Nigerian banks have announced the reinstatement of Naira card payments for international tuition, enabling seamless transactions for school fees abroad.
Pan-Atlantic Kompass reports that banks such as Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Wema Bank have begun processing Naira card payments for international tuition through the Central Bank of Nigeria’s (CBN) Form A platform.
The resumption of Naira card payments for international tuition comes after a three-year hiatus triggered by acute dollar shortages that began in 2020.
During this period, Nigerian banks suspended international transactions on Naira cards, forcing students to rely on fintech alternatives or physical dollar sourcing to pay for overseas education.
However, processing of international tuition payments from Naira accounts has begun again through the CBN’s Form A portal.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase forex at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
In an email to customers on Monday, GTBank and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.
To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.
GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and apply.”
Similarly, Lotus Bank stated: “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 the application.”
