The Central Bank of Nigeria (CBN) has reactivated and strengthened its Form A portal, now allowing Nigerian students to pay tuition fees to UK and US institutions directly using Naira debit and credit cards.
In recent years, paying international tuition fees has been a hurdle for Nigerian students. The CBN’s Form A portal now allows students to access foreign currency at official rates. This applies to school fees, medical bills, and training courses.
According to media reports, the process is now faster, with payments processed in as little as four days. Previously, the delays stretched up to 120 days. The new policy now ensures students meet financial obligations without excessive costs.
This development also comes a month after commercial banks in Nigeria announced the resumption of international transactions on their naira cards.
How the Form A Portal Works
To initiate a tuition payment, students are required to register and submit their applications on the CBN’s Trade Monitoring System (TRMS) portal at www.tradesystem.gov.ng.
By selecting Form A – Educational Fees, they can upload required documents including admission letters and official school invoices.
From there, a designated bank processes the application, converts naira to the required foreign currency, and completes the remittance to the institution abroad.
GTBank confirmed that both undergraduate and postgraduate tuition fees are eligible. In an email to customers on Monday, GTBank and Lotus Bank announced that the service is now available for applicants.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read. “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Similarly, Lotus Bank noted that, thanks to stabilised inflows and diaspora remittances, the system is back in full swing.
“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,” Lotus Bank stated.
Why This Policy Matters
Between 2022 and 2023, several major banks suspended international transactions on naira cards, citing liquidity challenges. Students were forced to pivot to fintech platforms, many of which charged substantial transaction fees.
However, the CBN’s recent decision to float the naira, along with reforms to unify the forex market could yield results. Analysts say increased transparency and cleared FX backlogs have improved confidence among banks, schools, and students.
These developments are critical. In 2024 alone, more than 22,000 Nigerian students migrated to the UK via the study route, collectively paying hundreds of millions of pounds in tuition fees.
According to experts, the ability to now pay those fees with naira cards could save families significant costs and reduce bureaucratic headaches tied to unofficial channels.
While the system is working, experts caution that proper documentation is crucial to avoid delays. Incomplete applications or discrepancies in admission details can slow down approvals.
Banks must also scale up their communication and customer support, especially during peak admission seasons, according to industry analysts.
Nonetheless, the policy is being hailed by many observers as a model for how targeted financial reforms can unlock opportunities.
Before the Policy
For years, paying tuition fees to foreign institutions was frustrating and expensive for many Nigerian students and their families. The FX market had become inaccessible due to dollar scarcity. This left many with no option but to turn to black-market currency traders or fintech platforms.
“I remember buying pounds at over ₦1,500 per £1 from an aboki,” said Faith Olagunju, a postgraduate student at the University of Manchester. “Even fintech apps like Geegpay or PayDay charged high conversion rates and added extra service fees. It was either that or risk missing payment deadlines.”
Others used domiciliary accounts, but that required sourcing dollars independently, and navigating delayed or capped transfers. Many families reported multiple failed attempts and prolonged waiting periods to process basic fee payments.
“It was a problem,” said Chinedu Amadi, whose younger brother studies in the UK. “You’d queue at the bank to fund a dollar account, only to realise they had no FX. Meanwhile, schools were sending warning emails about late fees or possible deregistration.”
Will It Be More Cost-Effective?
According to banking and education consultants, the reactivation of the Form A portal for tuition payments offers a cost-saving alternative to the parallel market.
“With the current official exchange rate hovering around ₦1,534.5 to the dollar, compared to parallel market rates of ₦1,580 to ₦1,600, students stand to save a significant amount per transaction,” financial analyst Tosin Fadare explains.
“This gap in rates could result in savings of over ₦600,000 on a $10,000 tuition fee, depending on prevailing market conditions.”
Even more important, students say, is the stability and transparency this brings. They no longer need to scout for FX sellers or worry about transaction failures due to bank restrictions.
“This policy not only enhances affordability but also provides a more transparent and reliable pathway for funding our education,” Faith added.
However, students also emphasised that while this is a step forward, the system needs proper documentation, early applications, and responsive banking support, which is crucial to make it work seamlessly.
Talking Points
It is encouraging to see the Central Bank of Nigeria take deliberate steps toward making foreign education more accessible by allowing students to pay tuition fees with Naira debit and credit cards.
This move, enabled through the Form A portal, directly addresses long-standing challenges tied to forex scarcity and exorbitant black-market rates that have financially strained thousands of Nigerian families.
At Techparley, we see this policy as a meaningful shift that empowers students, restores trust in the banking system, and aligns Nigeria with global education payment standards.
What stands out is the opportunity for deeper collaboration between banks, universities, and government institutions to simplify the documentation process and ensure faster transactions.
However, for this initiative to be sustainable, continuous FX availability and transparent communication from banks will be critical. Any policy shifts must be proactive and well-publicised to maintain public confidence.
If sustained, this innovation could position Nigeria as a model for how emerging economies can support global education ambitions without compromising monetary stability.
