A Letter of Credit (LC) is a facility provided by the bank to its import customers to enable them to transact with parties from abroad without necessarily making payment in advance to the exporter.
Requirements
- Import LC opening
- Pro forma invoice from the seller or provider of services
- Copy of Import Declaration Form (IDF)
- Declaration payment for imports form duly signed by the customer
- A credit facility or cash margin
- Certificate of insurance or copy of marine insurance policy, if covered locally
- LC application form duly signed
