In the bit to make it more convenient and seamless to transact while making purchase outside Nigeria. Nigeria banks such as First Bank, UBA, Ecobank and some other banks in Nigeria have increased the monthly international spending limits on their Naira cards which are enabled for international online transactions.
The First Bank of Nigeria has raised the limits on international transactions on Naira Cards to about $1,100 monthly across Automated Teller Machines (ATMs), Point of Sale (PoS), and every other online channel, with the daily ATM withdrawals raised to $300.
However their customers in UAE and China have a monthly limit of about $250 for PoS and Online transactions.
The United Bank for Africa PLC also announced an upward review of the monthly international spend limit on its Debit and Prepaid Naira Cards from about $100 to $2,000. The upward review was a very good advantage for United Bank for African user, changing the monthly limit of $100 to about $2,000 per month is now obtainable.
Initially it was known that the users of Ecobank were suspended on performing international transactions with their Ecobank MasterCard.
The new development has brought about enablement for the Ecobank account holders to now use their Naira Denominated Ecobank MasterCard for international transactions and enjoy a monthly limit of $1,000.
This is also applicable to the 2017 GTbank international spending limits.
Ecobank also do well to set $750 and $300 limits for its gold and standard card holders respectively.
Similarly, Fidelity Bank of Nigeria has raised the monthly international spend limit on its Naira Visa Credits and Debit Card transactions to $1,000.
Many of the Nigerian banks claimed that the new development came by as a result of the growing demand for higher limits by customers making international transactions; some sources claim that the increase is as a result of the improved foreign exchange supply for Nigerian Banks.
Both reasons appeared very reasonable, and whatever the reason maybe that brought about this new development, it really a good one.
And we hope other banks such as Zenith Bank, Diamond Bank, Access Bank, FCMB, Sterling, Wema bank and other Nigerian Banks will also find a good reason enough to increase their monthly international spending limits on their various payment cards.