Access Bank introduces travel debit card to access forex

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.

Access Bank has introduced a travel debit card that enables their customers to access foreign exchange outside the country.

This was disclosed in an email from the bank to its customers titled “Important Update on Personal/Business Travel Allowance”. The mail served to inform the customers of the creation of the Access Travel Debit Card to access foreign exchange for legitimate needs.

The Access Bank travel debit card would become effective from Monday, October 18, 2021. Only legitimate payments and approved PTA will now be credited to the Access Travel Debit Card for use outside Nigeria.

The mail reads:

In compliance with the directive of the Central Bank of Nigeria to all Deposit Money Banks on ensuring fulfillment 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.

Earlier, the Central Bank of Nigeria, CBN, had 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.

 

Author: Greg