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Letter of Credit

The safest method of payment when dealing with new suppliers or where there is no trust between parties across borders. A Letter of Credit is a written undertaking given by a bank (Stanbic Bank), at the request of a buyer (applicant) to pay the seller (beneficiary) of goods that conform to the specified terms and conditions within a prescribed period.

What does it offer me?

  • Letter of Credit facilitate international trade transactions by protecting the interests of both the buyer and seller.
  • Applicant is guaranteed goods from the supplier through a title document.
  • Beneficiary is guaranteed payment if goods comply with documents.

 

 

What do I need to apply?

  • Pro forma invoice or sales contract
  • Filled in Letter of Credit application form (Provided by the Bank)

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