Do you know that GTBank Point-of-Sale (POS) terminal is free for small business owners and merchants across Nigeria?

Why Conventional Bank’s POS?

The entry of FinTechs such as Opay, MoniePoint, PalmPay, FairMoney, Paga, Baxi Box, among others, is now putting conventional banks such as GTBank, First Bank, and Wema Bank on their toes. These banks are now on an aggressive onboarding drive for their POS terminals.

Some of them, such as GTBank and FirstMonie (by First Bank), have improved their POS services such as real-time transaction processing, instant payment confirmation, reduced charges, and user-friendly interface, etc.

For instance, in February 2025, the Managing Director of Guaranty Trust Bank Nigeria, Miriam Olusanya, announced that the GTBank POS terminal is free. Check below for the requirements to get a free GTBank POS terminal for your business:

Requirements:

• Your business must be registered with the Corporate Affairs Commission (CAC) and you must be able to present your business registration certificate (Business Name or Limited Company).
• You must be a corporate account holder with GTBank.
• A valid means of identity such as INEC Voter’s Card, Driver’s Licence, International Passport, or a National ID Card.
• A registered business address or a physical store.
• Recent utility bill.

Application Process

If you meet the above requirements, then follow the steps below:

• Obtain and fill the POS terminal application form from your account officer.
• Alternatively, fill the online form on the GTBank website.
• Upon submission of the online form, wait for a representative or your account officer to call you.

Note: GTBank is offering real-time or instant settlement and competitive transaction fees among other benefits of POS terminals, as noted in a previous article.

Terms and Conditions

While the POS from GTBank is free, it’s important to pay attention to some conditions that govern the issuance of the machine. According to a document seen by InfomediaNG Business Solutions in June, the zero processing charge on the GTBank POS terminal only applies to:

merchants (except Cash and Money Transfer Agents).

Merchants and business owners must also maintain a minimum monthly turnover of ₦7.5 million to enjoy the zero processing charges.

Questions and answers