Certain commercial banks in Nigeria have declared that Form A requests for overseas school fees and maintenance will henceforth be handled within 120 days (17 weeks), entreprenuerng report.
In emails addressed to their clients on Tuesday, the banks made the announcement. The development occurs while the country’s ongoing cash shortage continues.
The Central Bank of Nigeria created Form A as an application form for service transactions (also known as invisible trade), such as paying for medical expenses, training programs, and foreign schooling.
Yet, by using the form, Nigerian students can obtain foreign currency at the official rate as opposed to the typically higher black market rate.
Depending on the application time, the Form A procedure typically takes two to three weeks to complete.
Also, the banks reduced the amount of money available for both personal and business travel expenses to twice annually per applicant, at a cost of $2,000 each application.
“Access Bank stated, “We cherish your connection with us and would like to keep you updated on developments surrounding our fulfillment of Form A request.”
“PTA / BTA requests are currently processed twice per applicant per year at a cost of $2,000 each application when the request is made less than 14 days prior to the departure date. “Foreign school fees and maintenance requests are handled 120 days after approval.”
However, all applications are processed and payments are made as long as there is FX availability, valid documentation, and enough funds in the account to cover the Form A charge and other processing fees.
Please make sure that your account has enough money in it to cover the transaction’s amount and associated fees at the time it is processed; otherwise, the request will be refused and treated as a new one when it is submitted again.
Updates on Form A requests that are pending, accepted, or refused are properly posted and available on the Trade Monitoring System portal.
Customers of First Bank were informed via email that requests for foreign currency will still be handled on a first come, first served basis.
Nevertheless, PTA/BTA payments will be made within a week of the travel and are limited to a maximum of $2,000 and two quarters per year. Consumers are asked to submit their PTA/BTA applications a few weeks before their travel, according to the notice.
Application for upkeep is restricted to two semesters each session and is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester.
“Payment of school fees is limited to two semesters per session and is capped at $7,500 (or its equivalent in other currencies).”
lt should be known that the following submission of supporting documentation and the authorized Form A at the school, a minimum of 16 weeks are needed to handle school fees and upkeep/maintenance.
In conclusion, applications for Form A must be handled on the Trade Monitoring System of the Central Bank of Nigeria and must adhere to all legal criteria for school fees, student maintenance, and PTA/BTA.
