I am filled with joy as a result of this announcement because in the past we had to use Chipper Cash, Bartar, and PayDay for international payments. They are good and I have enjoyed their services but then it is stressful having to down the app, then you have to send money from your bank in to your Chipper Cash account before you are able to make payments. To many processes and stress.
The one advantage I see here of Chipper Cash, Bartar, and PayDay over this new announcement is that you can hold Dollar, buy stocks of international companies. I don't think we can do all these with our Nigerian bank app.
Topic: Wema Bank Re-introduces Naira Cards for Forex Transactions (Read 42 times)
The reintroduction of foreign exchange services in banks is a significant development. However, I wonder when other banks will follow suit and offer this service as well. Moreover, I believe that the monthly transaction limit of $500 is quite small. It would be more appropriate if the limit is determined relative to the individual's bank balance and the size of their transactions
It seems that the authorities at CBN have made a huge U-turn with regards to restrictions on using Naira Cards for Forex transactions.
I got an email from Wema Bank that their Naira cards can now be used for forex transactions, for up to $500 monthly limit. If all banks do this, all the "useless" US dollars virtual cards will have a hard time competing with banks.
However, there was no explicit comment on whether the cards are still restricted from crypto transactions.
I quote from Wema Bank's email:
I got an email from Wema Bank that their Naira cards can now be used for forex transactions, for up to $500 monthly limit. If all banks do this, all the "useless" US dollars virtual cards will have a hard time competing with banks.
However, there was no explicit comment on whether the cards are still restricted from crypto transactions.
I quote from Wema Bank's email:
Code:
It’s time to enjoy seamless transactions and make purchases internationally.
You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month.
Here’s what you need to know:
Expanded Possibilities: The Naira card allows you the freedom to make international purchases, explore international online stores, and buy from your favourite international brands. You know what? The world is now at your fingertips!
Monthly Limit: To provide you with enhanced security and control, there is a $500 monthly spending limit for international transactions. This allows you to manage your expenses responsibly while enjoying the benefits of international spending.
Effortless Convenience: Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash. It's a hassle-free and secure way to shop and transact abroad.
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