After nearly three years of suspension, several Nigerian commercial banks have reinstated international transactions on Naira-denominated debit cards, once again enabling customers to make payments on global platforms.
These resumed services come with varying quarterly spending limits, prompting questions about how banks determine individual thresholds.
Top-tier banks such as Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Access Bank, First Bank, Zenith Bank, and Ecobank had previously halted international Naira card transactions between 2022 and 2023. The suspension was largely due to foreign exchange constraints and dollar liquidity challenges, worsened by increased demand for foreign currency ahead of Nigeria’s 2023 general elections, which intensified pressure on the Naira.
During this period, many Nigerians were unable to pay for international services like Twitter Premium, Apple subscriptions, and other foreign platforms, causing inconvenience to users and revenue losses for global service providers.
GTBank has now re-enabled international usage for its Naira Mastercard, informing customers via email that they can spend up to $1,000 per quarter globally. This limit includes ATM withdrawals, online purchases, and in-store payments abroad, with ATM usage capped at $500 per quarter. However, some users, such as Bashir Ahmad, a former media aide to President Muhammadu Buhari, reported receiving higher limits—up to $4,000 quarterly—though GTBank has yet to clarify the basis for these variations, which may relate to account type, usage patterns, or customer profiles.
UBA has also resumed international transactions on its Premium Naira Cards, including Gold, Platinum, and World options, offering customers the ability to use their cards globally for online and in-person payments. Similarly, Wema Bank announced that its Naira Mastercard now supports international purchases on platforms like Amazon, Netflix, Spotify, and YouTube.
This reactivation marks a notable shift in Nigeria’s retail banking environment. It allows customers to make global payments directly without depending on alternative solutions such as virtual dollar cards or domiciliary accounts. The move is expected to improve customer convenience, ease cross-border transactions, and help global service providers recover lost revenue.
With GTBank, UBA, and Wema Bank taking the lead, more Nigerian banks are anticipated to follow, ensuring they stay competitive in an evolving financial sector.
Nariametrics
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