New Year Challenges

7-themes
Courtesy: 7-themes.com

Happy New Year and all of that!

Late last year, everyone with bank accounts in Nigeria received emails stating that international payments would no longer be possible from Nigerian bank accounts/with cards issued from banks in Nigeria.

This was in compliance with regulations from the Central Bank of Nigeria, which is part of measures by the current government to fight corruption, and shore-up the Naira.

The implications are that payments for annual subscriptions, membership and exam fees for ACCA members and students in Nigeria  can no longer be made online with a Master or Visa card in the local currency.

I contacted ACCA Nigeria, asking if they had considered the CBN regualation in their members and students, and if they had alternative payment methods – such as local in-country payments.:

“We are aware that a few banks have restricted the use of Naira debit and credit cards in making foreign online payments.

However, we are also very much aware that a lot of banks are not imposing this on their customers.

Kindly attempt to make payment and please give us feedback if your payment is successful or not.

We are working on alternative payment options should you be unable to make payments and will update you in due course.”

Although we don’t know how long the ban on international payments with Naira accounts will last for, an alternative for students and members in Nigeria is payment through Foreign currency  domiciliary accounts – international payments can still be made with bank cards issued on bank accounts in Dollars/Pound Sterling/other Foreign currency.

If you live in Nigeria and are affected by the ban, please leave a comment on how you intend to make payments.

COPYRIGHT

© countingonaccounting and Nuan Moji, 2015. The unauthorised use and/or duplication of this material without express and written permission from this blog’s owner is strictly prohibited. Excerpts & link may be used, if full & clear credit is given to Nuan Moji (blog owner), and countingonaccounting, with appropriate and specific direction to the original content.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s