Letters of Credit
Secure your international trade transaction journey
A letter of credit (also known as documentary credit) is an irreversible undertaking or guarantee issued by BANK OF AFRICA at the request of an importer to make payment for goods to an exporter upon presentation of specified documents that comply with the terms and conditions set out in the sales agreement.
From an exporter’s perspective, the letter of credit transfers any payment or transaction associated risk from the importer to BANK OF AFRICA. It is the most reliable and secure way for importers and exporters to protect their trading interests and minimize their respective risks in a trade transaction.
What You Get
- Securely enter a trade by reducing certain risks, such as goods arriving late or not meeting specifications
- Access financing to purchase goods in a way that matches up with your domestic cash flow requirements
- Free up available working capital by negotiating more favorable commercial terms with suppliers and benefit from prepayment elimination
- There when you need it. No delays. Enjoy flexibility allowing access to funds when you need them most matched to your specific trade flows
Ways to Apply
0800 100 140