Nigerian banks have resumed processing foreign school fees and medical bills using naira debit cards, following renewed foreign exchange (FX) liquidity in the official market. The development comes as commercial banks reintroduce the Central Bank of Nigeria’s “Form A” portal for education and medical payments, significantly reducing processing time from as long as 120 days to as little as four days.
GTBank and Ecobank are among the lenders that have notified customers of the resumed service. According to the banks, customers can now access Form A for undergraduate and postgraduate tuition payments via the CBN’s Trade System Portal (www.tradesystem.gov.ng). Required documents include admission letters, invoices, international passports, tax clearance, debit instructions, and the completed form.
Lotus Bank also confirmed the process was never officially suspended but was affected by FX shortages. With liquidity returning, banks say processing times have now improved.
Under the new timeline, once a customer applies through the portal and submits necessary documentation, bank treasury desks source dollars within two working days. Funds are then debited and remitted by the next trading day, completing the process within four days.
The revival of FX-backed naira payments comes weeks after banks lifted restrictions on international transactions using naira debit cards. The move is expected to ease pressure on the black market and support the Central Bank’s goal of stabilizing the naira.
