‘Due to economic reality’ Zenith Bank terminates international ATM withdrawals, POS transactions

Zenith Bank has reviewed the usage of its naira card for international transactions.

In a notice to its account holders, Zenith Bank disclosed that it had suspended the usage of its naira card for cash withdrawals on International Automated Teller Machine (ATM).

The financial institution also halted point of sales (POS) transactions on the International Automated Teller Machine, stating that its latest management decision was due to economic reality.

Part of its board decision included reduction of the monthly spend limit for international web transaction by 80%, as Zenith Bank reviewed the card limit to $20 from $100.

Zenith Bank directed account holders who need higher international spend limit to approach its branch, and “request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.”

The notice reads: “Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions.

“Additionally, the monthly card International spend limit for web transactions has been reviewed from US$100 to US$20.

“This review is in response to today’s economic realities.

“If you have higher International spend requirements, visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.

“Thank you for banking with us, and kindly direct all enquiries to Zenith Direct using any of the numbers below.”

Last month, the United Bank of Africa (UBA) had taken a similar move, lowering the international spending limit on its naira card from $100 to $20 a month.

Nigeria’s external reserves fell further by $175 million in February to $39.9 billion, despite the upturn in the price of crude oil, the country’s main source of foreign exchange.

Rtn. Victor Ojelabi

Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.