Connect with us


GTBank joins Standard Chartered, others to suspend foreign transactions on naira Mastercard



GT Bank reacts to alleged take over by Innoson

International transactions on Guaranty Trust Bank (GTBank) naira Mastercard have been suspended by the financial institution indicating banks are still struggling with foreign exchange (forex) scarcity.

A notice from the bank received by customers and obtained by Ripples Nigeria showed that the naira Mastercard would be blocked from conducting foreign transactions from Saturday, December 31, 2022.

Also, the naira Mastercard will not perform international Point of Sales (POS) transactions, as well as Automated Teller Machine (ATM).

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.”

Read also:Investors dump GTCO shares in aftermath of hackers’ attack on GTBank customers’ accounts

Meanwhile, GTBank said account holders can conduct their international transactions through the financial institution’s dollar card.

It was gathered that the GTBank dollar card allows account holders to make transactions of $1,000 (or equivalent in the transaction local currency).

The dollar card will operate through various electronic channels, ATM, online and PoS, “Kindly note that you can use your GTBank dollar card for all your international spending requirements,” GTBank wrote in the email seen.

GTBank’s decision to cut naira Mastercard customers from its foreign transactions came at a time Nigeria’s foreign reserves depleted between 2014 to 2022 by $3.0 billion.

Other financial institutions like Standard Chartered Bank also took same decision in July, with Flutterwave and Eversend also suspending international transactions on their virtual card services, while Zenith Bank reduced its international spending limit on naira cards to $20 a month, from $100, similar to United Bank for Africa (UBA).

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now