Guarantee Trust Bank (GTBank) was one of the first three banks to pioneer the Point of Sale (POS) service in Nigeria after the Central Bank of Nigeria (CBN) executed the agent banking system initiative in 2012. Since then, the bank has been at the forefront of driving financial inclusion through its POS machines, among other initiatives.
On Wednesday, February 12, 2025, GTBank announced the removal of processing fees on all GTBank POS terminals. This means businesses will no longer have to pay additional charges (merchant service charges) every time a customer pays with a card using the terminal.
This initiative aligns with the bank's commitment to supporting small businesses, helping them save costs, and improving customer service. The fee removal took effect on Tuesday, 11 February 2025, and has received positive feedback from GTBank POS users across the country.
If you want to start a POS business or switch from your previous POS banking platform to GTBank's, you're in the right place. This article explains everything you need to know about the GTBank POS, from transaction fees and benefits to the possible challenges.
What is a GTBank POS Terminal?
A GTBank POS terminal is a portal device that helps local businesses and merchants accept and process payments via debit cards and mobile transfers, manage inventory, generate detailed sales reports, and prevent fraud through security features that monitor suspicious transactions. There is only one model of the GTBank POS: the traditional POS, also known as analogue POS. It functions in the same capacity as the others.
Key Features and Benefits of GTBank POS Terminal
Here are GTBank’s POS terminal’s key features and benefits, which will help you decide whether it is the best choice for your business.
Swift Real-time Processing: GTBank's POS terminal minimizes cash handling through fast online payments and credit funds and provides security against theft and robbery.
Diverse Payment Methods: Customers can pay using card, cash, or transfer payments from different online banking platforms, which boosts sales for businesses and merchants.
Instant Payment Confirmation: Merchants receive confirmation of payments for goods and services quickly. This helps reduce customer wait time and improve customer service and merchant performance.
Cost Savings: With the zero processing charge initiative, merchants and businesses can reduce operational costs.
User-friendly Interface: The POS terminal is efficient and easy to use.
While GTBank's POS terminal is the perfect option for merchants and businesses looking to save cost, news outlets like Daily Trust reported that GTBank's network downtime problem is a constant source of frustration to merchants and customers.
Terms and Conditions for Zero Processing Charge on GTBank POS Terminal
The new zero processing charge on GTBank's POS terminal is open to all merchants except Cash and Money Transfer Agents.
Merchants and businesses must maintain a minimum monthly turnover of ₦7.5 million to qualify for zero processing charges.
How Much is the GTBank POS Machine?
The GTBank POS machine application and acquisition are free.
Things to Know Before Getting a GTBank POS Terminal
To be eligible for a GTBank POS machine, you must have the following:
A registered business with vital legal documents.
An active GTBank current account.
A valid means of identification. ( voter's card, national ID card, international passport or driver's license)
A recent utility bill.
A physical store as a business owner or merchant.
While the GTBank POS machine is easy and free to acquire, some high-risk ventures, such as online gambling or adult entertainment, may not be eligible.
How to Get a GTBank POS Terminal
To apply for the GTBabk POS machine, follow these steps:
Go to GTBank's website.
Fill out the form with the correct information.
Click on submit.
After submission, the approval may take some time, but once approved, GTBank will notify you. You will be given a POS terminal and guided on how to set it up and use it. You can also visit the nearest GTBank branch using the required documents mentioned above. There, you can approach a customer service representative and request a POS application form.
GTBank POS Charges and Commission
There are no hidden charges or commissions for using the GTBank POS machine.