Banks Increase Processing Time For FX School Fees To 17 Weeks, Slash Travel Allowance To £2k

Some Nigerian commercial banks have announced that international school fees and upkeep requests via Form A will now be done within 120 days.

The banks announced the development in emails forwarded to their customers on Tuesday.

The development comes in between the lingering forex scarcity in the country.

The Form A process used to take two to three weeks depending on the application period.

At the same time, the banks have cut the amount of dollars for personal travel allowance and business travel allowance to twice annually per applicant to the tune of $2,000 per application.

“We value your relationship with us and would like to keep you informed on updates regarding our fulfilment of Form A request,” Access Bank said.

“PTA / BTA requests are now processed a maximum of twice annually per applicant to the tune of $2,000 per application where the request is within 14 days of the travel date.

“International school fees and upkeep requests are processed within 120 days from the date of approval.

“All applications are processed and disbursed subject to FX availability, proper documentation, and provided the account to be debited is sufficiently funded to cover the Form A charge and other processing fees.

“Kindly ensure your account is sufficiently funded to accommodate the value of the transaction and charges at the time of processing as any request not backed with an adequately funded account or the required documentation will be rejected and considered a new request upon re-submission.

“Updates on pending, approved or rejected Form A requests are duly posted and accessible on the Trade Monitoring System portal.”