GTBank Further Caps International Spending Limit on Naira Mastercard

Forex scarcity has forced Guaranty Trust Bank (GTB) to further reduce the international spending limit on its Naira Mastercard from $500 per month to $100 per month.

The lender had reduced international spending limit from $3,000 per month set in 2018 to $1,500 per month in March 2020 when COVID-19 eroded the nation’s foreign reserves.

“We would like to inform you that the monthly spending limit on your GTBank Naira Mastercard has been reviewed from $3,000 to $1,500 for your international online and POS transactions effective March 25, 2020” GTBank stated in March.

However, persistent foreign exchange scarcity has forced the lender to once again reduced its international spending limit from $1,500 per month to $500 per month in the same March before finally reducing to $100 per month on August 11, 2020.

According to the bank, the new limit will affects online, PoS and ATM transactions, both transactions done in Nigeria and abroad.

The notice reads “Dear customer, the monthly spending limit on your GTBank Naira Mastercard is now $100 for international transactions. Thank you for banking with us.”

Customers have said GTbank has also implemented the Central Bank of Nigeria’s recent policy of ‘no cash withdrawal of transferred funds into domiciliary accounts.’

“Only electronic fund transfers into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also,” said Isaac Okorafor, Director, Corporate Communications.

Therefore, customers of GTBank and other Deposit Money Banks are advised to check with their banks for the latest developments that may hurt their operations.