Nigerian banks resume international tuition payments via Naira accounts, easing pressure on students and families paying fees abroad.The Nigerian banking system has brought relief to students and parents as banks resume international tuition payments directly from Naira accounts.
This development is coming through the Central Bank of Nigeria’s (CBN) Form A platform, offering a faster and more affordable way to pay for education abroad.
Previously, processing such payments could take up to four months.
Now, with recent improvements, it takes as little as four days. This update is expected to ease the pressure on families sending children to schools overseas and cut down on the high cost of using unofficial foreign exchange routes.
Moreover, this new banking flexibility follows the recent policy shift that allowed Naira-denominated cards to make limited international payments.
It marks another step towards making foreign transactions easier for Nigerians.
In separate announcements on Monday, GTBank and Lotus Bank confirmed the good news to customers.
“Pay international tuition fees directly from your Naira account,” GTBank said in a customer notification. The bank directed users to log into www.tradesystem.gov.ng and begin the application via the Form A portal.
To complete the process, GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Lotus Bank issued a similar guide: “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.”
This development comes at a crucial time. In 2024 alone, more than 22,000 Nigerian students moved to the United Kingdom to pursue higher education.
These students paid hundreds of millions in tuition fees, largely in foreign currency.
As a result, families have had to rely on the parallel market, where exchange rates are often unfavourable.
The reactivation of the CBN Form A platform for international tuition payments provides a secure and official route to access foreign exchange.
This will likely reduce the demand for dollars in the black market, and help strengthen Nigeria’s forex stability.
Although the CBN has yet to release an official statement on this policy update, the move is seen as part of wider reforms aimed at improving access to forex for essential services like healthcare and education.
The resumption of tuition payments from Naira accounts may also signal stronger efforts to restore public confidence in the financial system.
Furthermore, with the continuous devaluation of the Naira, the cost of studying abroad has risen significantly.
Therefore, having a fast, affordable, and reliable channel for school fee payments is more important than ever.
In addition to easing payment stress, this update aligns with the Federal Government’s ongoing goals to support education and strengthen the economy.
