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Nigerian Banks set to limit their customers’ debit card spending abroad

Stanbic IBTC Bank reportedly has made it known that beginning from Monday, July 20th, 2020, each of their customers will only be able to spend $500 per month for offshore card transactions.

Ola Olaoluwa
Ola Olaoluwa

First tier Nigerian banks, Stanbic IBTC Bank Ltd and Zenith Bank Plc are allegedly preparing to start limiting how much their customers can withdraw/spend when in foreign lands, using their debit cards.

Stanbic IBTC Bank reportedly has made it known that beginning from Monday, July 20th, 2020, each of their customers will only be able to spend $500 per month for offshore card transactions. A monthly limit of $100 has also been placed on withdrawals.

Image Credit: Stock Image

Similarly, Zenith Bank Plc reportedly disclosed it will lay the use of debit cards for cash withdrawals abroad to rest, albeit temporarily. The monthly sending limit for card users abroad was also slashed by the tier-1 bank to $200.

Meanwhile, other banks such as Ecobank Nigeria and Fidelity Bank Plc have also reportedly reduced their monthly cash withdrawals for their customers when using their cards in places outside of Nigeria.

It is reported that these banks took the decision as a desperate attempt to conserve the dollar in their disposal while limiting foreign currency settlement risks.

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur