Banking
First Bank, UBA, Others Cut Offshore Spending Limit on Naira Card to $100
By Adedapo Adesanya
More financial institutions in Nigeria are beginning to reduce international spending limits for their customers as the foreign exchange situation in the country continues to bite harder.
As they face tightening forex liquidity, it will be difficult for banks to meet their dollar commitments, particularly for debit card usage, hence, the need to cut down the spending limits.
In a message sent to its customers and seen by Business Post, top lender, First Bank Nigeria, announced that it has now limited the amount its customers can henceforth spend for offshore transactions in a month to $100.
“Spend now and pay later with your Naira Credit Card. Enjoy up to N3,000,000 credit facility, $100 monthly spend limit on international transactions, 45 interest-free days, flexible repayment plan, access to over 29 million channels worldwide, card control and protection using the Card Services feature on FirstMobile App,” the bank said in the notice.
Equally, fellow tier-one lender, UBA, also announced that it was following the path due to the uncertainties surrounding the forex market which had forced its hand to review its international spending limits.
The company, in a notice to its customers, said, “In light of the uncertainties in the Foreign Exchange Market, we have had to review international card spending limits.
“The new applicable limit on your Naira card is $100 (or its equivalent in other foreign currencies) monthly effective August 21, 2020.
“Whilst we note this significant reduction from your previous spend limit, we would like to reassure that this limit will be revised upwards as the market continues to improve.”
Also, Fidelity Bank took the same step, putting $100 cap on international transactions via its Naira card.
The bank stated, “Please be informed that the spending limit for international transactions on our Fidelity Naira Visa and MasterCard is now $100 monthly.
“This means that your card can be used on Point-of-Sale (POS), WEB and ATM for a cumulative transaction value of $100 monthly.”
Business Post also reached out to the customer care of Ecobank Nigeria, which also confirmed to us that a $100 monthly limit has been placed on international spending using its cards.
Two weeks ago, we reported that Guaranty Trust Bank (GTBank) slashed the international spending limit on its Naira Mastercard by 80 per cent to $100 per month from $500 it first reduced it to earlier in the year.
It was also reported that Stanbic IBTC Bank said its customers will only be able to spend $500 per month in terms of offshore card transactions and placed a monthly limit of $100 on withdrawals.
Another tier one bank, Zenith Bank Plc, announced a temporary suspension of the use of debit cards for cash withdrawals abroad while it slashed the monthly spending limit for international card users to $200.
Nigerian banks are struggling to get forex to meet the huge demand of customers.
By Adedapo Adesanya
A Nigerian digital lending fintech, Allawee, has collaborated with Mastercard to launch a credit-building card designed to enhance financial access for federal civil servants and National Youth Service Corps (NYSC) members.
This product, facilitated by a secure Mastercard platform and issued in collaboration with Providus Bank, and Remita, provides instant access to credit and financial flexibility to over 720,000 federal civil servants and NYSC members all through the Allawee app.
Despite Nigeria’s significant economic potential, over 70 per cent of bank account holders lack access to credit, according to the National Bureau of Statistics (NBS).
The Allawee credit card promises to address this gap, offering a solution that caters to the unique financial needs of Nigerians.
Nigeria as a market is dominated by debit and prepaid cards, so this initiative aims to promote responsible credit usage, combines seamless digital onboarding, user-friendly features, and responsible credit management tools in one platform.
Launched in December 2024, the Allawee credit card supports the Nigerian government’s objective of increasing credit availability to 50 per cent of working Nigerians by 2030. The card offers a secure and seamless way to access credit while helping users build a credit profile, aligning with Mastercard’s mission to drive financial inclusion.
“We are thrilled to collaborate with Allawee on this innovative credit solution, which aligns perfectly with Mastercard’s commitment to bring one billion people into the digital economy by 2025.
“The Allawee credit card provides instant access to credit while also empowering civil servants and NYSC members in Nigerian to build their creditworthiness, further advancing financial inclusion across the country,” said Mrs Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard.
Users can download the Allawee credit card, apply for a loan, receive approval, and start transacting immediately. Once approved, the credit is disbursed directly onto a co-branded card, giving users full control over their funds. The card allows for flexible usage across POS terminals, ATMs, and online transactions, enabling greater financial freedom.
“We launched this card to help Nigerians gain access to instant, affordable credit while building their credit history. Whether it’s handling daily purchases or taking care of life’s emergencies, our customers now have an easy way to cover expenses.
“With Mastercard, we are giving them the convenience to spend their credit at millions of retail locations in Nigeria and around the world, both online and in-store,” said Mr Ikenna Enenwali, CEO of Allawee.
The Allawee credit card offers instant credit access through a fast, secure, and fully digital application process, with wide acceptance at Mastercard online and physical retail locations globally. Customers benefit from flexible repayment options, choosing their credit limits (up to ₦1,000,000) and repaying in installments over four months.
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over a N200 billion debt.
The directive signed by NCC’s Director of Public Affairs, Mr Reuben Muoka, on Tuesday and obtained by Channels Television, noted that the affected banks are to pay the outstanding debts by January 27, 2025, or risk losing access to their USSD codes.
According to the NCC public notice, nine out of 18 financial institutions had not complied with regulatory directives.
The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
It said while other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.
According to the NCC, some of the invoices have remained unpaid since 2020, and has been a source of tussle for years.
“By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020,” a part of the notice read.
The affected USSD codes include *770#, *919#, and *822#, among others, could be reassigned to other applicants if the debts remain unresolved.
The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.
It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”
The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions over a N200 billion debt.
The directive signed by NCC’s Director of Public Affairs, Mr Reuben Muoka, on Tuesday and obtained by Channels Television, noted that the affected banks are to pay the outstanding debts by January 27, 2025, or risk losing access to their USSD codes.
According to the NCC public notice, nine out of 18 financial institutions had not complied with regulatory directives.
The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
It said while other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.
According to the NCC, some of the invoices have remained unpaid since 2020, and has been a source of tussle for years.
“By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020,” a part of the notice read.
The affected USSD codes include *770#, *919#, and *822#, among others, could be reassigned to other applicants if the debts remain unresolved.
The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.
It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”
The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.
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