Wema Bank, one of Nigeria’s leading commercial banks, has announced the lifting of the embargo on the suspension of international transactions on naira cards.
In a letter addressed to its customers, the bank declared the end of the suspension on international transactions conducted through naira cards.
Recall that many commercial banks in the country have previously prohibited the use of naira cards for international ATM cash withdrawals and POS transactions, implying that cardholders cannot make cash withdrawals or payments through those channels outside the country.
However, in a statement sent to its customers, Wema Bank announced that it has lifted the embargo on international transactions on naira cards, which means that customers can now conduct international transactions and make purchases globally.
Customers can now enjoy seamless transactions and make international purchases using their Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending, according to the bank.
The email stated, “It’s time to enjoy seamless transactions and make purchases internationally. You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending.”
The lifting of the ban brings an array of benefits to customers. For starters, it enables them to make international purchases, shop at online stores all over the world, and purchase from their favourite international brands.
Wema Bank also stated that it has imposed a $500 monthly spending limit for international transactions to ensure that its customers manage their expenses responsibly and protect them from potential fraudulent activities.
“Effortless Convenience: Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash. It’s a hassle-free and secure way to shop and transact abroad,” it added.