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Posted On

30
December
2022

GTBank suspends international transactions on naira Mastercards from dec 31

Guaranty Trust Bank (GTBank) says it will suspend international transactions on its naira Mastercard from Saturday, December 31, 2022.

The bank made this known in a statement to its customers on Thursday.

It said customers will be unable to make international automated teller machine (ATM), and point of sales (POS) transactions on their naira Mastercards.

“We write to inform you that you will no longer be able to use your naira Mastercard for international online and POS transactions effective 31st December 2022,” the statement reads.

Kindly note that you can use your GTBank dollar card for all your international spending requirements.”

According to the statement, the bank’s dollar card allows a daily $1,000 (or equivalent in the transaction local currency) withdrawal limit on ATM transactions.

It added that there would be no withdrawal limit on “annual spend and POS transactions” for the dollar cards.

The development is not the first time financial institutions are reducing spending limits or suspending international transactions on their cards.

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.

  • “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 in a statement to its customers.
  • “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,” the bank added.

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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