‘$500 monthly limit’ — Wema Bank lifts suspension of international transactions on naira cards

Wema Bank has lifted the suspension of international transactions on naira cards.

In a note sent to its customers on Friday, the financial institution said it has imposed a $500 monthly limit on international spending conducted through its naira cards.

Last year, many commercial banks in the country prohibited the use of naira cards for international cash withdrawals, including web and point-of-sale (POS) transactions.

The development exacerbated the plight of Nigerians who shop from online stores such as Amazon, as they were no longer able to pay with their naira cards.

In the notice, Wema Bank said customers can now enjoy seamless transactions and make international purchases using their naira cards.

“You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month,” the notice reads.

“Here’s what you need to know:
Expanded Possibilities: The Naira card allows you the freedom to make international purchases, explore international online stores, and buy from your favourite international brands. You know what? The world is now at your fingertips!

“Monthly Limit: To provide you with enhanced security and control, there is a $500 monthly spending limit for international transactions. This allows you to manage your expenses responsibly while enjoying the benefits of international spending.

“Effortless Convenience: 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.”