Nigerian banks have announced the official reinstatement of global transactions on naira cards, ending a three-year hiatus that restricted cardholders from global spending.
Already, Guaranty Trust Bank (GTB) and United Bank for Africa (UBA) have announced that their customers will now be able to perform international transactions with their respective ATM cards.
This development comes after GTB, UBA, Access Bank, First Bank, Zenith Bank, and Ecobank, had halted international transactions on Naira cards between 2022 and 2023 due to persistent foreign exchange (FX) pressures and dollar liquidity shortages.
Pan-Atlantic Kompass reports that during the suspension, many Nigerians could not pay for international services such as Twitter Premium, Apple subscriptions, and other foreign-based platforms.
However, GTB, UBA, and Wema, in an Email message to their customers, announced the official recommencement of global transactions on Naira cards.
The lifting of the restriction on Naira card usage for international payments means Nigerians can now pay directly for subscriptions and services on global platforms without relying on third-party apps, virtual dollar cards, or domiciliary accounts.
Meanwhile, the reinstated services come with varying quarterly spending limits.
In an email to customers on Friday, GTBank announced the reactivation of international transactions on its Naira Mastercard.
The email reads: “Dear customer, we are pleased to inform you that you now have a quarterly limit of $1,000 on your GTBank Naira Card to pay for all your favourite things anywhere in the world.”
The bank, however, clarified that the $1,000 quarterly limit applies to all international transactions, including ATM withdrawals, online purchases, and point-of-sale (POS) payments outside Nigeria. ATM withdrawals abroad are capped at $500 quarterly.
Similarly, UBA confirmed that the resumption of international transactions for its Premium Naira Cards, including Gold, Platinum, and World variants.
“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,” the bank said in a customer notice.
Wema Bank joined the list of banks reactivating global access, announcing: “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
