Ecobank Opens Naira-denominated Mastercard for International Transactions

NIBSSMaster Card credit cards are arranged for a photograph in New York, Friday, February 9, 2007. Photographer: Daniel Acker
  • Ecobank Opens Naira-denominated Mastercard for International Transactions

Ecobank Nigeria has announced the availability of its naira-denominated MasterCard for international transactions as well as increased daily limits customers can spend on their payment cards.

As a result, the daily spending limits for international payments on the Point of Sale terminal and online channels increased from $100 to $1,000 for its platinum card customers.

The lender also set $750 and $300 limits for its gold and standard cardholders respectively.

The pan-African bank said it had also enabled $100 daily Automated Teller Machine cash withdrawals on all the card variants.

In a statement on Thursday, the Head, Consumer Banking, Ecobank, Mr. Tunde Kuponiyi, said the bank was conscious of the needs of customers in the summer season and as such, made provisions to cater for the expected high desmands.

He was quoted to have said, “This move is to create an ease and encourage customers of the bank to shop and spend abroad with their Ecobank naira-denominated cards during this summer. The debit card now allows access to their naira account from any part of the world, enabling them to make cash withdrawals as well as carry out web purchases abroad”.

He said, “Further to our earlier communication informing you of the suspension of international transactions on naira-denominated debit cards, we are pleased to inform you that you can now use your naira-denominated Ecobank MasterCard for international transactions.

The debit card now allows you access to your naira account from any part of the world. With it, you can now make cash withdrawals and make the PoS/Web purchases abroad, subject to the limits.”

He explained that customers could get an instant card within two minutes in any Ecobank branch, and that the card was automatically enabled for value-added services and online transactions both locally and abroad.

Kuponiyi clarified that customers of the bank could also use their foreign currency denominated MasterCard debit cards to enjoy spending directly from their domiciliary account.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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