The Digest:
Nigerian banks have announced that students can now pay international tuition fees directly from their naira accounts through the Central Bank of Nigeria’s (CBN) Form A platform. The service, which allows payment for educational fees abroad, has been streamlined following improved forex liquidity.
Key Points:
- Payment via Naira Accounts: Students can now pay tuition fees for bachelor’s and postgraduate programs abroad using their Naira accounts.
- Form A Platform: The service is facilitated through the CBN’s Form A portal, which has been upgraded to allow easier access to foreign exchange for eligible payments.
- Processing Banks: GTBank and Lotus Bank are processing international tuition payments through the platform.
- Four-Day Processing: The process has been reduced to four days, down from 120 days, due to improved foreign exchange availability.
- Required Documents: Students must submit their admissions letter, school invoice, passport, and other necessary documents to complete the transaction.
- Resumption of International Transactions: This follows the recent resumption of international transactions on naira cards by Nigerian banks.
The resumption of international tuition fee payments via the Form A platform marks a significant improvement for Nigerian students seeking to pay for their education abroad, thanks to better forex liquidity.
Sources: TheCable
