Recall that the digitally-led innovative Wema Bank is currently delighting its customers with a prepaid gift card they can gift to their loved ones in the Valentine’s season. Equally, fellow tier-one lender, UBA, also announced that it was following the path due to the uncertainties surrounding the forex market which had forced its hand to review its international spending limits. What you can do with your GTBank Naira MasterCard Complete all kinds of transactions with your GTBank Naira MasterCard, including cash withdrawals, payments and purchases in Nigeria and abroad, across all channels (ATM, POS, Online). Also speaking on the bond sale, the Chairman of Fidelity Bank, Mr Mustapha Chike-Obi, said the exercise reaffirms the “continued investor confidence in our corporate strategy and aspirations, strong corporate governance structure and solid and stable executive management team with a robust history of superior financial performance and returns.”. Enjoy up to N3,000,000 credit facility, $100 monthly spend limit on international transactions, 45 interest-free days, flexible repayment plan, access to over 29 million channels worldwide, card control and protection using the Card Services feature on FirstMobile App,” the bank said in the notice. @Ayothefather commented, “I dey go open Wema Bank account tomorrow”, while @Mofiolaoluwasa1 tweeted, “Wema Bank nailed eet. He added that the park would also save the much-needed foreign exchange for the nation and create jobs for the Nigerian people. The government has been working diligently and creatively on engaging the most vulnerable businesses especially during this current crisis. N 2, 000, 000. This means the papers, which are part of the bank’s N100 billion bond issuance programme, are expected to mature in 2031. Business Post recalls that in December 2020, Fidelity Bank announced its intention to approach the local debt market to raise fresh capital aimed to provide funding support to support Small and Medium-sized Enterprises (SMEs), retail business and technology infrastructure. In a message sent to its customers and seen by Business Post, top lender, First Bank Nigeria, announced that it has now limited the amount its customers can henceforth spend for offshore transactions in a month to $100. This year’s SME Academy also featured key stakeholders in the industry including Ms. Yewande Sadiku, the Executive Secretary/CEO of the Nigerian Investment Promotion Commission; Mrs. Bola Adesola, the Senior Vice Chairman for Africa at Standard Chartered Bank; Mrs. Tara Fela-Durotoye, the CEO of House of Tara International; and other experts on procurement, investment facilitation, and access to finance. Wabote confirmed that Shell Petroleum Development Company (SPDC) was supporting the oil and gas project through a Capacity Development Initiative (CDI). The DEBIT MASTERCARD card is an EMV Chip and PIN card that is linked to a naira current or saving account. The New GTBank International Spending limit on Naira Mastercard has been Increased to $1000 Per Month as against the previous $100 Monthly limit, But there’s a clause. In 2019 there were 1037 movies produced in China after 2018’s record high of 1082. This has been communicated officially to GTBank account holders via email. A vendor poses as he counts Nigerian naira banknotes inside a shop in Idumota Market, in Lagos, Nigeria February 11, 2019. A leading cross-border digital payments service, WorldRemit, has strictly adhered to the directive of the Central Bank of Nigeria (CBN) that all banks should facilitate money transfers by automatically opening US dollar accounts. In a notice to its customers, Fidelity Bank Plc said, “Please be informed that the spending limit on your Fidelity Naira Visa and MasterCard is now $1,000 monthly for international transactions. We believe that we will complete this project by Q4, 2022,” the NCDMB boss said. The board stated that the project started with a ground-breaking ceremony on April 27, 2018, and has now reached about 68 percent completion, with four major structures nearly completed, while foundation work was starting on some buildings and parts of the project. “When our founder came up with the idea to create WorldRemit, it was with the ultimate goal of ensuring that the diaspora community could send money back home easily and through a safe platform. Explaining the benefit of the park scheme to the nation’s economy, Wabote hinted that the facility would stimulate the manufacturing of oil and gas components in-country and reverse the current trend whereby the sector depended on importation for most of its finished products. Fidelity Bank, in partnership with various private and public institutions, provides funding, business advisory services for all our customers,” she said. Comviva’s particular strength lies in supporting a variety of payment rails including digital wallets, P2P payments, QR codes, and A2A payments, and a modular architecture which has been built keeping instant payments in mind. Customers of FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank and UBA can now also access USD payout through the bank transfer and cash pickup options. The Bank of Industry remains committed to transforming Nigeria’s economic sector through funding, strategic partnerships and strengthening of our technology and operations”. Mr Gwadabe said he was not surprised that most members of his association, who are up to 5,000, have financial dealings with Fidelity Bank, resulting in the market share of