Home Education GTBank allegedly exploits U.S student visa applicants by using N1800/dollar for fees
EducationNews

GTBank allegedly exploits U.S student visa applicants by using N1800/dollar for fees

541
Visas

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.

WhatsApp messages

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.

About The Author

Related Articles

NewsPolitics

Cotê D’Ivoire: Thousands Rally in Abidjan as Opposition Demands Electoral Reforms Ahead of October Election

Thousands of opposition supporters gathered in Abidjan on Saturday, May 31, to...

News

Togo Stops Issuing Mining Permits to Reform Outdated Mining Code

Togo has suspended the issuance of new mining permits for prospecting and...

News

ICYMI: Ghana Shuts Down Washington Embassy Over Visa Fraud Scandal

Ghana has temporarily closed its embassy in Washington, D.C., following the uncovering...

In a ministerial meeting of the Confederation of Sahel States (AES) held in Bamako on January 16, 2025, key decisions emerging from the session include establishing a Regional Investment Bank and launching transformative infrastructure projects across member states.
News

Confederation of Sahel States Moves to Establish Joint Judicial Body

The Confederation of Sahel States (CSS), comprising Mali, Niger, and Burkina Faso,...