Banks set to limit their customers’ debit card spending abroad

Adebayo Obajemu

Business Hallmark has learnt that some first tier Nigerian banks, like Stanbic IBTC Bank Ltd and Zenith Bank Plc are allegedly making preparation to start limiting how much their customers can withdraw/spend when in foreign lands, using their debit cards.

Reportedly, Stanbic IBTC Bank has made it known that beginning from today (Monday, July 20th, 2020), each of their customers will only be able to spend $500 per month in terms of offshore card transactions. A monthly limit of $100 has also been placed on withdrawals.

In like manner, Zenith Bank Plc reportedly disclosed it will lay to rest the use of debit cards for cash withdrawals abroad, albeit temporarily. The monthly sending limit for card users abroad was also slashed by the tier-1 bank to $200.

Meanwhile, other banks such as Ecobank Nigeria and Fidelity Bank Plc have also reportedly reduced their monthly cash withdrawals for their customers when using their cards in places outside of Nigeria.

This newspaper’s findings revealed that some of the banks took the decision desperately to conserve the dollar in their disposal while limiting foreign currency settlement risks.