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Ecobank updates retail foreign exchange transactions for foreign Schools

As part of Ecobank Nigeria’s commitment to providing optimum banking experience, we would like to share the following updates to enable us serve its clients better regarding retail foreign exchange transactions for International School Fees, Accommodation and Upkeep payments, as well as your PTA/BTA requests.

In a statement signed by Head, Consumer Banking, Korede Demola-Adeniyi, Ecobank said “Due to current market trends, we require a 30-day window to complete requests for School Fees, Accommodation and Upkeep. Also note that part of the process involves a review of all documents to ensure compliance with regulatory requirements.

The statement added that “In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation as detailed below.

PTA/BTA

  • Duly completed Form A
  • Duly confirmed return ticket
  • Nigerian passport bio-data page
  • Letter of authority to debit your account
  • Valid Visa to destination country
  • Account should have been opened and operational for at least 6 months.

In addition to the above, we require the following for BTA requests

  • Letter of invitation from the overseas partner
  • Letter of introduction from the company stating the employee going on the business trip
  • Certificate of incorporation

School fees/Upkeep/others

  • Duly completed Form A
  • Students valid Nigerian passport bio-data page
  • Letter of admission for course/programme
  • Recent School bill
  • Students valid Visa/Residence/Study Permit (for returning students)
  • Bank/Remittance details of the School
  • Photocopy of 1st degree (in the case of post graduate studies)
  • Evidence of relationship if fees are paid by a 3rd party
  • Letter of authority to debit your account
  • Marriage certificate/evidence of change of name where applicable
  • Document showing amount assigned as the “Living Expense” (if payment is for upkeep)