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The short answer
GTBank's 737 FAQ says its POS terminals are requested through your GTBank account officer, that there is no setup fee and the terminal is free, and that a business without a GTBank account must first open a GTBank corporate account. The same FAQ says a merchant earns ₦50 on each cash-out done on the terminal; GTBank does not publish a settlement time on the pages we read, so ask for it in writing.
A point-of-sale (POS) terminal lets a shop take card payments and, on some set-ups, offer cash-out to walk-in customers. In Nigeria you can get one from a bank or from a payments company, and the terms differ a great deal. This guide covers what GTBank itself publishes about getting a terminal, what it leaves unsaid, and the questions worth asking before a device arrives at your counter.
What GTBank says about its POS terminals
The clearest GTBank statement we found is in the FAQ section of its 737 site, under a heading on POS cash-out. It sets out four points:
- No setup fee, and the terminal is free. The FAQ says there is no charge for setting up and that the POS terminal itself is free.
- Requests go through your account officer. Existing GTBank customers ask the account officer who manages their business account.
- Non-customers open a corporate account first. If your business does not bank with GTBank, the FAQ says you must first open a GTBank corporate account.
- ₦50 per cash-out transaction. The FAQ says the merchant earns ₦50 on each cash-out and that a printed receipt is given to both parties.
The page is undated and still lists Etisalat among the supported networks, a name that has not been in use for years, so treat the detail as GTBank's published position rather than a current tariff. Confirm each point with your account officer.
Who qualifies
GTBank ties POS terminals to a business relationship. On the FAQ's wording, the starting point is a GTBank business account managed by an account officer. A personal savings account is not described as a route to a terminal. In practice, expect the bank to look at:
- Your account type: a corporate or business current account, with the registration documents that go with it. Our guide to GTBank business account documents lists what that usually involves.
- How the account is run: banks generally prefer to place terminals where card volumes justify the device.
- Your premises: a fixed, visible shop or office where the terminal will sit.
Steps to request a GTBank POS
- If you do not bank with GTBank, open a business or corporate account first and wait until it is fully active.
- Ask your account officer for a POS terminal, stating your business type, location and expected monthly card takings.
- Ask for the merchant agreement in writing before the device is deployed and read the charges schedule.
- Confirm how settlement works: which account is credited, how quickly, and whom to call when a credit is missing.
- When the terminal arrives, test a small card payment and check that the credit lands in your account as described.
What GTBank does not publish
Several things that matter to a merchant are not on the pages we read in October 2026. Ask about each one:
| Question | Published by GTBank? | What to ask |
|---|---|---|
| Terminal or setup fee | Yes: none, per the 737 FAQ | Confirm in the merchant agreement |
| Caution deposit | Not stated | Is any deposit required, and is it refundable? |
| Merchant service charge on card payments | Not stated | The percentage or cap per transaction |
| Settlement time | Not stated | When card takings reach your account, including weekends |
| Minimum volume | Not stated | Whether the device is withdrawn if usage is low |
| Repairs and replacement | Not stated | Who pays if the device is damaged or lost |
A worked example of cash-out earnings
Example only: a shop that does 20 cash-out transactions a day for 26 trading days earns 20 × 26 × ₦50 = ₦26,000 a month, if the ₦50 figure in GTBank's FAQ applies to your terminal. Card payments for goods are a separate matter: any merchant service charge reduces what you receive, so ask for that figure before you plan around the device.
Cash-out agent or card merchant: know which you are
A POS terminal can do two quite different jobs. As a card merchant, you sell goods or services and customers pay by card; the bank settles the takings to your account, less any merchant charge. As a cash-out point, you hand customers cash from your till and the terminal debits their card for the same amount, plus whatever you charge them; the money lands in your account to replace the cash you paid out. GTBank's FAQ describes the ₦50 earning in the cash-out context.
The difference matters for planning. A cash-out business needs working capital in cash every morning, and every failed or reversed transaction ties up money you have already handed over. A card merchant mostly worries about the merchant charge and how fast takings arrive. Tell your account officer which use you intend, because it can affect the terminal profile and the agreement you sign.
Documents to have ready
- Your business registration with the Corporate Affairs Commission and the account opening documents GTBank already holds.
- A valid ID for each signatory and evidence of the business address, such as a recent utility bill.
- A short note of expected monthly card volume and the number of tills or outlets that need terminals.
Before you rely on a POS
A terminal is only useful if customers can pay and you can trust what lands in your account. Keep the printed merchant copy of every receipt until the credit shows on your statement, and reconcile daily. Card fraud and fake reversals at the counter are common; our guide to POS fraud in Nigeria covers the usual tricks. If many customers prefer to pay by transfer, compare costs in POS terminal vs bank transfer.
Where Pryme fits
If most of your customers already pay by transfer, a Pryme Business Account offers bank-transfer checkout free of charge, with no device to manage. It sits alongside a POS rather than replacing one, and the virtual accounts feature can give each branch or till its own account number for easier reconciliation.
Questions people ask
How much is GTBank POS machine?
GTBank's 737 FAQ says the terminal is free and there is no setup fee. It does not publish a caution deposit or merchant service charge, so ask your account officer for the merchant agreement and charges in writing.
Can I get a GTBank POS without a GTBank account?
No. The FAQ says a business that does not bank with GTBank must first open a GTBank corporate account, then request the terminal through its account officer.
How much does GTBank pay per POS cash-out?
The 737 FAQ says the merchant earns ₦50 per cash-out transaction. The page is undated, so confirm the current figure before you set your own cash-out pricing.
How long does GTBank POS settlement take?
GTBank does not state a settlement time on the pages we read in October 2026. Ask your account officer how quickly card takings reach your account and whom to contact if a credit is missing.
Sources
- GTBank: 737 frequently asked questions · accessed Oct 2026
- GTBank: Bank 737 · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.