Ecobank updates retail foreign exchange transactions for schools

The bank requires 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 and certificate of incorporation

As part of its commitment to providing optimum banking experience, Ecobank Nigeria has shared updates to serve its clients better regarding retail foreign exchange transactions for international school fees, accommodation, and upkeep payments, as well as Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) requests.

In a statement signed by Korede Demola-Adeniyi, head, of consumer banking, Ecobank said “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep, stating 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.”

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For PTA/BTA, the requirements include duly completed Form A; duly confirmed return ticket; Nigerian passport bio-data page; letter of authority to debit account; valid visa to destination country and account should have been opened and operational for at least 6 months

In addition to the above, the bank requires 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 and certificate of incorporation

For School fees, upkeep and others, “we require 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 and letter of authority to debit your account, among others.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.