" ITREALMS: Zenith, Diamond banks suspend international usage of Naira MasterCards

Wednesday, May 18, 2016

Zenith, Diamond banks suspend international usage of Naira MasterCards

As at the last count, some Nigerian banks have commenced suspension of Naira Master Cards for international transactions including Zenith Bank Plc and Diamond Bank Plc, reports ITRealms.

These notices of suspension by some of these banks, especially Diamond and Zenith harped on suspension of Naira MasterCard services.

For Diamond Bank for instance, they financial institution declared that effective 17 May 2016, customers with Naira Debit and Credit Cards could only now use it for local transactions at Point of Sale (POS), Automated Teller Machines (ATM) and Online for Nigerian retailers.

The bank attributed these new measures to the current volatile foreign exchange market.

“Owing to the current volatility in the foreign exchange market we no longer offer access to goods and services priced in foreign currency, including purchases offshore and online on international websites,” Diamond bank official told ITRealms.

They also advised customers to make use of the many options for foreign purchases including Diamond Dollar and Great Britain Pounds (GBP) Debit Cards.

In addition Diamond bank official said customers can make use of “Form A and M and also online transfers of foreign currency from our Domiciliary accounts which are available in Pounds, US Dollar and Euro.”

In a related development Zenith Bank Plc said its suspending temporarily, the use of Master Card services, particularly in North Korea.

We wish to inform you that MasterCard International has advised a temporary suspension of MasterCard services in North Korea. Consequently, the use of your MasterCard Card is currently not available in this location until further notice,” Zenith official intimated.

In order to ensure continued card usage in this location, the bank advised that customers obtain a Visa Card in addition to their MasterCard card.

“We do regret all inconveniences this may cause,” Zenith decried.

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