Guaranty Trust Bank on Thursday evening disclosed that the financial institution has suspended all international transactions on its naira MasterCards.
While the bank is yet to give an official reason to explain its latest decision, it is important to note that they are not the only bank that have taken this measure in the last few months.
Findings have revealed that banks like First Bank, and Standard Chartered Bank, also suspended international transactions of their naira-denominated Mastercard.
In July, Standard Chartered Bank announced it has suspended international transactions on its naira visa debit card.
It said, “Kindly be informed that effective August 1, 2022, International spend on our Naira Visa Debit Card will be suspended.
“International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged.”
In September, First Bank announced the suspension of international transactions on its naira Mastercard virtual card and visa prepaid naira card from September 30.
It has said, “Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.
“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.”
