GTB, Others Nigerian Banks Resume Payment of Foreign Tuition Fees From Naira Accounts
- Nigerian banks have resumed using the CBN Form A portal to process foreign tuition fees from naira accounts, following recent improvements in foreign exchange availability
- GTBank and Lotus Bank have informed customers that they can use this service for paying international tuition fees by registering through the Trade System Portal
- This development follows the resumption of international transactions on naira cards and the previous delay in handling overseas school fees due to a foreign exchange shortage in 2022
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigerian banks are once again using the Central Bank of Nigeria's (CBN) Form A portal to process foreign tuition fees directly from their naira accounts.
Source: Getty Images
Nigerians can use the Form A platform, a CBN-regulated channel, to pay for qualified services like training programs, medical bills, and school tuition through the official foreign exchange window. The move follows recent improvements in foreign exchange (FX) availability.
GTBank informed clients via email on Monday that applicants paying for their bachelor's and postgraduate degrees overseas can use the method.
“Pay international tuition fees directly from your Naira account,” the notice read.
Customers must register and apply through the trade system portal in order to use the service.
“Select the Form ‘A’ application for Educational Fees. Choose GTBank as the processing bank, attach the required documents, and submit the application,” GTBank said.
Lotus Bank likewise alerted clients about the use of their facility for processing foreign fees in a similar notification.
“Register on the Trade System Portal (www.tradesystem.gov.ng). Select the Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach the required documents, and submit the application,” the bank said.
The development comes one month after commercial banks announced the resumption of international transactions on their naira cards. Due to a shortage of foreign exchange at the time, Nigerian banks stated in 2022 that requests for overseas school fees and maintenance via Form A would be handled within 120 days.
GTBank earlier announced a new transaction limit on its naira cards as reported by Legit.ng
In an email to customers, the bank stated that holders of GTBank naira cards now have a quarterly limit of $1,000 for international transactions.
Providing further details, the bank explained that ATM withdrawals abroad are capped at $500 per quarter. Additionally, online and POS transactions are limited to $1,000 quarterly.
Source: Getty Images
The bank noted:
“Kindly note that the quarterly limit of $1,000 covers all transactions including ATM cash withdrawals abroad, purchases on international websites, POS payments outside Nigeria and more.”
GTCO shareholders approve N8.03 dividend payout
Legit.ng reported that GTCO Plc, the parent company of GTbank, has announced that Shareholders have approved a total dividend payout of N8.03 per share for the financial year ended December 31, 2024.
The financial company achieved a record-breaking performance in 2024 that saw it become the first Nigerian bank to surpass N1 trillion in profit before tax.
The approval was given at the group’s fourth Annual General Meeting (AGM), held virtually on Thursday, April 24.
Source: Legit.ng
