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BANKS STOP NAIRA CARDS FOR ONLINE, POS TRANSACTIONS ABROAD


Collins Nweze
 * 
 * 
 * 

December 30, 2022

Banks have announced stoppage of use of naira card for International online and
Point of Sale (PoS) transactions.



The banks also placed limits on how much a customer can withdrawal from offshore
ATMs with dollar cards.

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In one of the messages to customers, GTBank yesterday stated that it would no
longer permit online and PoS transactions with naira cards effective December
31, 2022. It also said that use of dollar cards will have to comply with
international spending requirements including a $1,000 daily limit or naira
equivalent. 



In the note titled “Update on Your Naira Card for International Spending” , the
bank said:”We write to inform you that you will no longer be able to use your
Naira Mastercard for international Oline and POS transactions effective 31st
December 2022. Kindly note that you can use your GTBank dollar card for all your
international spending requirements”.



The card restriction by banks is part of moves to reduce dollar spendings abroad
and save foreign exchange for the economy. 



First Bank of Nigeria Limited had suspended international transactions on its
naira Mastercard from September 30.

Banks’ decision followed consistent dollar scarcity and challenges faced by
manufacturers and other real sector operators in sourcing foreign exchange from
the economy.



Banking sources said banks were increasingly finding it difficult to fund their
foreign-currency denominated services, especially online forex transactions and
overseas ATM withdrawals, as well as PoS usage overseas by customers.

First Bank said: “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. 

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“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.” 



In July, Standard Chartered Bank suspended international transactions on its
naira visa debit card.

Fintech firms- Flutterwave, Eversend and other fintech platforms had also
stopped virtual card services for international transactions.

In March, financial institutions cut the international spending limit on naira
cards from $100 to $20 monthly. 

In a recent statement to its customers, the bank said such transactions would
not be available on its naira credit card, virtual card and visa prepaid naira
card.  



 Zenith Bank  Plc sent emailed note to customers on the new payment plan abroad.
The bank said: “Please be informed that we have temporary suspended the use of
Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash
withdrawals and PoS transactions.”

“Additionally, the monthly card spend limit for web transactions has been
reviewed from $100 to $20. This review is in response to today’s economic
realities.” 

“If you have higher International spend requirements, simply visit any of our
branches and request for foreign currency debit or prepaid card, which are
available in US dollar, Pounds and Euro variants,” the bank said. 

Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank had
few years back,  announced the suspension of their overseas ATM card services.

Both Stanbic IBTC Bank and Standard Chartered Bank Nigeria advised customers
seeking to carry out transactions denominated in foreign exchange to apply for
dollar or pounds sterling debit credit cards. 

According to them, the dollar or pounds sterling debit or credit cards will be
linked to the customers’ domiciliary accounts.

This is despite the fact that the banks have in the past few months reduced the
monthly total amount of forex-denominated transactions that customers can do,
using their naira debit or credit cards via ATMs and PoS terminals abroad as
well as online payments or transactions.

Findings showed that some banks had slashed their daily ATM withdrawal limit
abroad from the $300 advised by the Central Bank of Nigeria’s Bankers Committee
to $100 due to their inability to source for dollars to fund the transactions.

The Central Bank of Nigeria (CBN) had earlier expressed  concerns about the
indiscriminate and suspicious manner in which some bank customers were spending
dollars and other foreign currencies abroad through their naira debit cards.

To reduce forex spending abroad, the CBN had directed  that bank customers who
spent above the $50,000 annual forex limit it imposed would be implemented and
defaulters sanctioned.

The apex bank also took major steps to shore up dollar reserves in Nigeria and
defend the naira.

For instance, CBN governor,  Godwin Emefiele said banks should generate FX
proceeds from exporters to give their customers (importers). The bank set $200
billion dollar earnings target to be achieved within three to five years.

The CBN also curbed access to the interbank currency market for importers
bringing in a variety of goods. To conserve its dollar reserves, the bank said
importers could no longer get hard currency to buy 43 items, ranging from
toothpicks and rice to steel products and private jets. 

The banks are also turning down payment requests from customers paying business
partners abroad with naira debit cards.

They are now asking customers paying clients abroad to do so in the currency of
the beneficiary’s country, not in naira. The new practice differs from the
previous one where lenders debited the naira accounts of customers at the
prevailing exchange rate and remitted dollar equivalent to the offshore
beneficiary’s account.

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