Categorized | Nigerian News

Naira Visa Card breaks boundary barriers

written by Blessing Anaro

The story, before the advent of Naira Visa Card for international business men and women was one of lamentation in some cases, of inconvenience at other times, among others. It was never a comfortable one.

In some occasions, people who change currencies when they arrive Nigeria or when travelling out of the country have complained about getting fake currencies or being short-changed by the bureau de change or parallel market operators.

Apart from that, the more you transverse the globe the more you are inconvenienced with the problem of changing from one currency to another.

But those and other numerous problems were resolved when the Naira Visa Card was launched in the Nigerian financial market.

It allows you to access foreign exchange from your Naira account while abroad and Naira while in Nigeria. To get the Naira Visa Debit Card, all you need is a Naira account – there’s no need for a domiciliary account. As soon as you open your account, the card will be issued to you. Plus you can look forward to so many more advantages.

Market analysts say it can be used on Automated Teller Machine (ATM) or Point of Sale (POS) globally where the Visa sign is displayed to either access foreign currency or pay for goods and services.

Bismarck Rewane, chief executive officer of Financial Derivatives Limited (FDC) said the introduction of Naira Visa Card will have a tremendous impact on the Nigerian economy.

Rewane said the introduction will make Naira more convertible. By this he said it will be easy to buy and sell the local currency, as well as increase the flow of trade and investment.

He, however, said the convertibility of the Naira will increase pressure on the external reserves.

Wale Abe, chief executive officer of the Financial Market Dealers Association of Nigeria (FMDA), said the development is good for the economy of the country, and will no doubt be a plus. Some of its benefits include convenient-easy access to foreign currency while abroad and it is safer, thanks to latest Chip and PIN card technology.

Once you have it, you can spend anywhere in the world and have your account debited in Naira. High international spending is limited up to $20,000 per annum, while abroad and N100, 000 per day in Nigeria.
It enables exclusive savings on hotels, restaurants, car hire and more, as well as keeps track of all your spending through 24-hour online banking.

Carol Oyedeji, a banker said: “The introduction of the Naira Visa debit card is a demonstration of our pledge to provide solutions to our customers’ financial needs. Easy access to global currencies without necessarily having a domiciliary account is one financial need our customers have and we can now meet with this innovative product.

Standard Chartered Bank in statement said: “The product will be issued to all customers who maintain Naira savings or current accounts with the bank. The card can be used globally at any ATM machine or Merchant outlets/POS terminals where the Visa logo is displayed to make cash withdrawals and payments. Holders of the card can access Naira while in Nigeria and foreign currency when outside the country from over 29 million outlets worldwide (including over 1 million ATMs on the Visa Network).

“The Standard Chartered Naira Visa Debit card also eliminates the hassle of buying travel allowance as customers can fund their Naira accounts and travel anywhere in the world with access to funds on demand.

“For existing customers, all you need to do is to reach us with an expression of interest and the card will be issued to you. For prospects, once an account is opened in any branch of Standard Chartered Bank, the card will be issued immediately all terms and conditions are met.”

About nine Nigerian banks issue Naira Visa Card. These include: Fidelity Bank, Standard Chartered Bank, Sterling Bank, Stanbic-IBTC, FCMB, GTB, Zenith Bank, Intercontinental Bank and Keystone Bank.

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