Pan-African Bank, Guaranty Trust Bank has announced to its customers they will no longer be able to perform any international transaction on their naira-denominated ATM card.
This came as the bank announced the suspension of international online and PoS transactions on naira Mastercard effective from December 31, 2022.
With this update, customers of the bank are required to obtain dollar cards for all their international transactions.
In a statement addressed to its customers on Thursday, the bank made the announcement to its customers:
The statement reads:
“Dear Customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective 31st December 2022. Kindly note that you can use your GTBank dollar card for all your international spending requirements.”
According to the bank, the dollar card allows ATM Withdrawal of $1,000 per day or the equivalent in the transaction’s local currency. It added that with the dollar card, there is no limit to international PoS or online transactions. There will also be no annual spending limit.
Fast Forward to 2025: Fintech Solutions Emerge
While traditional banks continue to struggle with forex limitations, several fintech companies have stepped in to bridge the gap. Nigerians can now easily access Virtual Dollar Cards through fintech platforms such as Dantown, Vesti, and Cardify. These platforms provide users with dollar-denominated virtual cards that can be used for international payments, offering an alternative to the restricted Naira Mastercard.
How to Activate a Virtual Dollar Card in Nigeria
For those looking to make international transactions, activating a Virtual Dollar Card is now simpler than ever. Here’s how you can do it on some of the top fintech platforms:
- Dantown:
- Download the Dantown app and sign up.
- Complete identity verification (KYC).
- Fund your account in Naira and convert to USD.
- Generate a Virtual Dollar Card instantly.
- Vesti:
- Register on the Vesti app.
- Provide necessary verification details.
- Fund your wallet and request a Virtual Dollar Card.
- Start using your card for global transactions.
- Cardify:
- Create an account on the Cardify platform.
- Complete KYC verification.
- Load your account with Naira and convert to USD.
- Activate your Virtual Dollar Card and use it for online payments.
