Reports say Banks have barred Customers from Withdrawing Cash from ATMs Abroad

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Some Nigerian banks have stopped customers from using their cards to make cash withdrawals from ATMs outside the shores of the country, Punch reports.

In an investigation carried out by Punch, it was revealed that wile some banks plan to reactivate cash withdrawals, some do not.

Banks who have so far stopped customers from making cash withdrawals outside the country include: Guaranty Trust Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, and Standard Chartered Bank Nigeria.

A top baker who asked to remain anonymous told Punch:

Each bank has various reasons for not yet activating their overseas ATM cash withdrawal service. For some banks, they ran into losses last year when the naira fell and, as such, they are trying to minimise their risks now.

For such banks, there is no plan to reactivate it. Some others banks are not ready to reactivate the service because they are trying to check customers who are doing round-tripping. It is for various reasons that the banks are not stopping yet.

The move will no doubt hinder both business and leisure travelers, as well as individuals studying outside the country.

Read the full report HERE.

Photo Credit: Dreamstime

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