Trade Finance

Centenary Bank works to grow trade business both locally and across borders.We address financing gaps by facilitating flow of goods and services from seller to buyer while ensuring that suppliers are assured of their payment.Below is what we offer under trade finance;

1. Letters of Credit (LC)
We issue undertakings for the account of the buyer / applicant to pay the seller especially in the import and export trade not forgetting the local trade business.Examples include Standby LC,Tranferable LC , Revolving LC, Back to back LC

Requirements
Approved credit facility by the bank
Pro forma invoice
Insurance Cover for shipment if not covered
Letters of Credit application
Other requirements are similar to commercial / corporate loans unless fully covered by cash and or under collateral management services.

2. COMMODITY FINANCING
This is a financing technique whereby the commodity (goods) imported are placed at the custody of the
collateral manager.The commodity becomes the collateral and is only released to the off taker on the
instruction from the bank.

Requirements
Similar to those of commercial loans/ corporate loans
Each request is tailor made based on the customer's needs
Commissions charged will be as per Guarantee and Letters of Credit tariff

3. Invoice discounting
This is a short term facility where we give value to your novices before Matie that's an agreed fee and commission.

Requirements
Similar to those of commercial loans with some exemptions allowed
Reputation of the Invoince (drawer,drawee)and a proper authentication of the invoice

4.Shipment Finance
A) Post shipment finance :This is a short term loan facility given by the bank to an importer (customer) to settle bills of exchange that have matured but importer has not mobilized adequate resources to settle them.Bank therefore allows an additional credit period which is undisclosed to the seller.

B) Pre-shipment finance: This is a short term loan facility offered by the bank to purchase inputs for the production of goods which are for onward sale/ export.

Requirements
Similar to those of commercial/ corporate loans

5.LPO financing
This is a short term facility given to a supplier to mobilize resources and subsequent servicing of the LPO.

Requirements
Similar to those of Commercial / Corporate loans
Reputation of the invoices (drawer/drawee) and proper authentication of the invoice

6. Documentary Collections
Documentary collections are used to facilitate trading of goods between parties and collection of sale proceeds or acceptance arising therefore both locally and internationally.

Requirements
No credit appraisal or securities required unless for avilisation facility enjoyed.
With the avilisation, the bank undertakes to make payment at a future date
Facility has to be secured.

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