Wema Bank, a prominent commercial bank in Nigeria, has announced the removal of the suspension on international transactions conducted using naira cards.
In a letter obtained by TechEconomy and addressed to its customers, Wema Bank declared the end of the ban on international transactions through naira cards.
This development comes after several Nigerian banks had previously prohibited the use of naira cards for international ATM cash withdrawals, web transactions, and point-of-sale (POS) transactions.
With the lifting of the embargo, Wema Bank customers can now conduct international transactions and make purchases globally using their naira cards, including Mastercard, ALAT Mastercard, and Visa.
In an email sent to customers, the bank 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 removal of the ban brings several benefits to customers, including the ability to make international purchases, shop at online stores worldwide, and buy from their favorite international brands.
To ensure responsible spending and protect customers from potential fraud, Wema Bank has implemented a monthly spending limit of $500 for international transactions.
The bank emphasized the convenience and security of using naira cards for payments in foreign currencies, eliminating the need for currency conversion or carrying excessive cash. It aims to provide a hassle-free experience for customers while shopping and transacting abroad.
The lifting of the suspension by Wema Bank reflects efforts to enhance customer convenience and improve access to international transactions in Nigeria’s banking sector.