Commercial banks in Nigeria have resumed international transactions on naira debit cards, marking a significant shift after nearly three years of suspension due to foreign exchange challenges. United Bank for Africa (UBA), Wema Bank, and GTBank made separate announcements to their customers confirming the reinstatement of the service.
UBA, in its notice, stated, “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions.”
The bank added that cardholders can now use their naira cards for global online shopping, POS, and ATM transactions with increased flexibility and convenience. Wema Bank also informed its customers of the development, saying, “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms—Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
GTBank issued a similar update, noting that the service aligns with its goal to improve customer access to global payments.The restoration of this service comes after several banks had halted international transactions on naira cards between July 2022 and January 2023 due to a persistent shortage of foreign exchange, which strained the banking sector and impacted customers’ ability to conduct cross-border payments.
The current resumption reflects easing pressures in the FX market and an effort by financial institutions to restore confidence and convenience for account holders engaging in international commerce.
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