Any overseas transactions made with an ATM card denominated in naira by Guaranty Trust Bank customers would no longer be possible.
This occurred at the same time that the bank declared that, starting on December 31, 2022, international online and point-of-sale transactions using naira Mastercard would be suspended.
As a result of this change, all overseas transactions made by bank customers must be made using dollar cards. Although the bank did not provide a justification for this decision, GTBank on Thursday December 29, 2022 wrote the following in a letter to its customers:
“Dear Customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective 31st December 2022. Kindly note that you can use your GTBank dollar card for all your international spending requirements.”
The bank claims that the dollar card permits daily ATM withdrawals of up to $1,000 or its equivalent in the local currency of the transaction. It was also mentioned that there was no restriction on online or overseas PoS transactions with the dollar card. Additionally, there won’t be a yearly expenditure cap.
Prior to GT Bank decision, one of Nigeria’s top commercial banks, First Bank, made a similar announcement regarding the suspension of international transactions on its naira Mastercard virtual card and visa prepaid naira card starting on September 30.
“Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022,” First Bank said in a statement to its customers.
“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000,” the bank added.
Standard Chartered Bank similarly stopped allowing foreign purchases on its naira visa debit card in July. Other financial companies, including Flutterwave and Eversend, had also stopped offering virtual card services for cross-border transactions.
