By Evelyn Nwoke, JKNewsMedia Reporter
DIRECT PAYMENT of foreign tuition fees from naira accounts has resumed as Nigerian banks confirm the functionality of the Central Bank of Nigeria’s (CBN) Form A portal for educational remittances.
Form A, a CBN-regulated channel, enables Nigerians to pay for eligible services such as overseas school fees, medical bills, and training using the official exchange rate.
The renewed access comes amid improvements in foreign exchange liquidity, allowing banks to process applications faster than in previous years.
Guaranty Trust Bank (GTB) informed customers that the service now covers both undergraduate and postgraduate tuition payments abroad.
Applicants are required to register and apply through the Trade System Portal at www.tradesystem.gov.ng, selecting the ‘Form A’ application for educational fees and submitting all required documentation.
Also, Lotus Bank issued a similar notice, confirming it also processes international fee payments through the same portal.
Both banks advised users to choose their preferred bank during submission and include documents such as an admission letter, school invoice, international passport, tax clearance certificate, and account debit instructions.
Previously, delays had stretched remittance timelines to 120 days during periods of forex scarcity.
However, bank officials now confirm the processing window has been reduced to four working days, thanks to increased FX availability.
They noted that the instructions submitted to banks are processed within two business days, after which the school receives payment.
The banks also said that while the process remained available throughout the year, FX supply limitations had caused a lull in demand following the floating of the naira and stricter documentation requirements.
They further note that the update follows recent moves by commercial banks to reinstate international spending services on naira cards, signalling gradual stability in Nigeria’s foreign exchange market.
