Globus Bank Limits Naira Debit Card Transaction To $50 Monthly

Globus Bank, one of Nigeria’s nine unlisted commercial lenders, has pegged its limit for International web transactions using its naira debit cards at $50 per month.

The bank said in a message sent to customers that the revised limit for its transaction is $10 per day.

Globus Bank which was founded in 2019 blamed the review on prevailing ‘economic realities.’

The bank which is leveraging on its fintech capability joined other lenders like Zenith Bank, Guaranty Trust Bank, Sterling Bank, Union Bank and United Bank for Africa in rationing the scarce dollar in their possession.

But while Nigeria’s big lenders are limiting monthly international web transactions on naira debit cards to $20, Globus is allowing almost thrice the amount permitted by the likes of Zenith Bank and UBA among others.

First Bank also has limited naira debit card transactions to $50 per month.

“We have updated the spending limit for international web transactions carried out with your Globus Naira Debit Cards. The revised limit is $10 daily subject to a limit of $50 monthly,” Globus Bank told customers.

At $50, online web transactions using a Naira debit card are limited to $600 per year. For other lenders that opted for $20, the spending limit amounts to $240 per year.

In 2015, the spending limit on naira debit cards for international transactions was $50,000 per year, or an equivalent of $4,166.7 per month.

Until early 2022 when most banks reviewed their transaction limit for naira debit cards, the limit was already down to $100.

UBA was the first lender to take the decision in February 2022.

Currently, Zenith Bank has suspended the use of naira cards for International Automated Teller Machine cash withdrawals.

Wema Bank announced its decision to end cross-border payments with naira cards from March 14.