GTBank POS: All You Should Know About the Zero Charges Terminal

If you are a businessperson, whether at Alaba in Lagos or operating from a kiosk in front of your house, you know that running a cashless business is a must. With a 59% decline in cash usage in Nigeria, it’s safe to say more than half of the payments made per day are with transfers. This force has equally led to a massive use of Point of Sale (POS) Systems. 

However, this also means competition for the producing companies, which is why GTBank POS is offering you something different. In this article, I will be showing you what this offer really means for your business, and more importantly, how it stacks up against the competition.

What are the GTBank POS Zero Charges?

On February 11, 2025, GTBank made a bold move that had business owners across Nigeria doing double-takes at their transaction receipts. The bank announced that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers.

In simple terms, the GTBank POS zero-charge terminal is a payment machine that allows businesses to conduct transactions without any transactional charges. Before this change, business owners paid according to the MSC rule of 0.50% capped at ₦1,000.

With GTBank’s zero processing fee initiative, all qualifying merchants no longer incur these charges when receiving customer payments via GTBank’s POS terminals.

Who Can Get GTBank POS Zero Charges?

The beauty of this initiative lies in its inclusivity. Whether you’re:

• The petrol station manager handling high-value fuel purchases,
• The fashion boutique owner in Abuja’s Wuse Market, or
• The fast-food restaurant owner in Port Harcourt

This initiative can work well for you, provided you make a minimum of 7.5 million turnover every month

Although GTBank states that this is for “every qualifying Small and Medium Enterprise (SME)” merchant, are 7.5 million naira monthly earners considered as SMEs? You see what this means as you read on.

Key Features That Make GTBank POS Stand Out

If you are thinking if this is for you, I’ve got you. The GTBank POS terminal comes with several important features that make it stand out. Let us look at each feature and how it benefits your business.

1. True Zero Processing Fees

Unlike some competitors who offer “promotional rates” that expire after a few months, GTBank’s zero processing fee appears to be a permanent fixture for qualifying SME merchants. No fine print, no expiry dates – just straightforward savings.

2. Fast Money Settlement

Your GTBank POS doesn’t just save you money; it also ensures your cash flow remains healthy. Transactions are typically settled instantly into your GTBank account, meaning you don’t have to wait days to access your money – crucial when you need to restock inventory or pay suppliers.

3. Wide Acceptance Network

GTBank POS terminals accept all major card types:

• Verve cards
• Mastercard
• Visa

This means more customers can pay with their preferred cards.

4. Strong Security

In an era where card fraud is a growing concern, GTBank POS terminals come equipped with:

• Chip card technology
• Encrypted transactions
• Safe data storage
• Real-time monitoring
• Real-time transaction monitoring

The Process of Getting Your GTBank POS Terminal

Acquiring a GTBank POS terminal is straightforward. You need to follow this application process:

• Visit any GTBank branch or apply online
• Submit required documentation (details below)
• Complete the merchant application form
• Undergo brief KYC verification
• Receive your terminal

Required Documents for GTBank POS Terminal:

• Valid means of identification (Driver’s license, National ID, or International passport)
• Certificate of business registration or business permit
• Bank Verification Number (BVN)
• Utility bill or proof of business address
• GTBank account (can be opened simultaneously)

Potential Drawbacks and Considerations of the GTBank POS Terminal

These are some of the things you should consider before getting a GTBank Zero Charges POS:

1. Qualification Requirements

While GTBank hasn’t published detailed qualification criteria, the “qualifying SME merchants” language suggests not every business will automatically receive zero fees. Larger/smaller enterprises or businesses outside the SME category might face different terms.

2. Account Relationship Requirements

You’ll need a GTBank business account to fully benefit from the zero processing fees. While this isn’t necessarily a drawback, it does mean consolidating your banking relationship with GTBank.

3. Terminal Dependence

Unlike some competitors who offer mobile app-based payments, GTBank’s zero fees specifically apply to their physical POS terminals. If your business model requires more flexible payment acceptance methods, this might be limiting.

The Most Important Detail That You Must Know About The GTBank “Free” POS

GTBank has specific requirements that businesses must meet to qualify for zero processing fees. The most important requirement is that merchants must maintain a minimum monthly turnover of ₦7.5 million in “card” transactions. This means your business must process at least ₦7,500,000 in card payments every month to keep the zero charges benefit.

Additionally, zero processing charges apply to all qualifying merchants except Cash and Money Transfer Agents. If your business operates as a POS agent or money transfer service, you may not qualify for the zero fees even if you meet the minimum turnover requirement.

What This Means for Your Business:

• Small businesses processing less than ₦7.5M monthly do not qualify.
• You must track your monthly card transaction volume carefully.
• POS agents and money transfer operators are definitely excluded from this offer.
• If your monthly turnover falls below ₦7.5M, processing fees may resume.

This turnover requirement is significant and may exclude many small businesses that were hoping to benefit from zero processing fees. Before applying, calculate your average monthly card transactions to ensure you meet this threshold consistently.