several top banks lift suspension on global payments after nearly 3-year hiatus, enhancing customer convenience and boosting economic activity
LAGOS, NIGERIA - Several Nigerian commercial banks, including United Bank for Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTBank), have resumed international transactions on their Naira debit cards. This move comes after a nearly three-year suspension, allowing customers to make payments on global platforms once again.
The decision to lift the suspension is expected to enhance customer convenience and reduce friction in cross-border payments. Customers can now pay directly for subscriptions and services on global platforms without relying on third-party apps or virtual dollar cards.
According to sources, the resumption of international transactions is attributed to improved liquidity in the foreign exchange market and policy reforms by the Central Bank of Nigeria (CBN).
The affected banks have confirmed the development, with some specifying transaction limits for international payments. This move is expected to restore lost revenue for international service providers and boost economic activity.
The development has been welcomed by customers and industry stakeholders, who see it as a significant step towards improving the ease of doing business in Nigeria.
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