Photo caption: Naira cards
After nearly three years of suspension, Nigerian banks have once again started allowing customers to make international payments using their naira-denominated debit cards, following a long pause due to foreign exchange pressures.
Until recently, only Providus Bank used to allowed its premium customers to use naira cards for dollar payments abroad.
But now, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Wema Bank, Stanbic IBTC, and others have joined in, reopening access for customers to use their naira cards for global transactions.
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 also announced a similar update, but specifically for its premium cardholders, stating: “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.”
Similarly, Wema Bank, in its message to customers stated: “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.”
