Effective from December 31, 2022 Guaranty Trust Bank has announced the suspension of international online and Point of Sales (PoS) transactions on naira Mastercard.
Customers of the bank are therefore required to obtain dollar cards for international transactions.
The bank said in a statement that customers would not be able to make international transactions on Automated Teller Machines (ATMs) and Point of Sales (PoS) using their naira Mastercards.
The statement partly reads:
“We write to inform you that you will no longer be able to use your naira Mastercards for international online and PoS transactions effective December 31, 2022.
“Kindly note that you can use your GTBank dollar card for international spending requirements.”
According to the bank, its dollar card allows a daily $1,000 or an equivalent in the local currency transaction, adding that there would be no withdrawal limit on “annual spend and PoS transactions” for the dollar cards.
It stated: “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 September 2022.
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.
