Access Bank issues export and import letters of credit for businesses that are interested in trading their goods and services across borders. Access bank will undertake the financial obligation of your business and pay on your behalf upon receiving compliant documents.
Features
- Approved trade finance facility is required if there is no cash collateral provided by importer.
- It allows for advance payment.
- Payment is made after presentation of compliant documents by the exporter to the bank nominated in the LC.
- It is operated under guidelines clearly by the Uniform Customs and Practice, UCP Publication No. 600.
Benefits
- In most cases, the Importer avoids partial pre-payments or deposits.
- It helps to reduce the risk of non-performance of the exporter. If the exporter does not ship the goods they will not get paid.
- Importer will receive the timely delivery of the goods because the LC terms dictate the latest acceptable shipment date.
- Foreign exchange can be procured from the official market (subject to certain restrictions)
For more information on the pricing or benefits of this facility, please contact your Relationship Manager.
