Trade Finance

At Access Bank, we aim to provide the best products, services and experiences. So we’re pleased that our efforts have been recognised.

Bills for Collections

Under Bills for collection, there is an underlying credit from the supplier for which a Bill of Exchange (an IOU) properly executed by the importer and endorsed by his bank is the underlying “Eligible Instrument”.

Features

  • Used mostly by parties with long standing relationship or related entities
  • Documents are released against accepted bill of exchange (payable at a future date)
  • Payment is made only after goods are cleared
  • It is operated under guidelines clearly by the Uniform Rules for Collection, ICC Publication No. 522

Benefits

  • Suppliers’ finance for up to 270 days (from bill of lading date) allowed by local regulations
  • It is straight forward and not as complicated as letters of credit
  • Cheaper to use by importers
  • Foreign exchange can be procured from the official market
Letters of Credit

Access Bank issues import letters of credit on behalf of customers to her beneficiaries anywhere in the world by utilizing lines availed by highly reputed correspondent banks. These banks are positioned in strategic business locations all over the world.

Features

  • Approved trade finance facility is required if there is no cash collateral provided by importer
  • Credit worthiness of the bank is substituted for that of the importer
  • It allows for advance payment of up to 15% subject to documentation requirement.
  • 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 deposit
  • 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 timely delivery of the goods because the LC terms dictate latest acceptable shipment date
  • Foreign exchange can be procured from the official market (subject to certain restrictions)

Click HERE to download the Letters of Credit Application form.

Pre-Export Finance

This product is used by a borrower to finance the fulfilment of a sales contract with a credit worthy off taker. The terms of the purchase order financing agreement are very specific, requiring the borrower to use loan funds for the purchase of certain materials and/or services needed to deliver goods to the end-customer.

Features

  • Approved trade finance facility required
  • Flexible cash flow management tool which may assist to match underlying trade transaction with your trading cycle
  • Improves your cash flow and provides working capital to start manufacturing your export goods
  • Allows you to make timely payments to your suppliers, enhances your business reputation with potential to negotiate more favorable payment terms

Benefits

  • Improves your cash flow
  • Financing in advance to support production of varieties of commodities. Up to 20% increase in transaction process efficiency
Usance

The Dollar Usance is an outright Dollar Loan and will also ensure that your LC is made operative without having to add confirmation to the letter of credit pending when you are successful at the Dutch Auction bid. To this end, this solution saves you any offshore confirmation charges.

Confirmation Lines

The Letter of Credit Confirmation Line (LCCL) will ensure that confirmation is added to your letter of credit pending when the bid is won on your behalf. The LCCL does not involve actual cash outflow, as it is essentially a payment guarantee from Access Bank Plc accepted by our foreign correspondent bank. However, your offshore suppliers can discount this guarantee on the counters of the same advising/confirming bank.


Foreign Funds Transfer

Our foreign funds transfer ensures funds are transferred efficiently and promptly through our correspondent banking relationship with the first class international banks. We maintain foreign accounts in all the major currencies and correspond through Citibank (London and New York), JP Morgan, Australia New Zealand Bank (ANZ) (London), BNP Paribas Paris, Deutsche Bank, HSBC Bank PLC amongst others. 


Trade Services

Trade Service is a unique electronic solution that allows our trade customers to initiate and track transactions electronically. In addition, our clients can customise, schedule and generate reports and retrieve the desired information electronically. 


Invisible Transactions

Customers can purchase foreign exchange from the CBN or Interbank/Autonomous sources and transfer funds to offshore beneficiaries FOR ELIGIBLE INVISIBLE TRANSACTIONS ONLY. Examples of eligible Invisible transactions are school fees, mortgage payments, medical fees, consultancy fees, airline remittances, etc. Each transaction must have an ORIGINAL Form A duly filled and signed in line with the customers’ mandate with 

the bank.

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