ACTIVATE ATM CARD : ATM (Automated Teller Machine) cards issued by Nigerian banks are an essential part of banking in Nigeria. These cards allow you to access your bank account from any ATM machine, as well as make purchases at POS (Point of Sale) terminals and online.
One of the advantages of using an ATM card in Nigeria is that it provides easy access to cash. With an ATM card, you can withdraw cash from an ATM machine at any time of the day, even outside of banking hours. This is especially useful in situations where you need cash urgently or when you’re in a location where it’s difficult to find a bank branch.
In addition, ATM cards in Nigeria also allow you to make purchases at POS terminals. This is a convenient way to pay for goods and services, as you don’t need to carry cash with you. Instead, you can simply swipe your ATM card at the POS terminal, enter your PIN, and the payment will be deducted from your account.
Furthermore, with the increasing popularity of online shopping in Nigeria, ATM cards have become an important tool for making online payments. By using your ATM card to make online payments, you can shop online from the comfort of your home or office, without the need to physically go to a store. So, we will look at how to activate your ATM card for online payments.
- The first step to activating your ATM card for online payments is to visit the nearest ATM. You’ll need to insert your ATM card into the machine and enter your PIN to access your account.
- Once you’ve accessed your account, select the “Quickteller” or “Pay bills” option on the ATM menu. This will take you to a screen where you can select the type of bill you want to pay.
- On the bill payment screen, select the “Others” option. This will take you to a screen where you can enter the payment code for activating your ATM card for online payments.
- Enter the payment code for activating your ATM card for online payments. The payment code is usually provided by your bank and can be found on their website or obtained by calling their customer service.
- After entering the payment code, you’ll be prompted to enter your phone number. Make sure you enter the phone number associated with your bank account.
- Once you’ve entered your phone number, you’ll be asked to confirm the transaction. Make sure you confirm the transaction to complete the activation process.
- After confirming the transaction, you’ll need to wait for confirmation from your bank. The confirmation may take a few minutes or several hours, depending on your bank.
- Once your ATM card is activated for online payments, you can start using it to make payments online. Simply enter your card details, including the card number, expiry date, and CVV code, on the payment page of the website you want to make a payment.
The current limit set by the CBN is $100 per month for ATM withdrawals outside of Nigeria and $2,000 per quarter for online payments made with Nigerian ATM cards. This means that if you want to make international payments above these limits, you would need to apply for a special waiver from the CBN.
It’s important to note that these restrictions do not apply to Naira-denominated debit cards issued by Nigerian banks, as they can only be used for domestic transactions. However, if you have a foreign currency account with a Nigerian bank, you may be able to use your foreign currency debit card for international transactions without any restrictions.
The above reason is why most Nigerians opt to receive international currencies in the form of stable coins like USDT and USDC, which can easily be exchanged for fiat on web-based platforms like DartAfrica, without the need for any extra fees, unnecessary delays, or hidden charges. DartAfrica allows its users to instantly withdraw fiat to their local bank accounts at mouth-watering rates.
Payday, Chippercash, Pyppl, and Bitmama are fintech companies that offer virtual dollar cards to their users in Nigeria. These virtual cards allow users to make international payments and transactions online without having to apply for a physical card or deal with the restrictions placed on Nigerian-issued ATM cards for international transactions.
Payday, for example, offers a virtual dollar card that can be linked to a user’s Payday wallet and used to make payments on international websites and platforms that accept Mastercard or Visa. The virtual card can be funded using Naira, and the exchange rate is based on prevailing market rates.
Chippercash also offers a virtual dollar card that allows users to make online payments in dollars or other foreign currencies. The virtual card can be funded using Naira or other local currencies, and users can also receive payments in foreign currencies directly to their Chippercash wallet.
Similarly, Pyppl and Bitmama offer virtual dollar cards that can be linked to users’ accounts and used to make online payments and transactions in foreign currencies.
Overall, these fintech companies offering virtual dollar cards provide a convenient and efficient way for Nigerians to make international payments and transactions without having to worry about the restrictions placed on Nigerian-issued ATM cards. However, users should be aware of any fees or charges associated with using these services and ensure they are using a reputable provider with adequate security measures in place to protect their financial information.
ATM cards issued by Nigerian banks provide a convenient and easy way to access your bank account, withdraw cash, make purchases, and make online payments. Although, there are restrictions on Nigerian-issued ATM cards for making international payments. The Central Bank of Nigeria (CBN) has placed limits on the use of ATM cards for international transactions as a way to conserve foreign exchange reserves and reduce the pressure on the Nigerian currency, the Naira. They are an essential tool for modern banking in Nigeria and are widely accepted by merchants and retailers across the country, they are still a convenient and useful tool for making payments within Nigeria and for limited international transactions.