First Bank Amends PTA, School BTA Policy and Maintenance Fees

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The First Bank of Nigeria (FBN) has revised its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) policy as the scarcity of the dollar continues to force banks to change the payment to currencies.

The financial institution said its FirstBank travel card will now receive Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) when requested by corporate customers.

In an email, titled “Currency Purchase Updates” and sent to First Bank account holders, the lender said payments for PTA and BTA are only made for two quarters per year, with a Form A supporting document that makes the applicant eligible.

First Bank said only $15,000 will be made available for the school feeding application for each semester, and for a maximum of two semesters per term. The treatment is finished after at least 30 days.

However, for maintenance, the commercial bank revealed that only $3,000 or its equivalent in other foreign currencies will be made available each semester, but a maximum of two semesters per session. Processing is carried out after at least 30 days.

Part of the statement reads: “The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) ($4,000 and $5,000 respectively) will now be paid out of your FirstBank Travel Card All applications will comply with regulatory requirements.

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The bank added: “Please ensure that all PTA/BTA applications along with approved Form A are submitted to the branch exactly 14 days prior to your proposed travel date. Sales are limited to two quarters per year.

First Bank further explained that “please note that a Form M must accompany Form Q requests, subject to a maximum of $20,000 and limited to 2 quarters per fiscal year.”

The Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) allow students, business owners, and those seeking recreation above the dollar to purchase at the official rate, which is N430.33/$1 as of Friday, rather than buying at a premium rate of N705/$1 on the black market.

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