First Bank, Fidelity Bank resumes Naira card transactions abroad
• Set spending limit at $1,100
First Bank of Nigeria Limited in its drive to promote convenience and ease of business for customers has raised the limits on international transactions on Naira Cards to $1,100 monthly across ATMs, PoS, and online channels, with the daily ATM withdrawals raised to $300.
Similarly, Fidelity Bank Plc said it has resumed international transactions on debit cards, with a raised monthly international spend limit on its Naira Visa Credit and Debit Cards to $1,000.
First Bank in a statement in Lagos, said customers can now enjoy increased access to funds using the FirstBank Naira Master Cards, Naira Prepaid, and Naira Credit Cards for international payments.
It however, pegged the monthly limit for points of sale (PoS), online transactions, and customers in UAE, and China to $250.FirstBank and Fidelity Bank said the new international spend limits are coming on the heels of increased availability of foreign exchange in the economy, a fall-out of various economic recovery measures put in place by the Central Bank of Nigeria (CBN).
FirstBank encouraged its customers to continue to leverage FirstBank’s dollar denominated credit and prepaid cards even they also enjoy the raised transaction value on the Naira Cards. “FirstBank remains committed to meeting the banking and financing needs of its customers, providing world class services and expertise whilst ensuring the security of customer funds,” it added.
Fidelity Bank on its part also said the resumption of allowing its Naira debit cards for foreign transactions, is in response to customer needs and the improved foreign exchange liquidity in the banking system. The development is coming as an affirmation of positive outcomes of the recent series of reforms in the foreign exchange market.
“We are pleased to remove the restrictions on international transactions on Fidelity Visa Naira Credit and Debit Cards.“It was important for us to take advantage of the slight ease in sourcing foreign exchange to do this in order meet with the yearnings of our teeming customers,” the bank’s Chief Executive Officer, Nnamdi Okonkwo, said.
The bank in a message to customers, said that international transactions on Fidelity Visa Naira Credit and Debit Cards will now be subject to the following limits- Visa Naira Debit Cards (POS/Web only) equivalent of $1000 only; Visa Naira Credit Cards (ATM/POS/Web) equivalent of $1,000 only.
It explained that the window of opportunity with international transactions is only available to Visa Naira Credit and Debit Cards, and reminded customers that charges on credit cards are dependent on the acquirer and ATM used, while POS/Web purchases attract no charges.
“We encourage customers to always insist on being billed in the currency of the county in which the purchases are made especially, POS payments in order to avoid attracting additional charges” Okonkwo added.
Analysts said the developments are sequel to the inauguration of the Investor’s and Exporter’s window, which today has exceeded $3 billion transactions, with CBN contributing less than 30 per cent of the value.
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