Wednesday, December 7, 2022

Again, First Bank changes PTA, BTA policy for school fee, upkeep

The bank stated in a memo titled ‘Important Update on FX’ and sent to customers on Thursday that processing of payment of school fees abroad will now take at least 60 days.

• November 17, 2022

First Bank of Nigeria (FBN) has again reviewed its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) policies, in a move to adjust to dollar scarcity affecting commercial banks in Nigeria.

The bank stated in a memo titled ‘Important Update on FX’ and sent to customers on Thursday that processing of payment of school fees abroad will now take at least 60 days.

While the bank maintained the maximum amounts for school fees and upkeep at $15,000 and $3,000, respectively, it stated that it will take 60 days to process both payments after the Form A document is presented at any of its branches.

“Going forward, a minimum of 60 days is required in processing school fees, following the submission of Form A documents at the branch. This is subject to a maximum of $15,000 per semester, with a limit of 2 semesters per session,” the memo by First Bank read.

“Application for Upkeep requires a minimum of 60 days for processing, subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session). Evidence of payment of school fees for the current session will be required if fees were not paid through FirstBank,” the statement added.

The bank, however, stressed that “all PTA/BTA applications, along with the approved Form A, are filed at the branch exactly 14 days before your desired travel date,” stressing that sales are limited to two quarters per year.

The change represents a substantial departure from the bank’s initial 30-day limit for processing school fees and upkeep in September.

In September, First Bank stated that customers must submit their request for hard currency for the payment of school expenses overseas at least 30 days in advance.

The latest change in First Bank’s FX policies comes as President Muhammadu Buhari’s regime continues to take desperate measures to stop the country’s currency from falling further.

Recall that the Buhari regime announced plans in October to phase out higher denominations of the current naira notes in circulation, with a deadline of January 31st to completely phase out the current notes in circulation.

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