Improved Trade

We support your business in every way we can. So if you need Letters of Credit, you can count on us to deliver and keep your business relationships purring along smoothly. We are here to support your business to deliver best in class solutions and financing needs for your Letters of Credit.

Fill and submit application 50%
Get notified 75%
LC issued 100%
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Frequently Asked Questions

1

Q: Wat is a Form M?

A: A Form M is the application form required for all importation of physical goods into Nigeria.

2

Q: Where or how do I get to fill the Form M?

A: Importers can gain access to the Customs online portal with the use of their Tax Identification Number (TIN) obtained from FIRS. (Please visit www.trade.gov.ng)

3

Q: What do I need for the Form M?

A: The following documents are required to fill and submit the Form M Online:

  • Insurance Certificate with 110% CFR value
  • Proforma Invoice (within 3 months validity)
  • SONCAP Product Certificate in case of regulated products, or other regulatory permit depending on item of import
4

Q: Can my supplier ship goods to me while I’m processing the Form M registration?

A: NO. The Form M MUST be duly registered by the Nigeria Customs Service (NCS) and customer receives notification of complete registration prior to shipment into Nigeria.

5

Q: What is a Letter of Credit (LC)?

A: An LC is a written undertaking issued by Sterling Bank at the request of our customer (importer) to the overseas exporter (through exporter’s bank) to pay at sight or at a determinable future date, or as stated, a specific sum of amount against complying presentation.

6

Q: How is a confirmed LC different from an Unconfirmed LC?

A: A confirmed LC provides additional payment guarantee by an overseas bank, but for an Unconfirmed LC, only the issuing bank’s credit worthiness is substituted with that of the importer.

7

Q: What documents do I need to apply for an LC?

A: Documents required to open a Form M include:
-Form ‘M’ registered by the NCS with Letter of Credit as mode of payment
-Other documents used for the Form M registration
-Sterling Bank Online LC Application Form

8

Q: What are the charges for opening an LC?

A: *Charges include the following:
-Commission: 1%
-Telex: N10,000.00
*These exclude overseas bank charges for advising and confirming the LC

9

Q: What does the transaction cycle of an LC look like?

A: Below is the transaction cycle of a typical LC

10

Q: How do I sign-up or register?

A: Steps to sign-up on this platform

  • Click on the Register menu
  • Provide sterling account number and click the “Validate & Send Code” button
  • A 6-digit code is sent to your email address
  • Supply the code and your preferred password to complete the sign-up process
  • Login using your email address and password
  • In case you forget your password, use the “Forgot Password” feature to reset or create one