GTBank suspends international transactions on naira Mastercards

Guaranty Trust Bank has announced the suspension of international online and Point of Sales (PoS) transactions on naira Mastercard effective from December 31, 2022.

With this development, customers of the bank are required to obtain dollar cards for international transactions.

In a statement to its customers, the bank said customers would not be able to make international transactions on Automated Teller Machines (ATMs) and Point of Sales (PoS) using their naira Mastercards.

“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.

Earlier, in September, First Bank announced the suspension of international transactions on its naira Mastercards and visa prepaid naira 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.