Access Bank has informed its customers of some significant changes in the processing of Forex requests. The bank explained in an email to customers titled Important information on FX transactions that it implemented some rationing measures due to the increased scarcity of foreign exchange in the Nigerian economy.
According to the bank, the changes were made to meet customers’ needs while optimizing the bank’s FX allocation to ensure efficient service delivery.
Part of the email from Access Bank reads:
We value your relationship with us and would like to keep you informed on changes regarding our fulfilment of FXrequests. International school fees are processed for customers who initiate their request via Access Bank. Applications will be processed and disbursed within 60 days from the date of approval, subject to FX availability, provided funds and documents are in line with requirements.
The bank said it also reviewed the forex requests for upkeep to a maximum of $1,500. This is only for customers whose school fees were processed via Access Bank. Â
Maintenance/upkeep requests are processed once yearly per applicant for a maximum amount of $1,500 and only for customers whose school fees were processed via Access Bank. This is subject to maintenance/upkeep not having already been disbursed previously at any time this year and requests will be fulfilled within 60 days from the approval date, subject to FX availability, the bank said.Â
PTA/BTA requests reduced
Access Bank also stated that PTA/BTA requests would be reduced to twice a year from next year. Â
For the rest of the year, PTA/BTA requests will be processed just once for applicants who log their request 14 days before the travel date. As of January 2023 however, applicants will be entitled to only 2 fulfilled PTA/BTA requests a year. Disbursement will always be subject to FX availability, the bank said.Â
