Two commercial banks in Nigeria, United Bank for Africa (UBA) and Wema Bank, have announced the resumption of international transactions on their naira cards.
In separate statements to customers, both banks confirmed that their naira debit cards are now enabled for global transactions, allowing cardholders to shop, pay, and withdraw cash internationally.
UBA Unlocks Global Access for Premium Cardholders
UBA stated that the move aligns with its commitment to providing seamless banking experiences.
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“All UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions. You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions worldwide,” the bank said.
The bank encouraged customers to rediscover the convenience of using their cards globally, adding that it brings flexibility and prestige back to cardholders.
Wema Bank’s Naira Mastercard Goes Global
Similarly, Wema Bank said its customers can now make payments in dollars on major international platforms.
“Your Wema Naira Mastercard just went global! Now you can pay in dollars on Amazon, eBay, AliExpress, Netflix, Spotify, YouTube, and more,” the bank announced.
Why the Resumption Now?
Analysts say improved liquidity in Nigeria’s foreign exchange (FX) market has enabled banks to restart international usage on naira cards.
Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, said:
“The moderating premium on parallel market transactions and reduced arbitrage opportunities supported the decision.”
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Charles Sanni, CEO of Cowry Treasurers, attributed the move to:
- Nigeria’s appreciating naira
- Increased diaspora remittances
- Restored confidence in FX management by the Central Bank of Nigeria (CBN)
- Clearance of FX backlogs and improved credit ratings.
Between July 2022 and January 2023, several Nigerian banks had suspended international transactions on ATMs and POS channels due to chronic FX scarcity.
Standard Chartered, First Bank, GTBank, and Zenith Bank were among those that restricted global payments on naira cards.
