Wema Bank Raises International Spending Limit on Naira Cards to $500

By Adedapo Adesanya

Wema Bank has hiked the monthly spending limit for international transactions on its Naira debit cards to $500, giving its customers the opportunity to do more.

This came as the lender announced the lifting of the suspension of international transactions on Naira cards, a move coming a month after the Central Bank of Nigeria (CBN) floated the Naira, following plans by the President Bola Tinubu administration to tackle foreign exchange troubles.

In a letter addressed to its customers and obtained by Business Post, the bank declared the end of the suspension on international transactions conducted through Naira cards, ending a prohibition placed by the CBN on many commercial banks in the country.

The policy forbade the use of local cards for international ATM cash withdrawals, web and POS transactions, meaning that cardholders cannot make cash withdrawals or payments through those channels outside the country.

However, in a statement sent to its customers, the lender announced that it had lifted the embargo on international transactions on Naira cards, allowing customers can now conduct international transactions and make purchases globally.

This means that its customers can now enjoy seamless transactions and make international purchases using their Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending, according to the bank.

The email stated, “It’s time to enjoy seamless transactions and make purchases internationally. You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending.”

The lifting of the ban brings an array of benefits to previously frustrated customers. For one, it will enable them to make international purchases. They will also be able to shop at online stores all over the world, as well as pay for services like Netflix, Spotify, and Apple Music among others.

Wema Bank also stated that it has imposed a $500 monthly spending limit for offshore transactions to ensure that its customers manage their expenses responsibly and protect them from potential fraudulent activities.

“Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash. It’s a hassle-free and secure way to shop and transact abroad,” it added.

It is expected that many banks will begin to announce the move in the coming days.