the bank in the BDC transactions. $300 daily. “We did the ground-breaking ceremony in 2018 and we were practically inside water; but today, we are seeing structures coming up. “Unity is key. This is a clear impact of the pandemic as people were forced to stay home and protect themselves. To make international payments without limit, all you have to do is to make sure your payment is sending in the requested foreign currency and not naira. The rise of China’s film industry in recent times made the effects of the pandemic even more pronounced. Members of her online community would win giveaways including goody bags, airtime recharge, purchase discounts and cash prizes. Transaction Limit … Nigerian banks are sending notices to customers about a reduction in the spending limits for their naira denominated debit cards used for paying for transactions abroad.Most of the messages relate to debit cards powered by Master Card. The notes, with a 10-year maturity, were issued at a coupon rate of 8.5 per cent, the lender disclosed. “The maiden edition was held in October 2019. To this end, the apex bank yesterday unveiled a reduction on spend­ing limits on foreign ex­change with the Naira Mastercard. No doubt, this is a good news especially to Nigerian Facebook advertisers and importers. Commenting on the good-natured banter, a tweep, Jubril A Gawat with the handle@Mr_JAGs noted: “very nice, clean, soft and simple ‘General Market’ banter. The promo, which commenced on February 10 and will run till February 28, 2021, is aimed to “appreciate our customers as well as non-customers who depend on our services and products to achieve seamless banking transactions and wish everyone a happy valentine’s celebration.”, According to the Executive Director, Retail Banking, Access Bank Plc, Mr Victor Etuokwu, “Valentine season gives us another opportunity to show love to our customers and reward their loyalty for banking with us.”. In his remarks, the Managing Director, P&G Nigeria, Mr. Adil Farhat highlighted the need to continuously support SMEs in Nigeria as they have the potential of outrightly transform the country. UBA reduced its international spending limit on Naira card from $500 announced in May during the peak of COVID-19 to $100 on August 21, 2020. The bank stated, “Please be informed that the spending limit for international transactions on our Fidelity Naira Visa and MasterCard is now $100 monthly. The leading retail bank in Nigeria has started a campaign tagged It’s a Love Thing. The organization’s operations generate over 4,000 direct and indirect jobs and create over 300 SMEs with sustained training programs. Also, the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo reiterated the need to create a favorable business environment for SMEs in Nigeria: “The Federal Ministry of Industry, Trade and Investment is committed to providing SMEs the required support and trainings needed to consistently project their businesses in an upward trajectory. Mr. Farhat added that “in line with the focus of Nigeria’s economic recovery and growth plan to drive industrialization and economic growth through globally competitive SMEs,  P&G in collaboration with the Federal Ministry of Trade, industry and investment and the Bank of Industry  launched the SME Academy to improve their standard, ensure longevity, and facilitate integration into global value chains. Almost 70% fewer movie tickets were sold in 2020 resulting in a decrease in revenue of over 40B Yuan ($6.2B), 68.2% lower than 2019’s numbers. This will be a breath of fresh air for those who were forced to limit the monthly transaction on their GTBank Naira MasterCard to $100. He informed the participants that the bank has various packages tailored to meet the various demands of small business owners in the country. In an email forwarded to all customers, UBA said “in light of the uncertainties in the foreign exchange market, we have had to review international card spending limits.”. Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk. Why the bank may have taken this move . “We have been able to conquer the challenge of electricity at this site. “Stay woke. This development makes it an International Money Transfer Organizations (IMTO) with one of the broadest and largest USD payout networks in Nigeria. In a mail to its depositors, it said daily limits for withdrawals outside Nigeria had been set at $300. Note that some bank have also reduced their monthly spending limits to as low as $100. He supports the greatest club in the world, Manchester United F.C. “We apologise for any inconvenience this may cause and would like to thank you for your understanding at this time.”. Leading consumer goods company in Nigeria, P&G, in partnership with the Federal Ministry of Trade and Investment (FMITI) and the Bank of Industry (BoI), provided access to trainings for over 700 SMEs during the 2021 P&G – BoI SME Academy. President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, disclosed that 60 per cent of these trades are routed through Fidelity Bank Plc. In the study titled Omdia Universe: Selecting a Digital Banking Platform, 2020–21 Comviva was ranked high on “customer experience” and its mobiquity® Banking Suite judged to be a “very innovative solution” based on recommendations from clients. Zenith Bank has pegged the monthly international withdrawal limit on naira cards at $1,000 per month. There is a bit of good news as GTBank has now increased the monthly spending limit on the GTBank Naira MasterCard to $1000 for international payments, it was previously $100. We still have a long way to go because most of the buildings are getting to the finishing stages while some are just starting. The benefits are enormous,” he noted. During his keynote address, His Excellency, Professor Yemi Osinbajo, the Vice President of the Federal Republic of Nigeria, GCON stated  “The Federal Government believes wholeheartedly that SMEs are the bedrock of the economy and we are constantly aiming to support innovations that can help SMEs grow and in turn groom the economy and provide job opportunities. The report highlighted that Comviva has an agile platform and a team that can react quickly to industry trends and has the capability to innovate at a faster pace without being burdened with cumbersome legacy product solutions. Movie production in China also significantly increased in the same time period before COVID-19. MORE ABOUT ACCESS CARDS. He also assured that shortage of electricity would not affect companies that would set up in the park. Banks Slash International Spending Limit as FX Shortage Deteriorates. Dear Customer, Review of The International Spending Limit on Your Naira MasterCard We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International cash withdrawals via ATMs and International payments via POS and online. China’s film industry recently become a major player in the global film industry. Spending limit for the gold Naira MasterCard is $750, while spending limit for the silver Naira MasterCard is $500. In recent times, it has been very difficult making transactions in foreign currencies in Nigeria due to restrictions on spending limits by banks. “This development will make all the difference to those who receive support from family and friends abroad. 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She further disclosed that, “The successful bond issuance highlights the confidence in the Fidelity brand, as well as our capability to expand our funding sources, and deliver innovative financial services to our esteemed customers.”. Leveraging the currency of banter trends, Wema Bank took on some leading financial institutions in the country with its Valentine’s Day campaign. Dollar Visa Debit Card. To fulfil the increase in demand, the number of cinema screens in China also rose by over 1000% from 2010-2019, with a total of almost 70K screens in 2019. In March 2020, the spending limit dropped further as the bank announced a maximum of $500 monthly spending for international transaction. The number of movie tickets sold in China has also dramatically increased in the last decade as a younger more affluent middle class became bona fide moviegoers. The lender attributed the decision to the uncertainties in the foreign exchange market. WorldRemit recently announced the expansion of its US Dollar payout option with nine of its existing bank partners. The bank chief based on its importance to the economy, Fidelity Bank felt it was necessary to give special attention to SMEs and design products that will suit their needs. Reacting to this policy, the Country Manager of Nigeria and Ghana at WorldRemit, Mr Gbenga Okejimi, said they were very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf. Nigerian banks are struggling to get forex to meet the huge demand of customers. “The new applicable limit on your Naira card is $100 (or its equivalent in other foreign currencies) monthly effective August 21, 2020. Not Available for International Transactions. Wabote expressed delight over the quality and speed of work by the wholly Nigerian contractors, noting that their work compared favourably with similar jobs across Nigeria and was evidence that NCDMB was always acting in accordance with its guidelines on patronage of local service companies. According to him, Fidelity Bank has always shown support for players in the Micro Small and Medium Enterprises (MSMEs) in the country. “This mention is a testimony to the fact that we are delivering world-class digital banking solution to our clients. Guaranty Trust Bank has reviewed the international spend limit on its Naira MasterCard, raising it from $100 to $1000. A statement from the NCDMB stressed that the oil and gas park projects at Emeyal 1 and Odukpani in Cross River State and the Composite Gas Cylinder Manufacturing facility at Polaku are some of the projects to be visited. “We are using this opportunity to thank our customers for their commitment to Access Bank,” the banker said at the launch of the campaign. The apex bank also stated that a $2,000 withdrawal limit will apply to these accounts, explaining that it was to ensure that transactions do not fail due to a recipient not having a US dollar bank account. Apply: 2021 Savvy Global Fellowship for Aspiring and Early-Stage Entrepreneurs (Fully-funded Virtual Program), Stanbic IBTC Announces Executive Appointments Across the Group, Nigerian Fintech Startup, Carbon, Processed ₦96.54 billion Payments in 2020, IBFIA 2021 Set to Reward Resilience of Finance Industry Players as Entries Open, Unilever Nigeria Plc Appoints Mr Michael Ikpoki as an Independent Non-Executive Director, Berger Paints Nigeria Appoints Mrs. Ereomajuwa Gbadebo, Aisha W. Umar as Independent Non-Executive Directors. “Our merchant customers are not left out of the fun this season, we will be rewarding them with shopping vouchers when they perform transactions up to N200,000 or more on SwiftPay which is a revolutionary payment platform designed for SMEs who do business on social