GTBANK stops international transaction on Naira Mastercard
Guaranty Trust Bank (GTBank) has announced that it will halt international transactions on its naira Mastercard from December 31, 2022.
The bank stated that its customers will no longer be able to use their naira Mastercards for international online and point of sale (POS) transactions.
However, GTBank's dollar card will still be available for use in international transactions, with a daily withdrawal limit of $1,000 (or the equivalent in the local currency) for ATM transactions and no withdrawal limit on annual spend and POS transactions.
This move follows similar actions taken by other financial institutions and fintech platforms in Nigeria, which have been facing a foreign exchange crisis and have had to reduce spending limits or suspend international transactions on their cards.
The country's foreign reserves have dropped from $3 billion in 2014 to zero in 2022, leading to a shortage of foreign exchange to meet the needs of citizens.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.