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  • Trade Facilitation

    Trade Facilitation

    1. Bid Bonds

    The Bank supports contractors by guaranteeing that the bidder will undertake the contract or supply other surety bonds such as performance bonds or payment bonds. Contractors can take advantage of the bank's name in the bidding process for a guaranteed commission.

    2. Letters Of Credit

    Ensuring that your transactions proceed as planned

    A letter of credit is a guarantee from a bank that a seller will receive payment as long as certain delivery requirements are met. The Bank undertakes to make payment even if the buyer fails to honor the financial obligation. The buyer/importer has the assurance that money will only change hands when the counterparty meets the agreed conditions.

    3. Export Bill Negotiation

    Affordable and hassle-free short term finance for your export business

    This product facilitates export trade by providing liquidity to exporters with irrevocable letters of credit. Upon submission of shipping documents, exporters will receive immediate payment from the Bank which will reimburse itself when drawings are due.

    4. Export Finance

    Pre-shipment and post-shipment credit designed for your export business

    Export finance facilities provide liquidity to exporters in the form of short term finance to facilitate the preparation of goods for export. Exporters may avail these facilities against confirmed orders with repayment tied to receipts of export proceeds.

    5. Import Finance

    This product provides a solution for the importation of goods and the sales process. Customers may avail the liquidity provided to pay for imports with repayments tied to sales proceeds.

    6. Advance Payments

    This product enables importers to make advance/part payments to exporters before goods are shipped subject to exchange control regulations. This form of payment enables importers to secure orders or confirm agreements to ensure prompt shipment of goods.

    7. Documentary Collections

    This is a payment mechanism under which a sale transaction is settled by a bank through an exchange of documents. The importer does not pay for the goods prior to shipment and the exporter retains title to the goods until the importer pays for them or accepts to pay at a later date.

    This kind of trade settlement comes in two forms:

    Cash Against Documents:- Where the shipping documents are released to the importer on payment for the goods

    Documents Against Acceptance:- Where shipping documents are released to the importer upon acceptance of the exporters drafts i.e. to pay at a later date

    8. Open Account Trading

    This allows an importer to make payment at some specific date in the future without any commitment such as a negotiable instrument evidencing his legal commitment to pay at the appointed time.  This usually occurs in a buyers’ market and involves the fewest restriction and the least cost to the buyer. It also drives sales for the seller.

    9. Small Value Payments

    These are payments to meet small value needs such as the payment of school fees, purchase of items online etc. In line with BOG guidelines, the maximum allowed amount is $10,000.00 per annum without the need of documentation.

    10. Bank Guarantees

    This product enables customers to make financial commitments with the backing of the Bank. Customers may acquire goods draw down loans etc with the commitment that in the event of a payment default, the Bank will settle.

     

     

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