Bills for Collections

Under Bills for collection, there is an underlying credit from the supplier for which a Bill of Exchange (an IOU) properly executed by the importer and endorsed by his bank is the underlying “Eligible Instrument”.

 

Features

  • Used mostly by parties with long standing relationship or related entities.
  • Documents are released against accepted bill of exchange (payable at a future date)
  • Payment is made only after goods are cleared.

Benefits

  • Suppliers’ finance for up to 270 days (from bill of lading date) allowed by local regulations.
  • It is straight forward and not as complicated as letters of credit.
  • Cheaper to use by importers.
  • Foreign exchange can be procured from the official market.

Latest News

Access Bank Zambia Limited Completes Acquisition of Atlas Mara, Creates One of Zambia’s Top Five Banks Notice of the 35th Annual General Meeting (AGM) of Access Bank PLC S&P Global Ratings Provides Aligned Opinion on Access Bank PLC's Sustainable Finance Framework Access Bank Plc (Access) enters into acquisition agreements with Standard Chartered Bank Access Bank launches the first American Express® Cards to be issued in Nigeria