Nigerian banks have resumed international transactions on naira-denominated debit cards, allowing customers to make global payments.
Gatekeepers News reports that the commercial banks had suspended international transactions on naira cards about three years ago.
United Bank of Africa (UBA) and Wema Bank notified customers of the update, which allows users to make global payments using their naira cards across online platforms, ATMs, and POS terminals.
In a statement, UBA said the move aligns with its commitment to delivering seamless and enhanced banking experiences.
The bank confirmed that all Premium Naira Cards; Gold, Platinum, and World variants are now active for international use.
It said, “ In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions.”
“This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility.”
“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments with their Wema Naira Mastercard.
It said, “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube.”
The development is due to improved liquidity in the foreign exchange market, a narrowing gap between official and parallel market rates, and reduced opportunities for arbitrage.
