Worries As GTBank Suspends Int’l Transactions On Naira Mastercards

Guaranty Trust Bank (GTBank), also known as GTCO PLC, elicited worries on Thursday after it announced the suspension of international transactions on its naira Mastercard.

Naija News reports that the multinational financial services group informed its customers yesterday via their registered emails that they will not be able to transact with the Naira Mastercards from Saturday, December 31, 2022.

According to the bank, Naira Mastercards would be banned from international spending from the stated date as all transactions related to such can now be done only on GTBank dollar cards.

It also noted that Naira Mastercards would be invalid for international online and Point of Sales (POS) transactions from the stated date.

The statement reads: “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.”

Naija News reports that GTBank also noted that its dollar card now only allows a daily $1,000 (or equivalent in the local transaction currency) withdrawal limit on ATM transactions.

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

From all indications, financial institutions are now cutting down spending limits or suspending international transactions on their cards, and GTBank has just followed suit with others.

This news platform understands that Zenith Bank and the United Bank for Africa (UBA) reduced the international spending limit on their naira cards from $100 to $20 a month in February and March respectively.

Also, in July, Standard Chartered Bank suspended international transactions on its naira visa debit card. Flutterwave, Eversend and other fintech platforms have also stopped virtual card services for international transactions.