After Three-Year Hiatus — UBA, Wema Bank Resume International Transactions On Naira Cards
Two leading commercial banks in Nigeria—United Bank for Africa (UBA) and Wema Bank—have announced the resumption of international transactions on their naira-denominated debit cards, marking a shift after nearly three years of suspension across the banking sector due to foreign exchange (FX) challenges.
In separate notices to customers, both banks confirmed that their naira cards can once again be used for payments on international platforms, including for online shopping, POS transactions, and ATM withdrawals abroad.
UBA said the move is part of its commitment to delivering enhanced and seamless banking services. The bank specified that all UBA Premium Naira Cards—including Gold, Platinum, and World variants—are now enabled for international transactions.
“This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility,” the bank said in a statement.
UBA urged customers who have not recently used their cards to “rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
In its own statement, Wema Bank announced that its naira Mastercard is now functional on global platforms.
“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress, Netflix, Spotify, YouTube,” the bank said.
Financial analysts attribute the renewed confidence in naira card usage for international payments to improved FX liquidity and policy reforms by the Central Bank of Nigeria (CBN).
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, said the moderation of parallel market premiums and reduced arbitrage opportunities have contributed to banks’ decision to lift the suspension.
Similarly, Charles Sanni, CEO of Cowry Treasurers, highlighted factors such as increased diaspora remittances, restored confidence in FX management, and a stronger naira driven by federal reforms and increased oil revenue.
“There has been increased diaspora remittances based on the new policy of the CBN on opening of accounts for non-residents,” he explained.
Between July 2022 and January 2023, several banks—including Standard Chartered, First Bank, GTBank, and Zenith Bank—suspended international transactions on their naira debit cards due to a deepening FX crisis.
The scarcity of foreign exchange made it difficult for banks to meet global transaction demands, prompting fintech platforms like Flutterwave and Eversend to also suspend virtual dollar card services.
With the current macroeconomic improvements and policy stabilisation, industry watchers say more banks may soon follow suit in reactivating international payment capabilities on naira cards.
