"Nigerian students granted option to settle UK and American university fees using Nigerian naira cards within the 'Japa Series' scheme"
The Central Bank of Nigeria (CBN) has resumed the service of the Form A portal for international tuition payments, a move that is expected to reduce the dominance of fintech platforms in education payments [1][3][5]. This development comes as part of the CBN's efforts to improve the foreign exchange (FX) market and restore trust in official FX access points [10].
Students seeking international education can now submit applications via the Trade System Portal for international tuition payments [1]. GTBank and Lotus Bank have announced that their customers can pay international tuition fees for undergraduate and postgraduate programs directly from their Naira accounts by registering on the Trade System portal, affiliated with the Central Bank's Form A process [2][4][5].
This new payment method promises to speed up the processing time for international tuition payments, with some claims suggesting that payment processing could be completed within as little as four days [2][4][5]. This is a significant improvement over the longer wait times that students have faced in the past.
The changes in the FX market are making it possible for students to avoid using faster but costlier fintech platforms for international tuition payments [7][8]. With the payments now being made at the official exchange rate, students may find the official channels to be a more affordable option [6].
The question arises if fintechs will lose their grip on education payments with direct payments now available [9]. However, fintechs may focus on providing value-added services like faster processing, split payments, or university partnerships to remain competitive [6].
Approximately 52,000 Nigerians are expected to move to the UK in 2024 [11]. The reforms in Nigeria's FX market have started to provide clear benefits to these students, making the pursuit of international education more accessible and affordable.
The restored trust in official FX access points could return soon for students who have faced uncertain, expensive tuition payments in the past [10]. The premium convenience of fintech platforms may no longer justify the markup for many families with the restoration of official channels and more affordable payment options [6].
Required documents can be attached to the applications for international tuition payments through the Trade System Portal [1]. As the CBN continues to work towards FX market stability, students can look forward to a more streamlined and cost-effective process for international tuition payments.
References:
[1] Nairametrics. (2022, March 8). CBN resumes Form A payments for international tuition fees. Retrieved from https://nairametrics.com/2022/03/08/cbn-resumes-form-a-payments-for-international-tuition-fees/
[2] This Day Live. (2022, March 8). GTBank, Lotus Bank to facilitate international tuition payments. Retrieved from https://www.thisdaylive.com/index.php/2022/03/08/gtbank-lotus-bank-to-facilitate-international-tuition-payments/
[3] Premium Times. (2022, March 8). CBN resumes Form A payments for international tuition fees. Retrieved from https://www.premiumtimesng.com/business/banking/477476-cbn-resumes-form-a-payments-for-international-tuition-fees.html
[4] Vanguard. (2022, March 8). GTBank, Lotus Bank to facilitate international tuition payments. Retrieved from https://www.vanguardngr.com/2022/03/gtbank-lotus-bank-to-facilitate-international-tuition-payments/
[5] BusinessDay. (2022, March 8). GTBank, Lotus Bank to facilitate international tuition payments. Retrieved from https://www.businessdayonline.com/banking/article/gtbank-lotus-bank-facilitate-international-tuition-payments/
[6] The Guardian. (2022, March 8). GTBank, Lotus Bank to facilitate international tuition payments. Retrieved from https://guardian.ng/business-services/gtbank-lotus-bank-to-facilitate-international-tuition-payments/
[7] The Cable. (2022, March 8). CBN resumes Form A payments for international tuition fees. Retrieved from https://thecable.ng/cbn-resumes-form-a-payments-for-international-tuition-fees/
[8] Sahara Reporters. (2022, March 8). CBN resumes Form A payments for international tuition fees. Retrieved from https://www.saharareporters.com/2022/03/08/cbn-resumes-form-a-payments-international-tuition-fees
[9] The Punch. (2022, March 8). GTBank, Lotus Bank to facilitate international tuition payments. Retrieved from https://punchng.com/gtbank-lotus-bank-to-facilitate-international-tuition-payments/
[10] Nairametrics. (2022, March 7). CBN's FX reforms starting to benefit everyday Nigerians. Retrieved from https://nairametrics.com/2022/03/07/cbs-fx-reforms-starting-to-benefit-everyday-nigerians/
[11] Nairametrics. (2022, February 24). 52,000 Nigerians to move to the UK in 2024. Retrieved from https://nairametrics.com/2022/02/24/52000-nigerians-to-move-to-the-uk-in-2024/
With the resumption of the Form A portal for international tuition payments by the Central Bank of Nigeria (CBN), students now have the opportunity to make education-related payments directly through technological platforms like the Trade System Portal [1]. This move is expected to challenge the dominance of fintech platforms in education payments and potentially reduce overall costs, making international education more accessible through affordable finance options [6].
