Guarantee Trust Bank has ended processing fees on all its Point-of-Sale (PoS) terminals, boosting its commitment to supporting businesses with low operating costs......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The initiative became effective on Tuesday, February 11, 2025, with the bank disclosing that merchants using GTBank PoS terminals will no longer be charged for Merchant Service Charges (MSC) when getting customer payments.
GTBank reveals the reason for the new policy
The zero processing charge initiative aligns with the bank’s efforts to empower businesses with creative and financial solutions that drive growth and efficiency.
BusinessDay reports that all eligible SME merchants can now receive zero payments, which allows them to reduce operational costs, promote merchant enterprises, and boost customer experience.
GTBank’s managing director, Miriam Olusanya, said the bank always seeks ways to add value to its financial ecosystem.
She stated that the new initiative allows the bank to empower businesses to get the full value of every payment they get.
CBN introduces N100 charges at ATMs
The development comes amid a CBN announcement abolishing three monthly free withdrawals at ATMs.
The Central Bank of Nigeria ended free cash withdrawals from Automated Teller Machines (ATMs) across Nigeria.
The apex bank introduced charges on ATM withdrawals from other banks, thus ending the three free monthly withdrawals customers previously enjoyed.
This is contained in a CBN circular released on the bank’s website on Tuesday, February 11, 2025, and signed by the Acting Director of the Financial Policy and Regulation Department, John S. Onojah.
However, customers’ withdrawals from their bank ATMs still attract zero charges, irrespective of the frequency of monthly withdrawals.
How the new ATM withdrawal charges work
Customers withdrawing from On-site ATMs located within bank premises will pay a charge of N100 for every N20,000 withdrawal.
For off-site ATMs located outside bank premises like in markets or public malls, customers will pay a charge of N100 on every N20,000 withdrawal, plus a surcharge of not more than N500.
The surcharge will be paid to the ATM deployer/acquirer, and the customer will find out how much the surcharge will be deducted, right before the withdrawal.
For international withdrawals, the exact charges are to be determined by the international acquirer.
There are indications that PoS operators might hike their fees again due to the new ATM withdrawal charges by the CBN.
Some operators say since some PoS read as ATMs, they might consider applying the new CBN directive to their operations.
FG takes over Nigerian bank
The bank revealed this in a statement on social media on Tuesday, February 11, 2025, following an order of the Lagos State High Court.
The court directed the forfeiture of shares previously owned by the bank’s former shareholders, transferring ownership to the Nigerian government.