Product Features

No credit facility or security required unless there is need for validation

Fees and commissions charged are for document handling as per tariff

Maximum life of a collection should not exceed 180 days

There is no undertaking to the bank to collect any amounts due however KYC must be done at all times

Benefits

Cheaper than LCs in terms of fees and commissions with no impact on credit lines

Easy to establish with shorter processing time

Requirements

Customer instruction to debit any amounts due for payment under import collections

Stamp duty of UShs 10,000 for usance bills for collection

Signed and accepted bill of exchange for usance bills for collection

For export collection, customer’s instruction letter with documents likes Invoice, transport document, certificate of origin, bill of exchange etc.

Formal off taker contracts preferable backed by letters of credit

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