First City Monument Bank (FCMB) has announced that its Naira Debit and Credit Cards can no longer be used for international transactions.
In a statement to its customers, FCMB cited the volatility and challenges within the foreign exchange market as the reason behind this decision. The bank aims to provide better financial solutions for customers who travel frequently or make online purchases from international vendors.
To address this, FCMB has introduced a new Foreign Currency Card linked to a USD or GBP domiciliary account, offering a significantly higher international spending limit.
The new card boasts a monthly limit of $10,000, double the previous limit of $5,000. Additionally, there is potential for further increases based on customer needs and usage patterns.
FCMB encourages customers to apply for the Foreign Currency Card to continue enjoying seamless international transactions. The bank assures customers that this card will offer a more robust and reliable option for their foreign spending needs.
“We understand the inconvenience that the discontinuation of Naira cards for international use may cause our customers. However, the introduction of the Foreign Currency Card is a strategic move to ensure that our customers have access to higher spending limits and a more stable transaction experience abroad,” FCMB said in the statement sent to customers.
The bank has urged customers to contact their Relationship Managers or visit any of its branches to apply for the new card. The process has been streamlined to ensure that customers can transition smoothly to the new system without any disruptions to their international transactions.
