Nigerian banks have resumed processing international tuition fees directly from their naira accounts using the Central Bank of Nigeria’s (CBN) ‘form A’ portal.
The form A platform is a CBN-regulated channel that allows
Nigerians to pay for eligible services such as school fees, medical bills, and
training courses using the official foreign exchange window.
The move follows recent improvements in foreign exchange
(FX) liquidity.
In an email to customers on Monday, GTBank said the process
is available for applicants paying bachelor’s and postgraduate educational fees
abroad.
“Pay international tuition fees directly from your Naira
account,” the notice read.
To access the service, customers are required to register
and submit an application via the trade system portal at
http://www.tradesystem.gov.ng.
“Select Form ‘A’ application for Educational Fees. Choose
GTBank as the processing bank, attach required documents, and submit the
application,” GTBank said.
In a similar notice,
Lotus Bank also informed customers of processing international fees
using its facility.
“Register on the Trade System Portal
(www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees.
Choose Lotus Bank as the processing bank, attach required documents, and submit
the application,” the bank said.
The development comes one month after commercial banks
announced the resumption of international transactions on their naira cards.
In 2022, Nigerian banks said international school fees and
upkeep request via Form A will be processed within 120 days due to forex
scarcity at the time.
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