Everything you need to know about Form A in Nigeria
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If you are ever planning to study abroad, here is how to Apply for Form A in Nigeria. Form A is one of the cheapest ways to make payments for school fees and other study expenses.
Having known that payment for various openings abroad can be done online, Form A provides a basis for such fees.
The idea behind the availability of Form A by financial institutions is to create international market relationships. One vital way to limit the wide disparity between the Naira and other foreign currencies.
Although this will aid your online foreign transactions, however, there is a lot to discover about form A.
What is Form A?
Form A is used to pay online for exchange transactions that require foreign currencies. This explains that if you desire to pay for goods and services rendered from overseas with ease you need form A.
Although there are different benefits of form A, it is most important that you have knowledge of the exact services to pay for.
In addition, Form A is a request document modelled to enable users to pay for foreign services. This policy was initiated by the Central Bank of Nigeria to aid payment for online trade.
The Purpose of Form A
Mainly, the fact that Nigeria imports almost everything is a subject of concern for the downgrade of the Naira.
Moreover, it is obvious that in comparison with Dollars, Pounds, Euros and so on, the Naira is dragging. Hence, a way to carve out a reasonable exchange rate for payments between countries abroad was created- Form A.
Thus, Form A is used for the following purposes:
Making payments online for foreign services
Using Form A, you can make payments for transactions such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, Personal Travel Allowance, Business Travel Allowance and so on.
Purchasing funds online at affordable interbank rates
This explains that if you desire to get the best foreign exchange rates depending on the services you desire, Form A is relevant. These funds purchased at a designated Naira equivalent will be used to pay for the services you desire.
Also, Form A is applicable to help you get limited charges and save you the stress and scam zones of black market prices.
Transparency
To aid transparency of foreign payments Especially when documented evidence is required, obtaining Form A, filling it and attaching your desired payment to it is relevant. Also, you will be able to track payments, calculate your gains and losses and also pay for different services effectively.
How long does it take to process Form A
Ideally, it takes any moment from 24-72 hours to get your Form A duly approved after application. This time frame hangs on the fact that transactional hitches are possible at any point in time.
Therefore, you must apply for Form A early enough especially when it has to do with travel or education.
Cost of Form A
A while back, individuals were required to pay 5000 Naira as a service charge for Form A. However, it is only important to check back with the bank you intend to purchase the form.
Also, online portals are accessible where you can run the full Form A registration and application on your own. However, if you need help with the application or advice you can contact Travelwaka Limited.
Where to obtain Form A in Nigeria
There are three major ways to obtain Form A in Nigeria;
Nigerian Banks
Form A can be gotten in financial institutions across the country. This includes major banks in Nigeria such as First Bank, Zenith Bank, Guaranty Trust Bank, and United Bank for Africa that offers Form A in Nigeria.
Although different banks also have their policies attached to obtaining Form A. This set of instructions can be read online before proceeding further.
However, reading the instructions or guidelines provided and understanding the purpose of the form is ideal. Though, you will have staff explain the details to you and guide you through the application.
Hence, all you have to do is walk into any of the above-listed banks, make your request and complete the form with your details.
Note: You must have an account with such a bank for at least a year before you can apply for Form A.
Online
The e-Form A platform was created in 2021 and since then application has been more individual and easier. All you need to do is register on the CBN trade portal and complete the form online.
Here, you will be instructed to fill in your details(personal and banking) and continue with the prompt. On successful application, your account will be debited and you will get a notification via email.
Then, you can print your payment invoice as proof of payment.
Travel agents
You can explore the service of a reliable travel agency to purchase Form A. However, you must note that this only applies when you need extra support or clarity with the application.
CBN Form A Requirements
The documents needed for Form A vary based on the purpose for which you applied. First, you can apply for Form A to pay your school fees if you were recently admitted into an institution.
This payment for school fees is not limited to undergraduate studies alone, it covers payment training courses and post-graduate studies as well.
Therefore, the documents you should provide are;
- Valid email address to get strict notifications when due.
- Functional bank account
Your account should be in operation for at least a year to qualify for Form A. Also, records of relevant inflow and outflow and account type is important. - Tax form or details
If you are a business owner, you are expected to provide proof of business tax payments. This will come in a list of documents to be submitted. - Signature of sponsor
Your sponsor or guardian will have to append a signature on the Form A to show that they have consented to the payments. - Business Histories such as cash inflow and outflow
- Bank Verification Number
This serves as a means of financial identification since it is peculiar to you. - Valid means of identification such as ID Cards, National Identification Number and so on
- A letter of admission from the awarding institution
- Letter from your sponsor or guardian who will pay the fee
- Medical consent form
- Travel details including flight time, day, destination and departure
Similarly, new requirements can surface at any time. This is dependent on policy changes but you must be aware that information will be relayed to you as due.
Step-by-Step Guide to applying for Form A
For Online Applications
You can use the following steps as a guide to applying for Form A;
Step 1: Visit the Nigeria foreign trade website
The application for Form A has been made easier since you can apply online.
Step 2: Register your vital information on the website
Information such as age, date, purpose of payment, civil status, marital status and so on will be submitted online.
Step 3: Fill out the form online and supply all necessary information
Step 4: Await a notification for payment to be sent to your valid email address
Step 5: Print an invoice of payment
An invoice would be sent to your mail which you have to print as proof.
Application at the Bank
Step 1: Visit any bank of your choice in which you have an account
Step 2: Ensure you have funds in your account to be debited
To make this possible, you can either fund your account with the same you need or more. All you just have to do is make sure it is an operational account.
Step 3: Obtain a Form A on the counter at the bank
Most Nigerian banks now have Foreign Exchange Teller Points (FXTP) that will urgently treat your foreign exchange request. This includes payment for foreign school fees, travel allowances, tickets, mortgage, medical fees and so on.
Step 4: Fill the Form A with all relevant information
Your details should be filled in the form accurately. Endeavour to submit a valid email address, functional bank account and relevant documents.
Afterwards, you can get a physical capture to get your biometrics and passport recorded.
Step 5: Get a receipt of payment
After you have paid, or your account has been debited in the equivalent currency, you will get a receipt from the teller agent.
Additional information to consider when applying for Form A
Paying through Form A in Nigeria is the best way to pay for school fees, mortgages, tickets, visas so on abroad because it allows you to put forex at the CBN or interbank rate, which is the.
Thus, the following additional information is vital;
- Availability of equivalent funds in Naira
Although the equivalent of $15,000 is the limit for student fee
- You are the one to grant the bank access to your account
After supplying all security details, your account can be debited. Therefore, you are the one to provide banking passwords, bank card information, account numbers and bank verification numbers.
- For visa, ticket, and travel allowance funds, you must provide travel details
Details of the purpose of payment will be required, such as travel destination, occupation, type of business, travel date and time. Also, for institutions or school fees payment, you have to provide the name of the institution, course of study, duration and admission letter.
Furthermore, other information such as medical care, receiving hospital, nature of care and so on should be given.
- Form A only covers higher institutions of learning
Kindly note that Form A only covers payment for higher institutions of learning such as universities and other tertiary education. However, you might need a guardian or parent to fill out and sign a consent form for payment approval.
Conclusion
Finally, news has been flying around that the Central Bank of Nigeria (CBN) may stop all operations relating to Form A. However, this has not been confirmed by recognized sources. Kindly make use of those before the policy changes in future.
Well, the bank exchange rates can fluctuate and majorly it is due to Nigeria’s unstable economy.
Therefore, you can await further updates on Form A once any policy is implemented. Feel free to contact us at Travelwaka for important information about Form A in Nigeria for your convenience.
