GTBank Suspends Int'l Naira Card Transactions Dec 31

Guaranty Trust Bank (GTBank) has announced that international transactions on its naira Mastercard will be suspended beginning 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 machines (ATM), and point of sales (POS) transactions on their naira Mastercards.

GTB added that they (customers) can only use their GTBank dollar card.

“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 has a daily withdrawal limit of $1,000 (or equivalent in the transaction local currency) on ATM transactions.

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

This is not the first time that financial institutions have reduced or suspended international transactions on their cards.

Zenith Bank and the United Bank for Africa (UBA) reduced the international spending limit on their naira cards from $100 to $20 per month in February and March.

Standard Chartered Bank also suspended international transactions on its naira visa debit card in July.

Flutterwave, Eversend and other fintech platforms had also stopped virtual card services for international transactions.