**Lagos, Nigeria** – Naija banks don finally open their doors again for international transactions using naira cards. After nearly three years of suspension, e be like say dem don find their lost confidence in the FX market, and dem dey ready to take their customers back on the global transaction train.
Last week, big names like United Bank for Africa (UBA) and Wema Bank don shout am out loud say their naira cards don ready for international use. UBA wey get Tony Elumelu for the front, don assure say their premium naira cards – like Gold, Platinum, and the World version – don enter global market. A big step for many Nigerians wey rely on this cards for online shopping and all those international things wey dey cost dollar.
“We dey happy to announce say all UBA Premium Naira Cards don fit operate internationally. You go fit carry your Naira Card waka go everywhere and use am for ATM, POS, and online shopping,” UBA talk for their statement. (E no be small matter, o! This dey sound like sweet music to the ears of many naija pipo wey miss their international shopping vibes!)
Wema Bank sef gree join the waka as dem also open their naira Mastercard and Visa for the global market. “Your Wema Naira Mastercard don go international! You go fit pay for all your favorite sites like Amazon, Netflix, and more,” dem talk.
Financial experts don dey analyze dis new movement. Dem talk say e fit be say as naira don dey gain more value and dem no dey speculate FX like before, so na im make banks don decide to allow international usage of naira cards again. Charles Sanni, wey be CEO of Cowry Treasurers, don explain say the FX market don normalize small small, and e don dey return to normal ways. “The gap between the official and parallel market rate don dey reduce,” e add.
How we take reach this level? Between July 2022 and January 2023, most banks like GTBank, Zenith Bank, and First Bank don suspend all international transactions on naira cards because FX crisis choke everywhere. Customers sef no fit use their naira card to chop international payments or even shop online without wahala. But now, with dis new development, many dey feel like say dem don find their groove back. (As e be like this, we fit even see more naija pipo wearing new shoes from abroad soon!)
But wait, it no go be play, as banks still set spending limits for these movements. For GTBank, for example, dem don put quarterly spending limit of $1,000 wey concern all transactions, including ATM withdrawals and online purchases. This one mean say na so-so $.500 per quarter you fit withdraw for ATM abroad. So shine your eye well before you start to dey spend your money anyhow!
Naija consumers don already begin see the benefits as dis reopening dey boost access to global e-commerce and online subscriptions. E dey sweet for all orishirishi business wey dey chase digital services. So, with dis waka from UBA and Wema Bank, other banks dey feel the pressure to follow suit. If FX market continue to shine, dem fit follow join the trend too!
As we dey wait for other banks to join this global party, you fit get your naira cards ready to explore new opportunities. Whether you dey plan buy that new gadget, or you wan finally subscribe to that Netflix series wey don dey tease you, na now be your time. (Make we thank our stars and keep our fingers crossed for more good news from the banks!)
