Standard Chartered Bank Nigeria has launched a debit card in the country targeting overseas business travelers, a spokesperson for the bank tells PaymentsSource.
Cardholders may use the Naira Visa debit card to withdraw cash from ATMs within Nigeria and around the world and also for purchases at Visa locations worldwide, he adds.
The card is Standard Chartered’s first that enables customers to withdraw foreign currency from ATMs overseas. Previously, customers could use the bank’s debit cards only at point-of-sale terminals overseas.
The Naira Visa debit card uses EMV chip-and-PIN technology, the spokesperson says, moving away from the trend of magnetic-stripe debit cards that are still predominant in Nigeria. There is no fee for the new debit card.
Cardholders are restricted to spending no more than US$20,000 per year overseas and no more than 100,000 naira (US$650 or 475 euros) daily within Nigeria.
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