Tuesday, Oct 26th 2021 4:57 AM

Market Digest Nigeria


Stanbic IBTC, Zenith Bank will limit their customers’ debit card spending abroad

Nigeria Banks To Limit Transactions On Debit Card

Top Nigerian banks such as Stanbic IBTC Bank Ltd and Zenith Bank Plc are reportedly about to start limiting how much their customers can withdraw/spend when in foreign lands, using their debit cards.

Nigeria Banks To Limit Transactions On Debit Card

Specifically, Stanbic IBTC Bank said that starting from today (Monday, July 20th, 2020), each of their customers will only be able to spend $500 per month in terms of offshore card transactions. A monthly limit of $100 has also been placed on withdrawals.

Similarly, Zenith Bank Plc said it will be suspending the use of debit cards for cash withdrawals abroad, 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.

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