To keep your trading partners at ease, it might be necessary to guarantee that your payment will arrive on time and for the agreed amount. Our Secured Outward Letter of Credit guarantees precisely that.
There are various ways to secure your Letter of Credit, including:
CASH
If you have enough cash in hand, you can easily use it to secure your Letter of Credit.
- 👉 Bank Letter of Credit Application Form
- 👉 Proforma Invoice
- 👉 Import Declaration Form (IDF)
Collaterals (other than cash)
If your assets are enough to secure your Letter of Credit, so why not use them?
👉 Duly filled Facility Application Form
👉 Copy of ID or Passport of all Directors/Authorized Signatories
👉 Copy of KRA PIN Certificate
👉 Six months’ bank statements
👉 Call Report to be done by Business Banker
👉 Certified Copy of the last 2 years’ audited account
👉 Latest Management Accounts
👉 Certified Copy of Memorandum and Articles of Association
👉 Business cashflow projections for the period
👉 Certificate of Incorporation
👉 Board Resolution authorizing the Outward Letter of Credit request (must be sealed)
👉 Latest CR 12
👉 Annual Returns receipt
👉 Copy of Log Book or Title Deed
👉 Valuation Report from the approved bank valuers
👉 Letter of Credit Application Form
👉 Letter of Lien
👉 Letter of set off
👉 Proforma Invoice
👉 Import Declaration Form (IDF)
Outward Bill for Collection
This is necessary in Trade Finance since GIB is rarely in the same clearing zone as the other bank.
➡️ Memo from client requesting the bank to handle the collection
➡️ Memo should contain the list of documents being presented for collection (Bill of Lading, Commercial Invoice, Certificate of Origin, packing list and SGS Certificate among others) depending on the documents requested by the Drawee
➡️ Collection instruction should contain the terms of the collection i.e. whether the collection should be delivered against:
➡️ Payment and/or acceptance
➡️ Other terms and conditions
Inward Bill for Collection
This is a trade service we offer just for you, to handle the processing of payments and documents to sellers on your behalf. Let us handle the complicated stuff so you can focus on growing your business.
➡️ We receive documents from the Applicant’s bank and forward them to our client, the Drawee, as per these collection instructions:
(a.)Payment and/or acceptance
(b.)Other terms and conditions
➡️ The Drawee, our client, should sign our presented memo and Bill of Exchange as case maybe and return the same to the bank
Inward Letter of Credit
Our Inward Letter of Credit is here to give you peace of mind if you need assurance of payment for your local exports or sales.
➡️ Documents to be presented under an Inward Letter of Credit will be determined by the instructions in the ILC
➡️ Memo from client requesting the bank to present documents to the Applicant’s bank
➡️ Memo should contain a list of documents being presented for the purposes of the Inward Letter of Credit (Bill of Lading, Commercial Invoice, Certificate of Origin, packing list and SGS Certificate, among others) depending on the documents requested by the Applicant
