GTBank Deploys 200,000 PoS Terminals, Removes Processing Fees to Challenge Opay, Moniepoint
- GTBank launches 200,000 new PoS terminals to dominate Nigeria's digital payments market
- Zero processing fees aim to attract merchants and enhance financial inclusion for SMEs
- HabariPay eyes regional expansion and increased transaction volumes in West Africa
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Guaranty Trust Bank (GTBank), through its fintech subsidiary HabariPay, is making an aggressive push into Nigeria's fast-growing digital payments market by eliminating processing fees for eligible merchants and rolling out 200,000 new Point-of-Sale (PoS) terminals nationwide.
The ambitious expansion is aimed at challenging dominant fintech players such as Moniepoint, OPay and PalmPay, which have built extensive merchant networks across the country.
Source: Facebook
According to GTCO's latest annual report, HabariPay processed a record ₦80.9 trillion in payment transactions in 2025, nearly tripling the value recorded in the previous year. The company now plans to increase transactions processed through its PoS network tenfold in 2026.
Massive expansion to drive financial inclusion
GTCO said the nationwide deployment of 200,000 additional PoS terminals forms part of its strategy to improve last-mile financial services while supporting micro-businesses and small and medium-sized enterprises (SMEs).
"We aim to deploy 200,000 POS terminals nationwide, expanding last-mile access and enabling financial inclusion for micro-businesses and SMEs," the company stated.
Although GTCO did not reveal the size of HabariPay's existing terminal network, its PoS devices processed 41.4 million transactions worth ₦1.2 trillion in 2025, representing a remarkable 168.3% increase in transaction value from the previous year.
According to TechCabal, the bank's target is even more ambitious for 2026.
HabariPay wants to achieve ₦1 trillion in monthly payment value, translating into approximately ₦12 trillion annually, if the goal is met.
Zero processing fees to attract merchants
One of GTBank's strongest competitive weapons is its decision to permanently remove processing fees on eligible PoS transactions.
Speaking during GTCO's 2026 Annual General Meeting, Group Chief Executive Officer Segun Agbaje said the zero-fee policy is a long-term strategy designed to attract and retain merchants.
According to him, the initiative is not a temporary promotion but a permanent feature of the bank's merchant business.
The fee waiver applies to merchants that maintain a minimum monthly transaction turnover of ₦7.5 million.
The strategy mirrors the approach adopted by several fintech firms during their rapid expansion years, where lower charges helped them quickly build large merchant networks before monetising customers through additional financial services.
Banks take on fintech giants
For years, independent fintech companies dominated Nigeria's merchant payments ecosystem while traditional banks focused largely on retail and corporate banking.
Companies including Moniepoint, OPay and PalmPay transformed PoS terminals into powerful financial distribution channels, serving millions of merchants and generating revenue from payment processing, lending, savings and other digital financial products.
The market has expanded rapidly.
Nigeria Inter-Bank Settlement System (NIBSS) data showed PoS terminals processed ₦10.51 trillion in transactions during the first quarter of 2025, while the number of active terminals exceeded 5.9 million nationwide.
Moniepoint says it operates over one million active terminals that process more than ₦10 trillion in monthly transactions, while OPay also reports serving more than one million merchant businesses.
Recognising the enormous opportunity, major banks are now investing heavily in fintech subsidiaries to compete directly for merchant payments.
HabariPay eyes bigger regional presence
Originally launched as Habari in 2018 before being repositioned as HabariPay in 2022, the fintech now combines payment gateways, e-commerce solutions and PoS services under its flagship Squad platform.
The company generated ₦9.74 billion in profit after tax in 2025, making it Nigeria's most profitable bank-owned fintech.
Looking beyond Nigeria, HabariPay is strengthening operations in Ghana while exploring additional opportunities across West Africa through cross-border payment services.
Source: Getty Images
The company is also investing in artificial intelligence-powered fraud detection, faster settlements, stronger cybersecurity and switching infrastructure as it seeks to handle up to 70% of industry payment volumes.
While HabariPay still trails market leaders like Moniepoint in transaction volume, GTBank's combination of permanent zero processing fees, aggressive PoS deployment and expanding digital infrastructure signals a major shift in Nigeria's payments landscape, where traditional banks are increasingly competing to control the merchant payment ecosystem once dominated by fintech startups.
CBN introduces tough new PoS rule
Legit.ng earlier reported that the Central Bank of Nigeria's new regulations are designed to limit market share for banks and fintech companies in the digital payments space.
This move is set to reshape competition as fintech giants like OPay and Flutterwave navigate a rapidly changing landscape amid rising inquiries over market dominance.
Source: Legit.ng
