Financing of customer’s LPO at an agreed fee and commission. The facility will be applicable to customers who normally trade with reputable companies with good credit rating. Funds accruing from this facility will be released direct to the supplier/seller (The party providing goods to our customer). The Bank has recourse to the client in case of non-payment.
- Immediate access to the proceeds of sales
- Simple operational procedures
- Cheaper additional working capital
- Simplified security requirements
- The product has a maximum tenor of 90 days depending on the term of the LPO.
- Flexible security requirement depending on the integrity of the drawee and the tenor.
- Maximum discount amount 80% of LPO value
- Commission will be charged.
- The facility is self-liquidating.