After almost three years of restrictions, several Nigerian banks have decided to reinstate the option for international transactions on Naira cards. This move comes after a prolonged period of suspension due to challenges related to foreign exchange (FX) pressures and dollar liquidity shortages in the country.
Back in 2022 and 2023, major Tier-1 banks such as GTBank, UBA, Access Bank, First Bank, Zenith Bank, and Ecobank had put a halt to international transactions on Naira-denominated cards. The primary reason behind this decision was the surge in FX demands during Nigeria’s 2023 elections. The increased demand triggered a significant scarcity of U.S. dollars in the market and consequently exerted immense pressure on the Nigerian currency.
As a result of these restrictions, many Nigerians faced inconvenience as they were unable to make payments for various services like Netflix subscriptions, Twitter Premium accounts, Apple services, or purchases on platforms like Amazon. This loss of access to global services not only inconvenienced customers but also highlighted the limitations of relying solely on Naira cards for international transactions.
Fast forward to now; there is good news for Nigerian consumers as banks have started allowing global payments once again—albeit with certain spending limits in place.
GTBank recently announced that its Naira Mastercard can now be used internationally with a quarterly limit of $1,000 allocated for online payments, ATM withdrawals, and POS transactions. However, there are restrictions as ATM withdrawals abroad are capped at $500 within the same period. Interestingly, some customers reported receiving higher limits based on their specific circumstances.
For instance, former presidential aide Bashir Ahmad shared his experience on social media stating that he received a $4,000 quarterly limit—a clear indication that there may be customer-specific thresholds at play here. While GTBank has not publicly disclosed the exact criteria determining these differences in limits among customers, factors such as account types, transaction history or customer risk profiles could potentially influence these variations.
Following suit with GTBank’s initiative is UBA which has also reintroduced international usage for its Premium Naira Cards including Gold,
Platinum,
and World card variants. Customers can now enjoy making global purchases through online platforms,
POS terminals,
or ATMs using their UBA cards once more.
Wema Bank has made a similar announcement welcoming its customers:
“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favorite international platforms—Amazon,
eBay,
AliExpress,
Netflix,
Spotify,
YouTube.”
This development marks a significant relief for Nigerian consumers who previously had to resort to virtual dollar cards or domiciliary accounts for their international payment needs.
The revival of international transactions using Naira cards is expected to:
· Restore seamless access to global services
· Reduce dependence on third-party payment apps
· Simplify subscription renewals and overseas purchases
· Enhance overall customer convenience
With leading financial institutions like GTBank,
UBA,
and Wema Bank taking the lead by reinstating global access via Naira cards,
it is anticipated that other banks will soon follow suit in order to remain competitive.
This resurgence signals an improvement in FX conditions along with a more adaptable approach adopted by banks aiming to meet evolving customer requirements within an increasingly interconnected digital economy.
Leave feedback about this