ATM services across Nigeria.
“The review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers,” the CBN said.
Impact on Businesses and Consumers
- Merchants using GTBank POS terminals will benefit from reduced costs, helping them scale their businesses without additional transaction fees.
- Bank customers, however, will now face higher ATM withdrawal costs, especially when withdrawing from other banks’ ATMs or off-site machines.
While GTBank’s move supports businesses, CBN’s new ATM charges may place an additional financial burden on consumers.