media,” the lender further said. “It will also enhance our capacity and bring about technological innovations because most of those manufacturing will be done here. For the community, it will create a lot of jobs and there will be a spin-off effect to other economic activities. Of these films, 850 were feature films in 2019 and a record high of 902 feature films for 2018. “Some will promise to take you to the Zenith of life, First check their Heritage and commitment to Fidelity; and the Sterling qualities they possess before banking on them. The total number of movie screens in China increased to over 75K in 2020 which could suggest that demand is expected to rebound once the pandemic is under control around the globe. Another feather was added to the already-beautifully decorated cap of Comviva as its banking suite designed by mobiquity was given a mention in research from Omdia. Furthermore, the Managing Director/Chief Executive Officer of the Bank of Industry, Mr. Olukayode Pitan, in his presentation reiterated the importance of the SME Academy especially during this challenging economic situation across the globe. There will be a service charge of 1200 Naira per withdrawal. It is your shopping Card . Below is the summary of the new spend limits on GTBank Naira Master cards: International POS Transaction - I received an email yesterday confirming this. You can achieve this by either getting a foreign currency Mastercard from your bank OR by making your Naira card behave like … Revenue from domestic Chinese movie production also rose by over 50% from 2015-2019, from  27.14B Yuan ($4.2B) to 41.18B Yuan ($6.4B). No need for Personal Travel Allowance (PTA) or Business Travel Allowance (BTA). However, the Coronavirus pandemic of 2020 put a hold on the strong momentum of the industry. At the moment, only five lenders are on that level and they are Zenith Bank, Access Bank, GTBank, UBA and First Bank, all christened by Business Post as ZAGUF. As with many countries, the pandemic affected many industries negatively, and the Chinese film industry was one of them. REUTERS/Nyancho NwaNri . Online and POS transaction is free of transaction charges … Tags form. Shell’s commitment to the project, he stated, included the construction of effluent treatment plant, fire station and acquisition of two fire trucks and to construct a water treatment plant, sewage systems and piping network for water. Happy Valentine’s Day from all of us at Wema Bank.”. These changes in economic fundamentals impacted banks’ operations as they also struggle to access forex from the apex bank and mainly rely on forex deposits from a few customers. It also delivers seamless, swift and secure digital payments to the customers, by facilitating prepaid wallet and leveraging technologies such as HCE, tokenization and QR Code. Just over a week ago, GTBank and other banks like UBA and Zenith bank raised the monthly spending limit on its Naira MasterCard to $1000, an upgrade from the previous $100 limit. It would be recalled that the central bank had suspended sales of forex to the bureau de change operators and devalued the Naira by 15 percent to N360 to a US dollar before finally adjusting it to N379 per US dollar to further ease pressure on the nation’s foreign reserves and curb the growing demand for forex by investors looking to move funds out of the country. GTBank Mastercard international spending limit has been increased from $100 to $1000. No Infrastructure at Airports to Handle Huge COVID-19 Test, Says NCAA, BUA Group to Build 2400 tpd Flour Mills, Signs Deal With Turkish Firm. You can now withdraw up to 300 US Dollars at ATMs abroad and up to $3000 monthly. CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets. It was also reported that Stanbic IBTC Bank said its customers will only be able to spend $500 per month in terms of offshore card transactions and placed a monthly limit of $100 on withdrawals. More financial institutions in Nigeria are beginning to reduce international spending limits for their customers as the foreign exchange situation in the country continues to bite harder. Revenue from China’s box office also impressively grew by over 275% from 2012-2019, with revenue amounting to 64.27B Yuan (around $10B) in 2019. The people are its greatest assets with over 95% local employees and 50% female representation at managerial levels. “For our part, we are excited by the fact that we can continue to enable the transfer of remittances to more people across Nigeria whilst also supporting the Nigerian government in its efforts to strengthen the economy,” Okejimi said. To promote the tradition of gift-giving that accompanies the holiday, the bank is offering customers a special gift option to share with their loved ones and embarking on a love fiesta of their own: the *945# love campaign. This is coming two weeks after GTBank announced it has capped international spending limit on its Naira MasterCard to $100 per month from the previous $500. During the period of the promo, according to the Group Head of Consumer Banking at Access Bank, Ms Adaeze Umeh, customers will have the opportunity to use the bank’s Our Device Finance to gift their loved ones with new devices for as low as N1,500 per month by downloading the Quickbucks app to get started. We have built a 10megawatts gas plant to guaranty power to the site,” he explained. The lender attributed the decision to the uncertainties in the foreign exchange market.
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