Nigerian banks have announced that individuals can now pay international tuition fees directly from their naira accounts via the Central Bank of Nigeria’s (CBN) Form A portal.
Form A is a CBN-regulated platform that facilitates foreign exchange access for eligible services such as tuition, medical bills, and training expenses at the official exchange rate.
This development follows recent improvements in foreign exchange (FX) liquidity.
In a message to customers on Monday, GTBank confirmed the service is available for payments towards undergraduate and postgraduate education abroad. “Pay international tuition fees directly from your Naira account,” the bank stated.
To use the service, applicants must register and apply through the Trade System Portal at www.tradesystem.gov.ng. GTBank instructed users to select Form A under “Educational Fees,” choose GTBank as the processing bank, attach the necessary documents, and submit the application.
Lotus Bank issued a similar notice, guiding customers through the same process on the portal and specifying Lotus Bank as the processor.
A Lotus Bank representative told TheCable that the service was never suspended but faced low usage due to the naira float and FX scarcity. “The process was always available. The challenge was funding, with high demand and limited supply. Now, there’s more liquidity,” the official said.
They added that the required documentation includes an admission letter, school invoice, international passport, debit instructions, tax clearance certificate, and Form A.
Processing Time Now Four Days
The representative noted that the processing time has significantly dropped—from 120 days during the 2022 forex crisis to just four working days. “Once you submit your instruction, the treasury team sources the dollar within two business days (T+2). By the third day, your account is debited, and the school gets the funds by the fourth,” the official explained.
This update comes a month after banks resumed allowing international transactions on naira-denominated cards.
About The Author
