Banks to suspend Int’l transactions on Naira visa debit card by August 1

With the increasingly harsh operating environment, some banks have started notifying their customers that they are set to suspend international transactions on Naira visa debit cards by August 1, 2022.

The banks, in a recent directive signed by their heads of deposits, debit cards and mortgages, also said this was done to provide their customers with best-in-class financial solutions.

This is coming after banks in the country reduced their monthly international spending limit on Naira cards in March 2022.

United Bank of Africa (UBA) was the first to take the decision when it announced $20 as its new limit.

“In line with our promise to keep you updated on services, we have reviewed Naira Card limits for international transactions, and this will take effect 1st of March, 2022.

“Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM and web transactions. If you do not have one and would like to subscribe, please visit a branch close to you,” it said.

Zenith Bank followed, informing its customers that it was reducing its international spending limit on its naira cards to $20 and it was suspending international ATMs and point of sales (POS) transactions.