Guaranty Trust Bank (GTBank) has stopped charging fees for using its Point-of-Sale (PoS) terminals. This change is to help businesses save money. It started on Tuesday, February 11, 2025.
GTBank’s Reason for the Policy Change
GTBank wants to help businesses grow by offering better financial solutions. The bank’s Managing Director, Miriam Olusanya, said this move lets merchants keep all the money from their transactions.
New CBN ATM Charges Introduced
The Central Bank of Nigeria (CBN) has made new rules for ATM use. Now, there are fees for ATM withdrawals.
On-site bank ATMs: A fee of ₦100 per ₦20,000 withdrawal now applies.
Off-site ATMs (e.g., in markets, malls, etc.): A charge of ₦100 per ₦20,000 withdrawal, plus an additional surcharge of up to ₦500, depending on the ATM operator.
International withdrawals: Charges will be determined by the international bank handling the transaction.
Potential Impact on PoS Operators
With the new ATM fees, PoS operators might raise their own fees. They say since PoS machines are like ATMs, they might follow the new CBN fees. This could mean higher costs for customers.
Federal Government Takes Over Keystone Bank
Keystone Bank is now fully owned by the Nigerian government. This happened after a court order. Keystone Bank says this change will make it more stable and help with its recapitalization.
These changes in the financial sector are important for businesses and customers. They will watch how these policies affect transactions and banking costs in Nigeria.
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