Guaranty Trust Bank (GTBank) has disclosed that it will suspend international transactions on its naira Mastercard from Saturday, December 31, 2022.
The bank which said this in a statement to its customers on Thursday, noted that customers will be unable to make international automated teller machine (ATM), and point of sales (POS) transactions on their naira Mastercards.
“We write to inform you that you will no longer be able to use your naira Mastercard for international online and POS transactions effective 31st December 2022,” the statement reads.
“Kindly note that you can use your GTBank dollar card for all your international spending requirements.”
The statement further noted that the bank’s dollar card allows a daily $1,000 (or equivalent in the transaction local currency) withdrawal limit on ATM transactions.
It added that there would be no withdrawal limit on “annual spend and POS transactions” for the dollar cards.
The development is not the first time financial institutions are reducing spending limits or suspending international transactions on their cards.
In February and March, Zenith Bank and the United Bank for Africa (UBA) reduced the international spending limit on their naira cards from $100 to $20 a month.
Also, in July, Standard Chartered Bank suspended international transactions on its naira visa debit card.