Banks suspend int’l transactions on naira cards

Many Nigerian banks have suspended international transactions on their naira Mastercards, with Guaranty Trust Bank Plc (GTBank) becoming the latest bank to join the growing list.

GTBank, in a statement to its customers on Thursday, said customers will be unable to make international Automated Teller Machine (ATM) and Point of Sales (POS) transactions on their naira Mastercard from Saturday, December 31, 2022.

The bank added that customers would only use their GTBank dollar card for all international transactions.

“We write to inform you that you will no longer be able to use your naira Mastercard for international online and POS transactions effective 31st December 2022.

“Kindly note that you can use your GTBank dollar card for all your international spending requirements,” it said.

GTBank, however, noted that its dollar card allows a daily $1,000 (or equivalent in the transaction local currency) withdrawal limit on ATM transactions, adding that there would be no withdrawal limit on “annual spend and POS transactions” for the dollar cards.

In July, Standard Chartered Bank announced the suspension of international transactions on its naira visa debit card.

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“Kindly be informed that effective August 1, 2022, International spend on our Naira Visa Debit Card will be suspended.

“International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged,” the bank had said.

Also, First Bank, in September, announced the suspension of international transactions on its naira Mastercard, virtual card, and visa prepaid naira card.

“Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000,” First Bank had stated.

The Star