Written by 3:24 pm Business, News, Tech Views: 21

Nigerian Banks Lift Suspension On Naira Cards For International Transactions

First Bank Suspending Int'l Transactions On Naira Cards: Effects On You
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Months after Nigerian banks suspended the use of Naira Cards for international transactions, the banks have started lifting the suspension.

Leading the pack to take the first step is Wema Bank.

Wema Bank, on Friday, lifted its suspension on Naira Cards for international transactions.

The financial institution revealed this in a mail to all its customers.

Meanwhile, in the mail, Wema Bank set a monthly limit of $500 for international spending through the Naira Cards.

The Ban on Naira Cards By Nigerian Banks:

Recall that Flutterwave, Eversend and other fintech platforms had suspended international transactions on Virtual Cards.

In 2022, many commercial banks in Nigeria placed a ban on the use of naira cards for international cash withdrawals, including web and point-of-sale (POS) transactions.

ALSO READ: Real Reasons Why Flutterwave, Busha, Eversend Suspend Virtual Card Services in Nigeria

The financial institutions took the decision following foreign exchange (FX) crisis that worsening without hope.

The crisis threatened the survival of businesses, leading to the financial institutions taking the measures.

Like a roll call, Guaranty Trust Bank (GTBank) stopped international transactions on its naira Mastercard.

Also, in July, 2022, Standard Chartered Bank suspended international transactions on its naira visa debit card.

On January 9, 2023, Zenith Bank suspended international transactions on its naira cards.

It also temporarily suspended international transactions on automated teller machines (ATMs), and point of sale (POS) channels.

This caused upheaval and national outcry as many Nigerians, including businessmen and women who conduct international transactions could no longer make payments.

Those shopping on Amazon and other global online retail platforms suffered hugely as they could no longer make payments using their Naira Cards.

Wema Bank Lifts Ban:

However, the recent development where Wema Bank has lifted the ban brings joy to many Nigerians.

Now, they can make international transactions using their Naira cards.

In the notice, Wema Bank said customers can now enjoy seamless transactions and make international purchases using their naira cards.

In the statement by Wema, Nigerians can now use their Naira cards, including their Mastercards, for transactions across international borders.

The statement reads thus:

“You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month,” the notice reads.

“Here’s what you need to know:

Expanded Possibilities:

The Naira card allows you the freedom to make international purchases, explore international online stores, and buy from your favourite international brands.

You know what? The world is now at your fingertips!

“Monthly Limit:

To provide you with enhanced security and control, there is a $500 monthly spending limit for international transactions.

This allows you to manage your expenses responsibly while enjoying the benefits of international spending.

“Effortless Convenience: Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash.

It’s a hassle-free and secure way to shop and transact abroad.”

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