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Business News of Thursday, 14 October 2021

Source: nairametrics.com

Access Bank creates dollar debit card to access forex outside Nigeria

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Access Bank has created dollar debit cards that customers can use in accessing foreign exchange outside the country.

This is according to an email the bank sent to its customers titled “Important Update on Personal/Business Travel Allowance” and seen by Nairametrics, informing them of the creation of the Access Travel Debit Card to access foreign exchange for legitimate needs.

This card would be effective from October 18, 2021, only legitimate payments and approved PTA will now be credited to the Access Travel Debit Card for use outside Nigeria.

What is Access Bank saying

The mail reads: "In compliance with the directive of the Central Bank of Nigeria to all Deposit Money Banks on ensuring fulfilment of legitimate FX requests for PTA/BTA, we have created an easier process to access FX via the Access Travel Debit Card.

"Benefits of the Access Travel Debit Card:

"Instant issuance for PTA/BTA requests

"Easy access to international transactions via POS, ATM and WEB

"The card is valid for 3 years and can be used for current and subsequent PTA/BTA requests within its validity

"All unutilized funds remain in the card and can be used for international transactions or subsequent trips

"Effective October 18, 2021, all payments of legitimate and approved PTA will now be credited to the Access Travel Debit Card for use outside Nigeria.

"On request, you can also get cashback in Naira equivalent using the prevailing approved rate.”

This move shows that the Nigerian commercial banks are becoming more innovative in handling the dynamics of foreign exchange demand in Nigeria. Hence, it would go a long way in meeting the need of well-meaning Nigerians.

What you should know

The Central Bank of Nigeria (CBN) had announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange supply.

The CBN had earlier directed Deposit Money Banks (DMBs) to set up teller points in designated branches for the sale of foreign exchange to meet legitimate forex requests of their customers.

In complying with the CBN’s directive, deposit money banks in the country swiftly moved to set up teller points within their banking halls to attend to the forex needs of customers.

The CBN had also directed that travellers who buy foreign exchange from banks for travel purposes but fail to embark on the trip after 2 weeks of their scheduled travel date must return the forex to the banks or face prosecution.

The CBN Governor, Godwin Emefiele during the Monetary Policy Council meeting which was held on Friday, September 17, 2021, warned that the apex bank will hunt Nigerians who buy forex for Personal Travel purposes and later cancel such trips.