Following a report by West Africa Weekly on allegations of exploitation by Guaranty Trust Bank (GTBank) in issuing U.S. F1 visas, the bank reduced the fee barely 24 hours after the report.
The move comes amidst criticism over the bank’s previous charges, which were significantly higher than the official exchange rates, potentially deterring aspiring students and travellers from pursuing opportunities abroad.
Previously, GTBank charged ₦333,000 for an F1 visa, equivalent to $185 at an exchange rate of N1800 per dollar.
However, recent data from the Central Bank of Nigeria (CBN) revealed a much lower exchange rate of ₦1,101 per dollar, exposing a significant gap of approximately ₦700 per dollar.
The hefty fees imposed by GTBank sparked concerns among individuals, particularly students, who argued that such exploitative pricing hindered the aspirations of young Nigerians seeking educational opportunities abroad and added to the financial burden on individuals and families.
Moreover, GTBank’s monopoly on visa application services raised further concerns about the lack of competition, allowing the bank to dictate prices without regard for market forces or fair practices.
In response to the backlash and WAW report, GTBank swiftly reduced the U.S. F1 visa fee to ₦259,000, as seen on the portal.