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Wema Bank lifts ban on international transactions on naira cards
Wema Bank, a lender in Nigeria, has resumed accepting naira cards for overseas transactions.
The bank announced the lifting of the ban on overseas transactions made with naira cards in a letter to its clients.
This implies that clients who use the bank's Mastercard can now make purchases with their Naira debit cards.
The bank had followed other Nigerian banks in March 2022 in lowering the $100 monthly limit on overseas purchases made using naira cards to $20 or $50.
The banks then announced in September that naira cards would no longer be accepted for purchases outside of Nigeria, noting that the decision was made owing to the realities of the foreign exchange market.
In March, Wema Bank took things a step further by banning cross-border transactions using Naira cards.
The bank also set a $500 monthly cap on purchases made abroad using its naira cards.
“You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month,†the bank said in a notice this week.
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