Nigerian Banks Slash Travel Allowance, Reduce Foreign School Fees Over Dollar Scarcity Read

Cursory: Commercial banks have reduced the request time for school fees and travel allowance. The banks also reduced Business Travel Allowance and Personal Travel Allowance. Two commercial banks have already implemented the new restrictions because of dollar scarcity.

Nigerian banks have sent messages to their customers informing them of a possible upward review of the processing time for getting forex for international school fees to 120 days from 48 hours.

Access Bank, Immediately notified its customers of the changes in an email.

The banks also slashed dollars for personal travel allowance (PTA) and Business Travel Allowance (BTA) by about 50 and 60 percent to $2,000 from $4,000 and $5,000, respectively.

The bank said:

“PTA / BTA requests have now been processed a maximum of twice annually per applicant to $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 of approval.

In 2022, First Bank told customers in an email that a minimum of 60 days was needed for processing school fees and upkeep/maintenance after submitting documents along with approved Form A at branches of the bank.

The First Bank’s notice said payment of school fees was subject to a maximum of $15,000 per semester and limited to 2 semesters per session. The bank kept the application for Upkeep to a maximum of $3,000 or equivalent in other currencies.

First Bank said:

“Application for Form A for (School fees, Student Upkeep, and PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) Platform. It must be in line with Regulatory Requirements.”

Source: Legit.ng

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