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. On her part, the CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, provided insights into the bank’s unique approach to managing MSMEs, stating that the sector contributes about 48 per cent of national Gross Domestic Product (GDP), accounts for 96 per cent of businesses and 84 per cent of employment in Nigeria. 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. Online and POS transaction is free of transaction charges … 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. “This means that your card can be used on Point-of-Sale (POS), WEB and ATM for a cumulative transaction value of $100 monthly.”. For none customers, who intend “to join the rewarding train, all you need to do is to dial *901# to open a new account or walk into any Access Bank branch close to you to reactivate your account and start transacting.”, This is because “customers who perform at least four transactions daily using our mobile app or USSD service *901# will stand a chance to win N1 million at the end of February 2021.”, Access Bank further said it will also “offer a 20 per cent discount to the first 4,000 customers who subscribe to our XclusivePlus quarterly plan between today and the last day of February 2021.”. Whilst we note this significant reduction from your previous spend limit, we would like to reassure that this limit will be revised upwards as the market uncertainties improve. The leading retail bank in Nigeria has started a campaign tagged It’s a Love Thing. However, the Coronavirus pandemic of 2020 put a hold on the strong momentum of the industry. “We are proud that our mobiquity® Banking Suite is helping multiple banks in Asia Pacific, Middle East, Africa and Latin America to deliver digital-first banking experience to consumers creating value for them.”. We thank P&G and BoI for this proactive initiative designed to ensure a better Nigeria”. VISA. Mrs Onyeali-Ikpe said the lender will continue to play an active role in the MSMEs sector and come up with more products and services that will improve the space. 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. Stay with ALAT by Wema. In 2019, over 1.7B movie tickets were sold in China compared to 284M in 2010 – an increase of over 500%. Select from below to browse site content by Tags. N 2, 000, 000. 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. You can achieve this by either getting a foreign currency Mastercard from your bank OR by making your Naira card behave like … Transactions worth N1.4 trillion are carried out yearly by Bureaux De Change (BDC) operators in Nigeria, the leader of the foreign exchange segment traders has said. 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. By News Editor On Oct 13, 2020 Guaranty Trust Bank (GTBank) has increased its monthly spending limit on the GTBank Naira Mastercard for international transactions to $200. Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. 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). As they face tightening forex liquidity, it will be difficult for banks to meet their dollar commitments, particularly for debit card usage, hence, the need to cut down the spending limits. . 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. The benefits are enormous,” he noted. “We have been able to conquer the challenge of electricity at this site. The people are its greatest assets with over 95% local employees and 50% female representation at managerial levels. This second edition and first virtual event has been expanded to incorporate structured trainings. Daily dollar withdrawal limit using an ATM is $100 dollars for all card variants.

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