Access Bank introduces travel debit card

Monday 18 October 2021 15:02 CET | News

Nigeria-based Access Bank has introduced a travel debit card that its customers could use in accessing foreign exchange outside Nigeria.

Besides the African Continental Free Trade Area Agreement (AfCFTA), the card was created in response to the Central Bank of Nigeria's (CBN's) instruction that all deposit money banks (DMBs) fulfil legitimate FX requests for personal travel allowance (PTA) and business travel allowance (BTA). According to managers of the bank, all legitimate and approved PTAs or BTAs would be credited to the Travel Debit Card for use outside Nigeria effective from 18 October 2021.

The retail bank in a recent press release stated the following benefits of the new 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 unutilised funds remain in the card and can be used for international transactions or subsequent trips

Executives of Access Bank observed that the Travel Debit Card is slightly different from the bank's credit card which has different classes and different daily limits. The major difference is that, unlike the credit cards which can be used on POS and the Web excluded ATMs, which are not eligible for international transactions, the travel debit card, however, could be used on all three platforms (POS, Web, and ATM).

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Keywords: product launch, banks
Categories: Payments & Commerce | Cards
Countries: Nigeria
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