Leading Nigerian bank GTBank has announced the removal of processing fees on its POS terminals, promoting a business-friendly initiative.
GTBank's Zero Fee Initiative
Guaranty Trust Bank Nigeria (GTBank) has announced the removal of processing fees on all its POS terminals. Starting February 2025, merchants will no longer incur Merchant Service Charges (MSC) when receiving payments. GTBank's Managing Director, Miriam Olusanya, emphasized the initiative as part of adding value to Nigeria's financial ecosystem.
New ATM Withdrawal Fees Announced
The Central Bank of Nigeria (CBN) updated ATM withdrawal fees, charging 100 naira per 20,000 naira withdrawal at off-bank premises, with potential additional charges of up to 500 naira. These changes are a response to banks' rising operating costs.
Impact on Banking Services in Nigeria
In addition to removing the three free monthly withdrawals, the CBN anticipates that revised fees will accelerate ATM deployment nationwide, promoting more efficient service use and cost regulation by financial institutions.
GTBank's removal of POS fees aims to ease business costs, while CBN's new ATM charges reflect regulatory shifts in the Nigerian financial landscape.
