A letter of credit is issued by banks so as to enable easier trade. A bank issues a Letter of Credit or LC confirming that a payment will be made for goods and services upon the completion or fulfilment of certain pre-agreed conditions. Usually an LC is issued by the importer to the exporter through their respective banks.
- Have sufficient funds on behalf of the customer
- Presentation of an import license duly validated by a local commercial bank
- Meet at our counters the request to open a letter of credit
- Opening of the letter of credit through our correspondent banking network on the day of filing of the application at our counters
- Confirmation by our correspondent & notification to the supplier the day following the opening of the letter of credit
- Management and strict compliance with the terms of the letter of credit
- Meet at our counters to request the opening of a letter of credit.