Guarantee Trust Bank (GTB) allegedly exploits U.S. F1 visa applicants by charging N333,000 at N1800 per dollar against the government rate.
Concerns have been raised regarding the bank’s hefty fees, significantly higher than the official rates, which could potentially deter aspiring students and travellers from pursuing opportunities abroad.
Some concerned students highlighted the controversy surrounding GTB’s visa application fees, pointing out the vast margin between the bank’s charges and the official exchange rate.
According to reports, the bank currently charges ₦333,000 for an F1 visa (student visa), equivalent to $185 at an exchange rate of N1800 per dollar.
However, recent data from the Central Bank of Nigeria (CBN) indicates a much lower exchange rate of ₦1,101 per dollar, exposing a significant gap of approximately ₦700 per dollar.
Some students on Whatsapp argued that such exploitative pricing not only undermines the aspirations of young Nigerians seeking educational opportunities abroad but also exacerbates the financial burden on individuals and families.
With the cost of U.S. visas and related charges soaring, many fear deserving candidates, particularly those from disadvantaged backgrounds, may be deterred from pursuing their dreams of studying or travelling to the United States.
Furthermore, the monopoly held by GTB in providing visa application services has raised concerns about the lack of competition, allowing the bank to dictate prices without regard for market forces or fair practices.
As the sole authorised bank for U.S. visa payments, GTB enjoys exclusive privileges, leaving applicants with limited options and little recourse against unjustified fees.
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