NewsOnline reports that the customers of Guaranty Trust Bank will no longer be able to carry out any international transaction on their naira-denominated ATM card.
This came as the bank announced 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.
Letter to customers: While the bank did not give any reason for this action, GTBank in a letter to its customers on Thursday wrote:
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.
Similar actions: Earlier in September this year, one of Nigeria’s leading commercial banks, First Bank had also announced the suspension of international transactions on its naira Mastercard virtual card and visa prepaid naira card from September 30.
In July, Standard Chartered Bank also suspended international transactions on its naira visa debit card. Flutterwave, Eversend, and other fintech platforms had also stopped virtual card services for international transactions.
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