Three commercial banks in Nigeria have announced the re-activation of international transactions on their naira cards.
The development comes after the service was halted for about three years when Nigerian financial institutions suspended transactions on naira debit cards.
Between July 2022 and January 2023, several banks temporarily suspended international transactions on ATM channels.
In July, Standard Chartered Bank suspended international transactions on its naira visa debit card.
First Bank of Nigeria (FBN), on September 21, 2022, suspended international transactions on its naira Mastercard.
Guaranty Trust Bank (GTBank) also stopped global payments on its naira Mastercard, with Zenith Bank joining the fray on January 9, 2023.
Flutterwave, Eversend, and other financial technology platforms also made similar moves, suspending their virtual card services for international transactions.
In separate announcements to customers seen by The Nation, United Bank of Africa (UBA), Guaranty Trust Holding Company Plc and Wema Bank said the service has re-commenced on their naira cards.
In a recent notice to customers, the UBA said the resumption aligns with its continued commitment to providing clients with seamless and enhanced banking experiences.
“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,” the statement reads.
“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.
“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Also announcing the development in a recent statement, Wema Bank said customers can now “pay in dollars” with their naira cards.
“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,” the bank said.
Confirming the update, Personal Assistant to the former President Muhammadu Buhari on New Media, Bashir Ahmad, tweeted: “So, finally, Nigerian banks have now resumed international transactions on Naira cards. I received an email from @GTBank this afternoon confirming the development, stating that customers now have a quarterly limit of $4,000 on their Naira cards for international payments.”
