Zero Processing Fee; GTBank Removes POS Processing Fees to Support Businesses

Guaranty Trust Bank Ltd. has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions.

This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using Guaranty Trust Bank Nigeria POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers.

With this initiative, all qualifying SME merchants can now receive payments at zero cost, allowing them to reduce operational expenses while promoting the merchant’s enterprise and enhancing the customer experience.

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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 implementing the zero processing fees on POS transactions, we are empowering businesses to get the full value of every payment they receive, whilst also ensuring a more seamless and efficient payment experience.”

The Zero Processing Charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency.

For more information, merchants are encouraged to contact their Relationship Managers or reach out to the Digital Banking Support Team at poshelpdesk@gtbank.com.

About GTBank

Guaranty Trust Bank (GTB) is a leading financial institution committed to delivering innovative banking solutions that empower businesses and individuals. With a strong focus on technology and customer satisfaction, GTBank continues to redefine the banking experience across Africa and beyond.

Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms, as well as music, photography, and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building—vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth,” commented Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc, in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP, thus supporting the government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Naijanewsngr– Zenith Bank once again proves its dominance in the Nigerian banking sector by showcasing remarkable financial results for Q3 2024 that position it strongly in the market.

With a profit before tax (PBT) of N1.0 trillion, the bank achieved an impressive 98.5% year-on-year growth, underscoring its resilience and ability to navigate a challenging economic environment.

This stellar performance has not gone unnoticed in the financial markets, with investors continuing to price the stock positively on the exchange. The bank’s exceptional results are not just a reflection of its operational efficiency but also its strategic positioning in key market segments.

Looking ahead, Zenith Bank is set to close the year 2024 on a strong note, with expectations of a profit after tax (PAT) reaching N1.1 trillion. This represents a year-on-year growth of 63.5%, a testament to the bank’s sound financial management and its ability to adapt to market conditions.

Alongside this, earnings per share (EPS) are projected to hit N35.3, a figure that emphasizes the bank’s continued capacity to deliver value to shareholders. This robust financial performance has been fuelled by a number of factors, chief among them being a dramatic increase in net interest income (NII).

The triple-digit surge in NII reflects the bank’s adeptness in optimizing its interest-bearing assets amid a rising interest rate environment.

Additionally, Zenith Bank’s non-interest revenue (NIR) has shown strong growth, with solid trading gains contributing significantly to this rise. The bank’s resilient trading portfolio remains a core strength, positioning it well to weather market fluctuations and generate consistent returns.

A closer look at Zenith Bank’s Q3 2024 results reveals several key factors contributing to its exceptional performance. The surge in net interest income is largely attributed to the bank’s strategic management of its lending and investment portfolios.

As interest rates rise, the bank has effectively capitalized on these dynamics, securing higher yields on loans and investments. This not only bolstered the bank’s top-line revenue but also translated into substantial growth in its profit before tax.

Meanwhile, the impressive rise in non-interest revenue highlights Zenith’s diversified approach to generating income. With a focus on trading gains and fees from various banking services, the bank has been able to reduce its reliance on traditional interest-based income streams. This diversification has been crucial in mitigating risks associated with fluctuations in interest rates and economic volatility.

Zenith Bank’s ongoing efforts to strengthen its capital base have been equally impressive. However, the bank is set to raise N289.38 billion through a rights issue and a public offer, which will further bolster its capital position.

These funds are expected to be channeled into expanding the bank’s lending portfolio, investing in technology to enhance operational efficiency, and funding market expansion initiatives. This capital raise will not only provide Zenith with the resources to scale its operations but also improve its competitive positioning in the marketplace.

The proceeds from the rights issue will play a pivotal role in allowing Zenith Bank to further grow its risk assets. With an eye on the 2025 financial year, the bank is poised to increase its lending capacity and provide crucial financial support to both individual and corporate clients, analysts said.

In an economy that continues to evolve, Zenith’s strategic investment in technology will enable it to stay ahead of the curve, offering innovative banking solutions that meet the needs of an increasingly digital-savvy customer base.

As Zenith Bank moves into the next financial year, its performance will be influenced by the evolving interest rate environment. The interplay between rising interest rates and the bank’s risk management strategies will be crucial in determining the trajectory of its earnings.

With interest rates expected to remain volatile, Zenith’s ability to maintain a resilient balance sheet while growing its risk assets will be a key factor in sustaining its strong financial performance.

Furthermore, the bank’s solid trading gains, which have provided strong secondary support to earnings in 2024, are expected to continue playing an important role in driving profitability.

By maintaining a diversified portfolio, Zenith Bank has been able to weather market fluctuations and generate consistent returns, a strategy that will likely continue to bear fruit in the coming year.

Given its strong financial performance and strategic initiatives, Zenith Bank’s target price has been revised upward to N60.41, up from a previous target of N45.47, for any desirable investors willing to tap into the potential for moving price rises.

This adjustment reflects investor confidence in the bank’s ability to sustain its growth trajectory, driven by strong earnings, capital raising efforts, and strategic investments. The market has responded positively to these developments, as reflected in the continued strong demand for the bank’s shares on the Nigerian Exchange.

Zenith Bank’s impressive Q3 2024 results have solidified its position as a leading player in the Nigerian banking industry. With a clear focus on growing its risk assets, investing in technology, and expanding its market footprint, the bank is well-positioned for continued success in 2025 and beyond.

As it prepares to close out 2024 on a strong note, Zenith Bank’s robust financial health and strategic initiatives make it a compelling investment opportunity for shareholders and market participants.

With impressive profit growth, strategic capital raising, and a diversified income stream, Zenith Bank is poised to maintain its leadership in the financial sector, setting the stage for sustained growth and value creation in the years to come.