Nigerian Banks resume international transactions on naira debit cards

In a welcome development for Nigerian consumers and businesses, three major commercial banks have reinstated international transaction capabilities on their naira-denominated debit cards, signaling a return to cross-border financial convenience after a suspension that lasted nearly three years.

The suspension, which began between mid-2022 and early 2023, had forced several top financial institutions — including Standard Chartered, First Bank of Nigeria (FBN), Guaranty Trust Bank (GTBank), and Zenith Bank — to block foreign transactions on their naira Visa and Mastercard products. This move, driven largely by foreign exchange scarcity and regulatory pressures, disrupted online payments and limited global access for cardholders.

The restrictions also affected Nigeria’s fintech sector. Companies like Flutterwave and Eversend were compelled to disable their virtual cards for international transactions, further compounding the challenges for users seeking to make payments on global platforms such as Amazon, Netflix, and Apple.

Now, in a series of recent customer communications, United Bank for Africa (UBA), Guaranty Trust Holding Company Plc, and Wema Bank have all confirmed the return of international transaction capability on their naira cards.

UBA, in a notice to its customers, linked the decision to its commitment to improving user experience.

“In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the statement reads.

“This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility.

“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”

Also announcing the development in a recent statement, Wema Bank said customers can now “pay in dollars” with their naira cards.

“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank said.

Confirming the update, Personal Assistant to the former President Muhammadu Buhari on New Media, Bashir Ahmad, tweeted: “So, finally, Nigerian banks have now resumed international transactions on Naira cards. I received an email from @GTBank this afternoon confirming the development, stating that customers now have a quarterly limit of $4,000 on their Naira cards for international payments.”