MasterCard Inc. said it will lift a block on U.S. bank-card transactions in Cuba after receiving guidance from the Treasury Department’s Office of Foreign Assets Control.

The change takes effect March 1, according to a bulletin the Purchase, New York-based company sent to banks and other customers and obtained by Bloomberg News. Seth Eisen, a MasterCard spokesman, confirmed the bulletin’s contents.

President Barack Obama announced last month that the U.S. would relax restrictions on trade and travel with Cuba, which would include allowing Americans to use their credit cards in the country. MasterCard and Visa Inc. cards issued by banks outside the U.S. are already accepted in the Caribbean nation.

North Korea will be the only country blocked by MasterCard after after March 1, according to the bulletin.

This article was written by Elizabeth Dexheimer from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: An employee stands behind a MasterCard logo during the launch of the international credit card issuer's first ATM transaction in Myanmar, in Yangon November 15, 2012. Soe Zeya Tun / Reuters