POS Business Naija

The Emergence of Point of Sale (POS) Business in Nigeria: A Game-Changer in Financial Transactions The Point of Sale (POS) business in Nigeria has become a cornerstone of the country's financial ecosystem, revolutionizing how individuals and businesses conduct transactions. Its emergence can be traced back to the early 2010s, when Nigeria began to witness a significant shift from cash-based transactions to digital payments. This transformation was driven by the need for financial inclusion, the rise of mobile technology, and the Central Bank of Nigeria's (CBN) policies aimed at fostering a cashless economy. The Catalyst: Nigeria's Cashless Policy In 2012, the Central Bank of Nigeria introduced the Cashless Policy, a initiative designed to reduce the volume of physical cash in circulation and encourage electronic payments. The policy was initially piloted in Lagos, Nigeria's commercial hub, before being rolled out to other parts of the country. The CBN's ...

Guaranty Trust Bank Limited has removed processing fees on all GTBank Point of Sale (POS) terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 11, 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers. The Zero Processing Charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency. With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience. Speaking on the initiative, Miriam Olusanya, Managing Director, Guaranty Trust Bank Nigeria, said: “At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By impl...

The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and enhance efficiency within the banking sector. The last time ATM transactions charges were reviewed was in 2019, when the CBN reduced the withdrawal fees from ₦65 to ₦35. The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and ...