Nigerian banks have resumed processing international tuition payments directly from customers’ Naira accounts through the Central Bank of Nigeria’s (CBN) Form A portal, marking a significant development for students studying abroad and their families.
Form A is a forex application form developed by the CBN to facilitate payments for service-based transactions categorized under invisible trade.
It allows individuals to buy foreign exchange at the official CBN or interbank rate for eligible services, including tuition payments for undergraduate and postgraduate studies overseas.
This update comes just one month after Nigerian commercial banks reactivated international transaction capabilities on Naira-denominated debit cards.
In separate notifications to customers on Monday, Guaranty Trust Bank (GTBank) and Lotus Bank confirmed the resumption of the service.
Both institutions indicated that customers can now make foreign tuition fee payments using their Naira accounts by submitting applications through the CBN’s Trade System Portal.
GTBank stated in its email:
“Pay international tuition fees directly from your Naira account. Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach the required documents, and submit the application.”
Lotus Bank issued a similar advisory:
“Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit.”
To access the service, applicants are to visit the Trade System Portal via www.tradesystem.gov.ng, register, and follow the step-by-step process outlined by their respective banks.
The development has been widely welcomed by students and parents, many of whom have faced challenges in sourcing foreign exchange and making international school payments due to Nigeria’s ongoing forex constraints.
