In recognition of the impact of the naira depreciation of the affordability of its fees for Nigerian students, Global accounting body, Association of Certified and Chartered Accountants (ACCA) has announced 60 percent reduction in registration fees for Nigerian students.
The reductions also include 50 percent reduction in first year subscription, and 50 percent reduction in exemption fees.
ACCA Director, Market Transformation, Mr. Kevin Kernan, disclosed this while addressing a press conference at the sidelines of the launch of ACCA Strategic Pricing Initiative for Nigeria.
Kernan said that the reduction in fees was in response to comments from stakeholders in the wake of the impact of the naira depreciation on the affordability of ACCA fees for Nigerian students.
He said, “ACCA has historically operated a single pricing strategy for all its customers around the globe. But in Nigeria, after a lot of research and consultation with stakeholders, from today, we are making some new prices for Nigerian students exclusively. We recognise that affordability have been an issue for many Nigerian students, particularly with the exchange rate variations in recent times.
So we are reducing the initial registration fee by 60 percent. We are reducing the first year subscription fee for new students by 50 percent. Also many students claim exemptions from our exams, so we are reducing exemption fees for them by 50 percent. These represents significant reduction in prices students, parents or their employers have to pay in order to start their journey towards ACCA qualification.
“In order to avail themselves of these new prices, the student must be resident in Nigeria. So we consider this good news for all our stakeholders in the Nigerian community.
The new pricing applies to students applying for the foundation and main ACCA examination qualifications but it does not apply to members or affiliates. The focus is on the student population.”
“This is a very new venture for ACCA and we have been considering other markets, but Nigeria is one of the first markets where we have done this. We are currently studying Ghana, Zimbabwe. What we are offering in Nigeria is very targeted and focused on the Nigerian students, with a lot of consultations with the stakeholders.”
Also speaking on the rationale for the reduction, Head of ACCA Nigeria, Mrs Toyin Ademola said, “The new pricing initiative is about making ACCA more affordable for Nigerians. It goes with ACCA values which are affordability accessibility opportunities, innovation, and diversity.
“What is driving this initiative is, having listened to our customers, one of the challenges we find that our students have is affordability. So it is not about competition, it is about us providing values to our students. It is about accessibility and also giving them the opportunities at a more affordable rate to get global qualification.”