Guarantee Trust Bank, GTBank, has announced the suspension of international transactions on its naira Mastercard from Saturday, December 31, 2022.
This was contained in a statement issued on Thursday.
The bank stated that customers won’t be able to make international automated teller machine, ATM, and point of sale, POS, transactions on their naira Mastercards.
The statement read, “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.
“Kindly note that you can use your GTBank dollar card for all your international spending requirements.”
The statement added that the bank’s dollar card allows a daily $1,000 (or equivalent in the transaction local currency) withdrawal limit on ATM transactions.
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More so, there would be no withdrawal limit on “annual spend and POS transactions” for the dollar cards.
The latest development would not mark the first time a financial institution in the country will reduce spending limits or suspend international transactions on their cards.
Recall that Zenith Bank and United Bank for Africa had in February reduced the international spending limit on their naira notes to $20 per month from $100.
Standard Chartered Bank had in July, suspended international transactions on its naira visa debit card.
Fintech platforms are not left out as Flutterwave, Eversend and others had also stopped virtual card services for international transactions.
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