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

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).

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