Guaranty Trust Bank (GTBank) has officially announced new transaction limits for online and Point Of Sales (POS) transactions carried out using its Naira cards, as part of its efforts to manage foreign exchange exposure and improve customer experience.
Previously, GTBank had suspended international transactions on its Naira cards in response to ongoing foreign exchange restrictions and economic challenges. However, the bank has now resumed these services, introducing new structured limits designed to ensure better control and security for its customers.
According to the bank’s latest update, the international transaction limit for GTBank Naira cards has been set at $1,000 per quarter. This total covers all international online purchases, POS payments abroad, and ATM withdrawals outside Nigeria.
For ATM cash withdrawals specifically, GTBank has fixed a separate limit of $500 per quarter. This means cardholders will only be able to withdraw up to $500 in cash from international ATMs within a three-month period, helping to curb excessive foreign currency outflows.
The overall international transaction limit, which remains at $1,000 per quarter, encompasses all forms of spending abroad, including shopping online from foreign websites, making payments at physical stores via POS machines overseas, and withdrawing cash from ATMs outside Nigeria.
These newly introduced limits will be applicable to all GTBank Naira cardholders. The bank emphasized that these adjustments were necessary to comply with prevailing market realities and to protect the interests of its customers, while still providing access to international transactions in a controlled manner.
GTBank advised its customers to take note of these new guidelines when planning to use their cards abroad or for online transactions with foreign merchants. Customers are encouraged to explore alternative solutions offered by the bank, such as domiciliary accounts and dollar cards, for higher spending needs.
These measures reflect GTBank’s ongoing commitment to providing secure and reliable banking services despite the challenging economic climate.