Banking Briefs
FIDELITY Bank Plc has raised the monthly international spend limit on its naira Visa credit and debit card transactions to $1,000.
The bank on Tuesday, July 18, said the initiative was in response to customer needs and the improved foreign exchange liquidity in the banking system as a result 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,” said Nnamdi Okonkwo, chief executive officer of the bank.
The bank also 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.”
It 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 country in which the purchases are made especially, POS payments in order to avoid attracting additional charges,” he said.
— Jul 19, 2017 @ 10:05 GMT
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