Letters Of Credit (LC) / Documentary Credits

LCs are written undertaking issued by National Investment Bank PLC, on behalf of a buyer, to the seller, to pay for goods or services. The seller must present documents which comply with the terms and conditions of the LC to the bank for payments.

Benefits

Offer degree of safety when importer or exporter are in untested business relationship
Quick and more secure means of payment for seller
Customers have access to foreign currency at very competitive rates
The customer/buyer lowers the risk of paying for substandard goods
Facilitating Financing
The buyer also relies on the LC to place discipline on the supplier for timely shipment

Features

LC can either be Import or Export LC
LC guarantees payment from buyer to seller
It is mostly irrevocable
It is an insurance contract for both parties involved to eliminate credit risk
Provision of Legal Protection under Uniform Customs and Practice (UCP) 600
It assures expert examination of documents

How to apply

Step 1

Customer's request/Complete our LC forms

Step 2

Attach your Proforma Invoice and Import Declaration Form (IDF)

Step 3

Customs Clearing Documents (Bill of Entry) to be submitted after goods cleared

Interested in Letters Of Credit (LC) / Documentary Credits?

Speak to our business team, or visit any branch, and we will take you through the next steps.

Letters Of Credit (LC) / Documentary Credits

Benefits

Offer degree of safety when importer or exporter are in untested business relationship
Quick and more secure means of payment for seller
Customers have access to foreign currency at very competitive rates
The customer/buyer lowers the risk of paying for substandard goods
Facilitating Financing
The buyer also relies on the LC to place discipline on the supplier for timely shipment

Features

LC can either be Import or Export LC
LC guarantees payment from buyer to seller
It is mostly irrevocable
It is an insurance contract for both parties involved to eliminate credit risk
Provision of Legal Protection under Uniform Customs and Practice (UCP) 600
It assures expert examination of documents

How to apply

Step 1

Customer's request/Complete our LC forms

Step 2

Attach your Proforma Invoice and Import Declaration Form (IDF)

Step 3

Customs Clearing Documents (Bill of Entry) to be submitted after goods cleared

Interested in Letters Of Credit (LC) / Documentary Credits?

Speak to our business team, or visit any branch, and we will take you through the next steps.

Letters Of Credit (LC) / Documentary Credits

Benefits

Features

How to apply

Step 1

Step 2

Step 3

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Interested in Letters Of Credit (LC) / Documentary Credits?

Letters Of Credit (LC) / Documentary Credits

Benefits

Features

How to apply

Step 1

Step 2

Step 3

You may also like

SME Banking

Corporate Banking

Treasury Services

Interested in Letters Of Credit (LC) / Documentary Credits?