Reinventing people's relationship with Money

Documentary Collection

Documentary Collection Or Bills For Collection (Bc)

(Inward – For Local Importer; Outward-for Local Exporter)

“Collection” means the handling by banks of documents in accordance with instructions received from Remitting/Beneficiary’s bank, in order to: International Rule guiding documentary Collection is URC522 Obtain payment and/or acceptance, or Deliver documents against payment and/or against acceptance, or Deliver documents on other terms and conditions

For Import BC:

• Approved Form M(Supported by Required Document).
• All regulatory conditions must be fully complied with.

For Export BC:

• Approved NXP(Supported by Required Document)
• Exports Proceeds Account
• All regulatory conditions must be fully complied with.

Benefits:

• Serves as supplier credit to Local importer.
• Less Complicated when compared to LC.
• Process is faster when compared to LC.
• Constructive Control by the exporter over the goods shipped.
• Opportunity to review documents sent before making payment.
• Secured communication between seller and buyer
• FCY proceeds generation for Local Exporter
• Export Proceeds management for Local Exporter
• Means of Expanding income generation