Nigerian banks have introduced a new service allowing individuals to pay international tuition fees directly from their naira accounts using the Central Bank of Nigeria’s (CBN) Form A portal.
Gatekeepers News reports that the development follows recent improvements in foreign exchange liquidity.
Guaranty Trust Bank (GTBank) and Lotus Bank have both announced the availability of this service for customers paying bachelor’s and postgraduate educational fees abroad. According to GTBank, customers can register and submit an application via the Trade System Portal, selecting Form A application for educational fees and attaching required documents.
“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 on Monday.
Lotus Bank provided similar instructions, stating that customers need to register on the Trade System Portal, select Form A application for educational fees, and choose Lotus Bank as the processing bank.
“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.
A Lotus Bank official told TheCable that the international fees processing was never suspended but had low patronage due to the scarcity of foreign exchange. However, with the current availability of FX, the process has become more efficient, taking only four days to complete.
The official outlined the application process, saying that once instructions are sent, the treasury team will source the dollar within two business days. The required documents for school fee payment include admissions letters, school invoices, international passports, instructions to debit accounts, tax clearance certificates, and Form A.
This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.
