GTBank, others put on hold foreign transactions on Naira Mastercard

Guaranty Trust Bank has advised its customer base that it will no longer be able to carry out any international transaction on their Naira-denominated ATM card. This came as the bank informed customers of the suspension of international online and PoS transactions on Naira Mastercard effective from December 31, 2022. With this development, customers of the bank are required to obtain dollar cards for all their international transactions.

While the bank did not give any reason for this action, GTBank in a letter to its customers on said “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.” According to the bank, the dollar card allows ATM Withdrawal of $1,000 daily or the equivalent in the transaction’s local currency. It added that with the dollar card, there is no limit to international PoS or online transactions. There will also be no annual spending limit.

Earlier in September this year, First Bank had also announced the suspension of international transactions on its Naira Mastercard virtual card and visa prepaid Naira card from 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 Multi-currency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000,” the bank added. In July, Standard Chartered Bank also suspended international transactions on its Naira visa debit card. Flutterwave, Eversend, Zenith, UBA and other fintech platforms had also stopped virtual card services for international transactions.