Barely days after banks reviewed upward international spend limits on their debit and prepared cards from $ 100 to $1000, United Bank for Africa (UBA) Plc has announced immediate upward review to $2,000 per month.
The upward review, which represents a marked increase by 1,900 per cent, allows customers to withdraw up to $2,000 per month as against $100 which was obtainable previously.
This, the bank said, has been done in response to the growing demand for higher limits by customers who make international transactions. It is also an indication of the improved confidence in the Nigerian economy as shown by increased foreign exchange in the financial system.
The Executive Director, Operations & Technology, UBA, Mr. Chukwuma Nweke, who announced the review, explained that the move is intended to enable more convenient and seamless transactions when making purchases outside the country.
He said, “This is in recognition of the customers’ needs and expectations. The new limit has been implemented.”
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According to Nweke, with the significant review, customers will now be able to carry out enhanced cross border transactions priced in foreign currency using their debit, credit cards with improved satisfaction.
He explained that customers will now be able to carry out more transactions with ease and at their convenience. “This gives our customers the opportunity to make international payments on POS and Web. In addition, you can make ATM withdrawals subject to the current limit of $100/day.”
Continuing, he said, “This only goes to show that, customers are at the core of our business and our unalloyed commitment to satisfying them with nothing short of unequalled service is not compromised. We remain focused on creating superior and sustainable service delivery, unique to UBA “
FirstBank, had during the week announced a $1,100 monthly international, while GTB, Fidelity Bank, Zenith Bank all increased theirs to $1,000. FCMB said it will
Implement a new spending limit of $500 per month.