From what we hear from the financial marketplace more banks in Nigeria will publish names and account details of customers who purchased cheap forex from the banks for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA) but did not embark on their foreign trips.
Sources from some of the banks, who spoke to our correspondent, said this after the United Bank for Africa published the names of some individuals who benefited from the PTA but did not use it for the purpose they applied for. The account numbers and Bank Verification Numbers of the defaulters were included in the publication by UBA.
Commercial banks had earlier sent messages to their customers to notify them that travellers who bought foreign exchange from banks for travel purposes but failed to embark on the trips two weeks after their scheduled travel dates must return the forex to the banks. According to the banks, this was a directive from the CBN.
Defaulting customers who presented fraudulent travel credentials or cancelled their tickets and failed to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, would have their identities and bank verification numbers published, the banks had said.
According to UBA, the beneficiaries whose names were published on its website committed the offence after applying with fake tickets or visas. UBA, in its publication titled ‘CBN FX defaulters’, said, “In compliance with the directive of the Central Bank of Nigeria mandating banks to publish the names of defaulters of the forex exchange regulation.
“Based on regulatory directives, the following customers cancelled their trips and failed to return the PTA availed to them despite several mails, text messages and follow-up phone calls.” The bank added, “The customer(s) below presented fake visa to apply for PTA.”
Also, Fidelity Bank stated, “The CBN has instructed all banks to publish on their websites the names and BVNs of defaulting customers who fail to return the purchased PTA/BTA within the two-week period specified in the customer declaration form signed by them.”
