This is a credit facility to a supplier to enable them meet a supply order that they have from a known buyer.
Letters of Credit:
Importing or exporting, we offer the products and services you require. A Bank of Africa letter of credit gives you the assurance from a world class bank when dealing with unfamiliar suppliers. No payment will be effected until documents are received, checked and verified to be in order.
Open account invoice financing, import collection or letters of credit. Our dedicated Trade Finance specialists will assist you in choosing and structuring the product that fits your specific requirements.
Find your way through confusing terminology. At Bank of Africa, our objective is to keep things simple. We offer reliable assistance in the area of export L/C advising, - confirming or checking & negotiation. Do you need working capital for the purchase of raw materials or process your goods for export? Bank of Africa offers pre-shipment finance against irrevocable letters of credit in a number of currencies to allow you to trade with confidence.
- Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
- Audited accounts for at least three financial years, prepared by a Certified Public Accountant, with an unqualified opinion.
- Management Accounts for the most recent concluded month.
- Projected Cash flows for the period of financing.
- Valuation report for the property/ assets to be pledged as collateral.
- Business Plan/ Updated Company/ Business profile.
- Financial Card Number for the borrowing entity.
- Any other information as may be requested by the Bank, depending on the nature of the request.