Local Trade – Local Letter of Credit
Union Bank’s Local letter of credit facilitates trade within Nigeria. Purchased made with the Local Letter of Credit assures the supplier of prompt payment from Union Bank.
Benefits to your business
- Increase your working capital
- Strengthen trade relationships
- View and track account receivables
- It enhances the buyers credit as the Bank assumes the liability for payment. This positions the buyer favourably and provides opportunities for the customer to have leverage in commercial negotiations, obtain reasonable product prices and obtain preferential conditions including extended payment days, thereby reducing working capital costs.
INTERNATIONAL TRADE - BILLS FOR COLLECTION
Form Q
This solution gives SMEs the opportunity to get forex easily. It allows SMEs to access up to $20,000 per quarter.
Account Opening Requirement
- Submit a written application letter
- Proforma Invoice (PFI) from the supplier
- Supplier’s/ beneficiary’s bank account details
- You must be an account holder and must have operated your account for not less than six months
Form M
- Form M is required for importation of goods into Nigeria.
- The life span of a Form M is 180 days (for general merchandise) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) can be granted on the Form M by the Authorized Dealer.
Import Letters of Credit
We offer you first class solutions to import goods through the Import Letters of Credit payment mode.
Export Letters of Credit
We provide a holistic range of services to support you under the Letter of Credit payment mode. Our services include receiving, reviewing and advising on authenticated instruments, documents negotiation, export financing- (including LC discounting) and receiving & certification of exports proceeds.
Import (Inward) Bills for Collection
Let us support your business with our import Bills for Collections. We can ensure speed for your transactions.
Export (Outward) Bills for Collection
We can support your exports through the Bills for Collection payment mode from production/sourcing of exported goods to documents checking, dispatch, receipt and certification of export proceeds.
Bonds / Guarantees
We provide a range of bonds and guarantees including Bid/Tender Bonds, Performance Bonds, Advance Payment Guarantees, Customs Bonds, Shipping Guarantees and Retention Bonds.
Range of Bonds and Guarantees
- Bid/Tender Bonds
- Performance Bonds
- Advance Payment Guarantees
- Customs Bonds
- Shipping Guarantees
- Retention Bonds
