After years of suspension due to foreign exchange pressures, Nigerian Banks have resumed international transactions on naira debit cards.
In separate announcements to customers, Guaranty Trust Bank, Wema Bank and United Bank of Africa (UBA) said their customers can now make international payments using their naira-denominated debit cards.
Arise news reported that until recently, only Providus Bank used to allow its premium customers use naira cards for dollar payments.
Wema Bank in its message to customers stated: “your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favorite international platforms; Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
GTBank, in a message to customers, explained that its Naira card now has a quarterly international spending limit of $1,000, enabling “you to pay for your favourite items anywhere in the world.”
“This limit includes up to $500 for ATM withdrawals abroad and up to $1,000 for online and POS transactions. Please note that the $1,000 quarterly cap applies to all international transactions, including cash withdrawals, online purchases, POS payments outside Nigeria, and other related services,” it stated.
UBA in a similar update, but specifically for its premium cardholders, stated: “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions.
“This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility.”
Improved liquidity in the foreign exchange (FX) market has been identified as one of the major factors supporting banks’ decision to reactivate their naira cards for global transactions.
Between July 2022 and January 2023, several Banks and Fintech platforms temporarily suspended international transactions on ATMs and POS channels as a result of the chronic FX scarcity, which threatened the survival of key sectors of the economy.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
