First Bank and Others, Skyrocket International Spend Limit On Debit Cards

First Bank had disclosed raising the limits on international transactions on naira debit cards to $1,100 monthly across ATMs, PoS, and online channels, with the daily ATM withdrawals also raised to $300. 

The upward review, which represents a marked increase by 1,900 percent, allows customers to withdraw up to $2,000 per month as against $100 which was obtainable previously.United Bank for Africa, UBA, Plc. has reveals an immediate upward review of the monthly international spend limit on its debit and prepaid Naira cards from $100 to $2,000,which has the highest monthly international spend.  

The bank said, had been done in response to the growing demand for higher limits by customers who make international transactions. It is also an indication of the improved confidence in the Nigerian economy as shown by increased foreign exchange in the financial system. 

The executive director, Operations & Technology, UBA, Mr. Chukwuma Nweke, who announced the review, explained that the move was planned to enable more convenient and seamless transactions when making purchases outside the country. He said, “This is in recognition of the customers needs and expectations. 

The new limit has been implemented.” According to Nweke, with the significant review, customers will now be able to carry out enhanced cross border transactions priced in foreign currency using their debit and credit cards with improved satisfaction. He explained that customers would now be able to carry out more transactions with ease and at their convenience. 

This gives our customers the opportunity to make international payments on POS and Web. In addition, you can make ATM withdrawals subject to the current limit of $100/day.” Continuing, he said, “This only goes to show that, customers are at the core of our business and our unalloyed commitment to satisfying them with nothing short of unequalled service is not compromised. 

We remain focused on creating superior and sustainable service delivery, unique to UBA “UBA’s customer-centric focus is on continually developing innovative, technological and customer-driven services to boost customer-experience United Bank for Africa Plc is a leading pan-African financial services group, with presence in 19 African countries as well as the United Kingdom, the United States of America and France.  The bank in a statement said the increase is in line with its drive to promote convenience and ease of business for customers. The statement further reads: “Customers can now enjoy increased access to funds using the FirstBank Naira Master Cards, Naira Prepaid and Naira Credit Cards for International payments. 

However, customers in UAE and China have a monthly limit of $250 for PoS and Online transactions. “The new international spend limits is coming on the heels of increased availability of foreign exchange in the economy. “Customers are encouraged to continue to leverage FirstBank’s dollar denominated credit and prepaid cards even as they also enjoy the raised transaction value on the Naira Cards.”

Looking forward to Zenith bank, Diamond bank, Sterling bank, Access bank, FCMB and other Nigerian banks will also increase the monthly international spending limits on their payment cards.