Nigerian Banks Set Limits On PoS, Online Transactions Overseas

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There are strong indications that Banks in Nigeria have set limits on overseas Point of Sale (PoS) and online card transactions.

READ ALSO: How Nigeria’s Naira Fared Against The US Dollar [Oct. 10]

The Nation learnt that quite a number of lenders, who are struggling to cope with the scarcity of the greenback, have pegged monthly transactions on PoS and online transactions using cards at $100, British Pounds Sterling 90, Euro 130 and Canadian Dollars 360.

This is coming on the heels of a ban on cash withdrawals with Automated Teller Machine (ATM) cards, while in abroad, which is still effective.

As a result of this, travellers now find it difficult to pay their hotel bills, make reservations and other transactions using their debit cards after the policy took effect.

Industry sources said had the lenders not restricted the use of ATM cards abroad, some of them would have been facing hitches meeting the dollar demands of their overseas’ customers.

READ ALSO: Naira Depreciates To ‘Record Breaking’ Low Of 480/USD [Sept 29]

Such would have exposed the lenders to huge liabilities’ shocks and operational challenges as dollar scarcity persists.

Last week, United Bank for Africa, Access Bank, Stanbic IBTC Bank, Standard Chartered Bank Nigeria (StanChart) and GTBank announced the suspension of their overseas ATM card services.

The banks also suspended all foreign currency-denominated transactions, including those conducted on PoS machines and online.

READ ALSO: Naira Crashes To All-Time Low Of N472/USD [Sept 28]

However, in an attempt to lessen the pains of customers, some of the lenders are now allowing transactions on PoS and online deals, under a marginally set limit.



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