Ecobank Nigeria restricts $1000 spending limit to platinum Naira mastercard holders

Ads by Twinpine

Customers using Ecobank master cards for international transactions may be forced to get the Ecobank platinum card in order to maximize their dollar spend as the bank has put spending limits on each grade of its Naira card.

This differs from the practice of other commercial banks such as GT bank which do not have such divisions. Tunde Kuponiyi, Head Consumer banking disclosed this in a statement issued recently

According to him, Daily POS and online transactions have been limited to $1000 for platinum Naira master card holders. Spending limit for the gold Naira MasterCard is $750, while spending limit for the silver Naira MasterCard is $500. Daily dollar withdrawal limit using an ATM is $100 dollars for all card variants.

Why the bank may have taken this move

The bank may have set the dollar limits in order to persuade customers who do large dollar transactions to sign up for a platinum card, which attracts higher service charges. The bank also decided to shutter some of its branches and increase focus on a digital and electronic banking.

 

What's your say?