Nigerian students can now pay UK, US tuition fees with naira cards within four days

Nigerian banks have announced that individuals looking to pay international tuition fees can do that 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 announcement 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.

Speaking to TheCable, a Lotus Bank official said the international fees processing was never suspended, however, there was low patronage since the floating of the naira and the scarcity of FX.

“The process has always been, but due to lack of funds, too many people are chasing the funds. But nowadays there’s money,” the official said.

“When the president floated the naira, there was some resistance due to the difference in exchange rate and introduction of additional documentation too. This made people want to shy away from the processes.”

‘PROCESSING PERIOD REDUCED TO FOUR DAYS’

The bank official also clarified that the process of making international fees has shortened to four days due to the availability of FX.

In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.

Speaking further, he said the application process entails that “once you send your instructions, the treasury team will source the dollar, which is T+2 (two business days). That means you send the instructions today, and by Thursday, you will be debited for the dollar, and then by Friday, the school will receive the funds”.

The official added that the documents required for the school fee payment are: admissions letter, ⁠school invoice, ⁠international passport, instructions to debit your account and pay the school, tax clearance certificate and ⁠form A.

The development comes one month after commercial banks announced the resumption of international transactions on their naira cards.