The Trade Services department handles the foreign trade transactions of our customers through a network of Correspondent banks.
The activities of the department include:
Processing of Import Documents
Letters of Credit Establishment
Payments of Imports under Bills for Collection Arrangement
The department liaises with the Nigerian Customs, Scanning Companies and other relevant Authorities in the processing of Import Documents.
Not valid for foreign Exchange Transactions
One set of document from the supplier to the customer.
Two sets of document directly from the supplier to Importer's bank
Letter of Credit
One sets of document form the supplier to the issuing bank. (Zenith Bank)
Two sets of document submitted to overseas bank for payment (the document will later be forwarded to the bank)
The document required for processing or Risk Assessment Report (RAR):
Copy of Form M
Commercial Invoice/Final Invoice
Standard combined Certificate of value and Origin (CCVO) (form C16)
Manufacturer Certificate/Certificate of analysis/Photosanitary Certificate
NB: All Shipping documents must be issued after Form M approval date and Letters Credit issuing date. That is shipping Document must not predate Form M and Letter of Credit.
The documents required for Bills for Collection Remittance are:
- Processed Form M
- Bill History
- Bill of lading/Airway Bill/ Way Bill
- Original Combined Certificate of Value and Origin (CCVO)
- Manufacturers Certificate/ Certificate of Analysis/Photosanitary Certificate
- Customs clearing document (Exchange Control Document)
- -- Single Goods Declaration
- -- Used RAR
- -- Payment schedule
- -- Terminal Delivery Order/Gate Pass
- -- Duty receipt
- Authority letter from Customer to buy foreign exchange in line with the company's signature mandate.
Invisible transactions involve payment for various services, which include;
Dividend & Royalty Payment
Travel allowance- Business, Personal & Pilgrimage
Personal Home Remittance
Net proceeds of International Air- Tickets sales
Expatriate personal home remittance
Payment are by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler's cheque or Cash.
Processing of commercial export is through Letter of Credit, Bills for Collection, and Advance payment. We negotiate Export documents, process export levy draft and certify export proceeds repatriation to the CBN on behalf of our customers.
E- LC Application
Trade finance On-line
The Followings are available on our Trade Finance On-line:
The Scanning Company that processed your Form M
The Status of Form M (Accepted/Rejected)
The Approval date of the Form M
The Amount of the Form M
The Currency of the transaction
Letter of Credit:
The Letters of Credit number
The Expiry date
The Type of Letters of Credit (Confirmed/Unconfirmed/Usance)
Status of Unconfirmed Letters of Credit (Confirmed/Outstanding unconfirmed balance.)
Payment of Letters of Credit (Paid/Outstanding balance)
Status of Letters of Credit (Expired/Active)
Status of your shipping documents
Shipping document received
Bill of Lading Number
Amount of Shipping documents
Availability of Risk Assessment Report (RAR)
Risk Assessment Report number
In addition to the above you can equally receive the followings via your e-mail address:
Notification of Form M batched to Scanning Companies.
Notification of Acceptance and Rejection of Form M
Notification of receipt of Risk Assessment Report
Notification of document batched to Scanning Companies
Notification of Rejection of Shipping Document form Scanning Companies
Notification of Bills for Collection payment
Notification of Established Letters of Credit and amendment of Letters of Credit. In addition to this notification copies of the established Letters of Credit and any amendment are attached to such notification to enable you have them in soft copies.
Notification of discrepancies on Letters of Credit
Notification of Matured Usance and Deferred payment Letters of Credit.