Nigeria, Feb. 13 -- Guaranty Trust Bank Ltd (GTBank) has scrapped processing fees on all its point-of-sale (POS) terminals, allowing small and medium-sized enterprises (SMEs) to receive payments at no cost.

The bank announced the initiative in a notice to customers on Thursday, stating that the removal of Merchant Service Charges (MSC) took effect on 11 February.

The move comes as Nigerian businesses grapple with rising operational costs amid high inflation and currency depreciation, driving many to shift to neobanks for their POS transactions, where they claim to benefit from lower costs and faster processing times.

By eliminating transaction fees, GTBank says it aims to ease financial pressures on merchants while strengthening its po...