By Ayo Kehinde
In a move that signals relief for parents and students, Nigerian banks have resumed processing international tuition fee payments directly from Naira accounts via the Central Bank of Nigeria’s (CBN) Form A portal.
Form A is an application framework introduced by the CBN to facilitate payments for service-based transactions, otherwise known as invisible trade.
It allows individuals and businesses to access foreign exchange at the official CBN or interbank rate for approved services, including tuition fees, as outlined in Nigeria’s foreign exchange manual.
In a notice to its customers, Guaranty Trust Bank (GTBank) announced the resumption of the service, stating that applicants can now pay for both undergraduate and postgraduate academic programmes abroad directly from their Naira accounts.
The bank’s notice read, “Pay international tuition fees directly from your Naira account.
“To access the service, customers must register and submit an application via the Trade System Portal at www.tradesystem.gov.ng. Select Form ‘A’ application for Educational Fees, choose GTBank as the processing bank, attach the required documents, and submit the application.”
Similarly, Lotus Bank issued a comparable advisory: “Register on the Trade System Portal (www.tradesystem.gov.ng), select Form ‘A’ for Educational Fees, choose Lotus Bank as the processing bank, attach the required documents, and submit.”
Previously, international school fees and upkeep requests processed through Form A faced significant delays, often stretching up to 120 days due to severe foreign exchange scarcity.
With recent improvements in Nigeria’s FX liquidity, processing times have drastically reduced to as little as four days.
The development marks a significant step toward easing the financial burden on Nigerian families
