Nigerian students can now pay UK, US tuition directly with naira cards

Nigerian aspiring to study abroad have received a major boost. They can now pay tuition fees for UK and US institutions directly using Naira debit or credit cards. This development, facilitated through the Central Bank of Nigeria’s (CBN) Form A portal, marks a significant shift. It addresses long-standing challenges caused by foreign exchange (FX) scarcity.

Improved FX liquidity has made this possible, streamlining payments for thousands of students.

Paying international tuition fees has been a hurdle for Nigerian students. Forex shortages often forced reliance on parallel markets. These markets charged exorbitant rates, inflating costs. 

The CBN’s Form A portal offers relief. It allows students to access foreign currency at official rates. This applies to school fees, medical bills, and training courses. The process is now faster, with payments processed in as little as four days.

Previously, delays stretched up to 120 days. The new policy aims to address the challenges. It ensures students can meet financial obligations without excessive costs.

 How the Form A Portal works

The payment process is user-friendly. Students must register on the CBN’s Trade System Portal at www.tradesystem.gov.ng. You need to select the Form A option for educational fees. Next, choose a processing bank.

Required documents include admission letters and fee schedules. After submission, banks convert naira to foreign currency at the official rate.

GTBank confirmed the service covers bachelor’s and postgraduate fees abroad. Lotus Bank noted that while the process was never suspended, low FX availability limited its use. This reflects Nigeria’s improved forex market conditions.

Nigeria’s forex market has seen significant improvements. Between 2022 and 2023, banks like First Bank, GTBank, and Zenith suspended international transactions on naira cards. Students turned to fintech platforms like Flutterwave and Geegpay

These alternatives often came with higher fees. The CBN’s recent policies, including naira flotation, have stabilised the market. Increased diaspora remittances and better FX management have also helped.

The impact of this policy is already being felt. Students are optimistic about the reduced financial barriers, while universities benefit from timely payments, which alleviate administrative burdens and reduce visa-related complications. 

A GTBank official highlighted the reliability of the system, stating, “The system is robust with better FX availability, ensuring seamless transactions.” 

The CBN has also dismissed rumours of discontinuing the Form A portal, reaffirming its commitment to supporting legitimate forex requests. This assurance has boosted confidence among students and their families, who see the policy as a critical step toward accessible international education.

The policy is particularly significant given the growing number of Nigerian students studying abroad. In 2024 alone, over 22,000 Nigerians migrated to the UK through the study route, paying hundreds of millions of pounds in tuition fees.

However, the naira devaluation in recent years has significantly increased the cost of education abroad, making affordable payment options more critical than ever. The ability to use Naira cards for tuition payments reduces reliance on costly alternatives and aligns with Nigeria’s broader goal of supporting education as a pillar of economic development.

As Nigeria’s economy shows signs of recovery, evidenced by improved credit ratings and cleared FX backlogs, this policy positions the country as a hub for global education. It eases the financial strain on families and empowers students to pursue their academic ambitions without the burden of exorbitant exchange rates. 

However, for the system to work effectively, students must ensure proper documentation to avoid delays, and banks and universities should enhance communication to streamline transactions.

The ability to pay international tuition fees with Naira cards marks a game-changing step toward accessible education for Nigerian students. As the CBN continues to stabilise the forex market, this policy could pave the way for further innovations in international payments, offering hope to aspiring scholars across the country.