Nigerian students paying tuition fees to universities abroad can now complete their payments directly from their naira accounts in as little as four days, banks have announced.
The move leverages the Central Bank of Nigeria’s (CBN) Form A platform, a regulated channel for paying for eligible services, including school fees, medical bills, and professional training, through the official foreign exchange (FX) window.
The development, according to banks, follows a marked improvement in FX liquidity after months of volatility in the market.
In a message to customers on Monday, GTBank confirmed that the service is now available to Nigerians paying for both undergraduate and postgraduate programmes abroad.
“Pay international tuition fees directly from your Naira account,” the bank’s notice read.
To use the service, customers must first register on the CBN Trade System Portal (www.tradesystem.gov.ng), select Form A under “Educational Fees”, choose their preferred bank, attach the required documents, and submit their application.
Lotus Bank also issued a similar advisory to its customers.
“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 clarified that the payment process was never officially suspended but suffered reduced patronage following the floating of the naira and a scarcity of FX.
“The process has always been, but due to lack of funds, too many people were chasing the funds. But nowadays there’s money,” the official explained.
“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.”
The official noted that the improved availability of dollars has shortened the processing window from as much as 120 days during the FX crisis in 2022 to just four days.
“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 said.
Required documents include an admission letter, school invoice, international passport, tax clearance certificate, and a signed instruction to debit the account.
The announcement comes a month after banks resumed international transactions on naira cards, a move widely welcomed by customers.
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