For years, Nigerians have faced significant challenges when making international
transactions using their naira debit cards. This issue largely stems from regulations and
restrictions imposed by the Central Bank of Nigeria (CBN) in a bid to manage the
country’s dwindling foreign exchange reserves. As a result, many Nigerians found
themselves unable to use their naira cards for online purchases on platforms like Amazon,
Apple Music, and Netflix, affect students, freelancers, small business owners, and
professionals alike.
Freelancers struggled to pay for essential services like web hosting and software
subscriptions, while students faced difficulties paying for online courses and exam fees.
Small business owners, reliant on importing goods or services from abroad, found their
operations disrupted due to the inability to pay suppliers.
In response, Nigerians turned to alternatives like virtual dollar cards issued by fintech
companies. While these provided a temporary solution, they came with high fees, limited
functionality, and frequent disruptions. Others opened domiciliary accounts, allowing
transactions in foreign currencies. However, these accounts often required significant
initial deposits and maintenance fees, making them inaccessible to many.
Amidst these challenges, Providus Bank emerged with a solution, a game changer………
Understanding the Providus Naira Card for Dollar Transactions
Providus Bank’s naira cards offer a unique solution for Nigerians looking to make dollar
transactions online without needing a domiciliary account. This feature is incredibly
advantageous for those who frequently make purchases on international platforms or
subscribe to global services. Let’s dive into how Providus Bank has structured these
offerings to cater to various transaction needs and why it stands out as an excellent option
for online dollar payments.
1. Versatility and Accessibility
Providus Bank presents two main naira card options, each tailored to different types of
users:
● Classic Naira Mastercard: This card is perfect for users who occasionally need
to make dollar transactions. With a monthly limit of $1,500, it is suitable for those
who engage in casual online shopping or make occasional international payments.
The issuance fee is set at ₦1,500, making it an affordable choice for a broad
spectrum of Nigerians.
● Platinum Naira Mastercard: For users who regularly conduct international
transactions, the Platinum Naira Mastercard offers a more robust solution. This
card comes with a higher monthly limit of $3,000, making it ideal for those who
frequently shop online or subscribe to multiple global services.
To obtain this card, there is an issuance fee of ₦5,000 and an initial deposit
requirement of ₦100,000, which is held by the bank for three months. After this
holding period, you can freely use any additional funds deposited.
But there’s more to the Platinum card. To open an account with Providus Bank and get
this card, you need to make an initial deposit of ₦100,000. If you manage to complete
transactions worth ₦2,000,000, you can access this ₦100,000 fixed deposit. However, if
you don’t reach this transaction threshold, the bank will withhold the deposit for three
months, after which you can claim it back.
2. Convenient Card Delivery Options
Providus Bank also offers flexible delivery options for the Platinum card. If you’re based
in Lagos or Abuja, you can conveniently walk into any Providus Bank branch and request for a Platinum Master Card.
For those outside Lagos and Abuja, delivery time ranges from 5-7 working days, and delivery is free.
3. Wide Acceptance and Utility
Both cards offer the flexibility needed for online transactions and are accepted on
international platforms such as Amazon, AliExpress, and Netflix. Whether you’re paying
for subscriptions, shopping for products, or conducting any other type of dollar
transaction, Providus Bank’s naira cards make it easier than ever.
How to Get Started with Providus Naira Cards
Step 1: Open a Providus Bank Account
To begin, you’ll need to open a Providus Bank account. Providus Bank allows you to
complete this process entirely online, making it convenient for users across Nigeria.
Depending on your transaction needs, you can choose between the Classic and Platinum
naira cards.
Click here to open a Providus Account online
For support, here is their customer service number: 070077684387
Step 2: Apply for Your Naira Card
Once your account is open and funded, you can apply for your preferred naira card.
Providus Bank’s application process is simple and can be completed through various
channels, including their website, customer service hotline, WhatsApp, or at any
Providus Bank branch. The bank offers quick processing, and your card will typically be
delivered to your preferred location within a few days.
Step 3: Activate and Use Your Card
After receiving your card, you’ll need to activate it before making transactions. This can
be done via the bank’s mobile app or by contacting their customer service. Once
activated, your card is ready for use on any international platform that accepts Visa or
Mastercard payments.
Considerations When Using Providus Naira Cards for Dollar Payments
While Providus Bank’s naira cards offer significant convenience, there are a few
important factors to keep in mind:
1. Exchange Rates
Providus Bank’s exchange rates are typically aligned with the parallel market rates.
However, they may be slightly higher than what you’d find on platforms like Aboki FX.
For example, if the parallel market rate is ₦1,350 to a dollar, Providus Bank might quote
a rate around ₦1,457. This variance means you might end up spending a bit more naira
for your dollar transactions. It’s advisable to check the bank’s exchange rate before making large transactions.
Providus Bank doesn’t publish its daily rates online, so you’ll need to contact their
customer service to get the current rate.
2. Spending Limits
Both the Classic and Platinum naira cards come with monthly transaction limits of $1,200
and $3,000, respectively. If you need to make purchases beyond these limits, you might
need to explore additional options or consider splitting your transactions over multiple
months.
Conclusion
Providus Bank’s naira cards present a valuable option for Nigerians looking to engage in
dollar transactions without the need for a domiciliary account. With straightforward
application processes, accessible customer service, and the ability to fund your card
directly from your naira account, these cards simplify international shopping and
payments.
Whether you’re a casual online shopper or someone who frequently engages in
international business, Providus Bank’s naira cards offer a practical and efficient way to
make dollar transactions online. By choosing the card that best suits your needs and
staying informed about exchange rates, you can maximize the benefits of this service and
enjoy seamless global transactions
