Stand-by letter of credit by BANK OF AFRICA

Are you an importer or exporter looking to cooperate with your foreign partners with confidence? Do you need guarantees to reassure your supplier?

BANK OF AFRICA provides you with a simple solution to secure your transactions for both import and export. Indeed, the stand-by Letter of credit is a mutual guarantee system that reassures all stakeholders and allows you to carry out your exchanges with confidence. The commercial transaction is settled by any means agreed between buyer and seller, usually by a transfer on the scheduled date.

5 key benefits

The stand-by Letter of credit is a mutual guarantee. For an export sale, it is a guarantee of good payment. On import, this system assures the supplier that BANK OF AFRICA will replace him if needed.

Reliable: a payment method that offers a high level of guarantee
Fast : a system that saves you time
Attractive pricing
Easy: this system does not require any document verification
Suitable for regular transactions, the system can cover multiple shipments

Your questions, our answers

To apply for the stand-by Letter of credit, you must be an exporter or importer of goods or services. For more information, please contact your BANK OF AFRICA customer advisor.

The stand-by Letter of Credit is a less restrictive payment solution than documentary credit since it does not require any document verification neither in the substance nor in the form. In addition, it has almost the same benefits by protecting you against country risk and commercial risk, when the bank adds its confirmation to it.

If you are an exporter and your foreign customer has not proceeded with the payment, you can use the stand-by Letter of credit simply by presenting the documents proving the debt : your customer's issuing bank will then make the payment. If you are an importer, you guarantee to your supplier that BANK OF AFRICA will replace you if necessary.