Fidelity Bank Plc on Tuesday became the third Nigerian bank to raise the monthly international spend limit on its naira Visa credit and debit card transactions to $1,000.
The move, which clearly was an indication of the improved dollar liquidity in the economy, is also expected to strengthen investors’ confidence.
According to Fidelity Bank yesterday, the initiative was in response to customer needs and the improved foreign exchange liquidity in the banking system, a fall-out of various economic recovery measures put in place by the Central Bank of Nigeria (CBN).
“We are pleased to remove the restrictions on International transactions on Fidelity Visa Naira Credit and Debit Cards. It was important for us to take advantage of the slight ease in sourcing foreign exchange to do this in order meet with the yearnings of our teeming customers,” Fidelity Bank Chief Executive Officer, Nnamdi Okonkwo said.
Specifically, the bank in a message to customers said international transactions on Fidelity Visa Naira Credit and Debit Cards will be subject to the following limits: “Visa Naira Debit Cards (POS/Web only) equivalent of $1000 only; Visa Naira Credit Cards (ATM/POS/Web) equivalent of $1,000 only.”
Fidelity Bank explained that the window of opportunity with international transactions would only be available to Visa naira credit and debit cards and reminded customers that charges on credit cards are dependent on the acquirer and ATM used whilst POS/Web purchases attract no charges.
“We encourage customers to always insist on being billed in the currency of the county in which the purchases are made especially, POS payments in order to avoid attracting additional charges,” Okonkwo further stated.