Banking
First Bank Gives Update on Requirements for FX Purchase
By Aduragbemi Omiyale
One of the leading financial institutions in Nigeria, First Bank, has given updates on how its customers can apply for foreign exchange (FX) “in line with regulatory requirements.”
In a notice obtained by Business Post, the lender said customers can secure $4,000 for Personal Travel Allowance (PTA) and $5,000 for Business Travel Allowance (BTA) to be disbursed directly to their First Bank Travel Card.
However, the bank emphasised that “all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date,” noting that sales are limited to two quarters a year.
This development has become necessary in Nigeria as a result of the scarcity of forex in the country. This has forced the banks to ration available FX to customers.
In the message sent via email, First Bank noted that for the application of hard currency for the payment of school fees abroad, customers must send the request at least 30 days before.
“For school fees, a minimum of 30 days is required for processing, after the submission of documents along with the approved Form A at the branch, subject to a maximum of $15,000 per semester and limited to two semesters per session,” the lender stated.
It added that application for upkeep requires a minimum of 30 days for processing subject to a maximum of $3,000 (or its equivalent in other currencies) per semester, limited to two semesters per session.
It stressed that the customer must present evidence of payment of the school fees for the current session if the school fee was not paid through First Bank.
The notice also disclosed that “a Form M must accompany applications for Form Q, subject to a maximum of $20,000 and limited to 2 quarters a financial year.
“Application for Form A for (school fees, student upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) platform.”
The bank listed the requirements for FX purchase and processing school fees for the first degree and post-graduate programmes as:
Admission letter on the school letterhead
Invoice for the current semester on the school letterhead.
The beneficiary bank/account details in the name of the school/university
Duly completed Form A
Authority to debit customer/applicant account for Naira equivalent and charges
Biodata page of the International passport of the student
Additionally, a first-degree certificate is required for postgraduate programs.
Notification of result is acceptable only if it is duly endorsed as a ‘certified true copy’ by the institution that awarded it
The applicant should be a recognized parent or guardian of the student.
School fees and student upkeep is strictly for degree and postgraduate programs.
The school fees amount should be equal to or less than the amount on the invoice and not more than the amount on the invoice.
The maximum limit of $15,000 (or its equivalent in other currencies) per semester is no longer applicable. The amount on the invoice is the limit in line with recent CBN/ Bankers committee decisions.
The student upkeep/maintenance fee is a maximum of $3,000 (or its equivalent in other currencies) and can be paid directly to the account in the name of the student abroad per semester if the school does not make provision for the collection of student upkeep on behalf of the student. This is in line with the recent CBN/ Bankers committee decision.
Requirements for processing PTA/BTA:
Biodata page of International Passport
Valid Visa Page
Duly confirmed return ticket with e-ticket number
Authority to debit account for naira equivalent and charges
Account must have been opened and run for at least 6 months
Complete a prepaid card request form where the customer does not have one
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn