The Group Chief Executive Officer of Guaranty Trust Holding Company, Segun Agbaje, has stated that the bank’s zero Point of Sale charge policy is a permanent feature of its strategy aimed at supporting small and medium-sized enterprises in Nigeria.

Speaking on Tuesday during the company’s Annual General Meeting, held virtually, Agbaje reaffirmed that the zero POS processing fee initiative is not a temporary promotion but a long-term commitment, according to Nairameteics.

The policy follows GTBank’s decision to eliminate processing fees on all its POS terminals, underscoring its focus on providing cost-effective payment solutions for businesses.

Responding to shareholder questions, Agbaje clarified concerns about whether the zero POS charge initiative was permanent, stressing that it was not merely a promotional campaign.

“Zero POS charges are necessary to our strategy. Most of Nigeria’s small businesses, SMEs, many of them cannot afford the charges, and so to grow this business, we will continue. The zero POS charge is for life. It is not a promo. It will continue for as long as this organization exists,” he said.

He noted that transaction fees have placed a significant financial strain on many local businesses, making it harder for them to grow and expand effectively.

By eliminating these fees, GTCO says it aims to support merchants who have previously struggled with the high cost of payment processing.

Agbaje also noted that GTCO has two categories of investors—institutional investors focused on capital appreciation and retail investors prioritising dividends. He added that the bank is working to balance both interests, with plans to sustain higher dividend payments going forward.

“We have two sorts of investors today. We have institutional investors who want capital appreciation and we have retail investors, so we’re balancing two things. We’re balancing the capital appreciation and an increasing dividend,” Agbaje stated.

The policy enables merchants using GTBank POS terminals to receive payments without paying Merchant Service Charges.

As a result, SME merchants can now process payments at no additional cost, helping to reduce operating expenses while improving customer experience.

GTCO said the zero processing charge initiative aligns with its broader objective of supporting businesses and promoting growth, efficiency, and financial inclusion.