Bank Services

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Credit Information Report

Provide our importing and exporting customers with banker′s opinions and credit standing of their counter parties both locally and overseas.


Trade Enquiries

Through our association with Zambia Investment Promotion Agency, Zambia Export Promotion Agency, the Zambia Chamber of Commerce and Industry, correspondent banks and other international organizations world−wide, we are able to locate overseas importers of your local commodities.


Introduction Letter

These introduce our corporate businesses to our overseas agents and correspondents, from whom they may seek assistance and advice during foreign missions.


DOCUMENTARY COLLECTIONS

A documentary collection is used to obtain payment when the risk of using open account is considered too great and where a documentary letter of credit is considered unnecessary. The shipping documents covering imports into Zambia are forwarded by the customer's suppliers through the international banking system, to one of our branches in Zambia. Shipping documents are received with a set of instructions to release the documents against receipt of payment, against an undertaking to pay or against an acceptance of a Bill of Exchange. When documents covered under documentary collections are processed through us we are able to advise on and arrange for any exchange control requirements, and also final remittance of funds to the supplier's bank. We also assist in the processing of any pre−shipment requirements. Through our overseas correspondents we are able to provide a world−wide documentary collection service covering both imports and exports and ensuring that funds are transferred according to the terms of instructions between the buyer and seller. Finance has the capacity to ensure quick and first-time delivery of funds and handling documents in a professional and secure manner.


DOCUMENTARY LETTERS OF CREDIT

This is a method of financing international trade. A Letter of Credit is better described as any arrangement whereby a bank, acting at the request of and on the instructions from a customer, is to make a payment to or to the order of a third party, or is to accept and pay Bills of Exchange drawn by the beneficiary against stipulated documents, provided that there is strict and competed adherence to the terms and conditions of the Letter of Credit. In documentary Letters of Credit, all parties deal in documents, not goods. Therefore an underlying status report on the supplier should be obtained before entering into a contract, to ensure that the supplier appears to be a reputably constituted concern and likely to produce what is required. If a customer wishes to import goods we can open a confirmed irrevocable Letter of Credit and we will advise it to the supplier's bank. Depending on the contract and agreement with the supplier, the Letter of Credit may be drawn 'at sight' or 'at usance', but normally not exceeding 180 days. Payment is then made upon the presentation of documents which strictly comply with the terms and conditions of the credit.

This facilitates a smooth trade operation between the seller and buyer and also safeguards settlement, particularly during periods of foreign currency scarcity. Letters of Credit (L/C′s) can be opened in any currency of your choice e.g. US$, EUR, GBP, RSA, JPY, INR. Our long established relationship with many correspondent banks throughout the world makes issuing and advising of L/Cís cost efficient, fast and secure.