Trade Services

Our Trade Services team offers you a variety of excellently tailored services to support your business.

Trade Offerings

We provide you with a variety of excellently tailored services to support your business and meet your international trade transaction demands in line with best banking practices.

Form M Processing

Form M is a statutory requirement for all physical import related transactions. Form M processing is electronically initiated on Trade Portal managed by CBN and Nigeria Customs Service and must be accompanied by the following documents:

• Proforma Invoice
• Local Marine Insurance

Other relevant regulatory documents such as NAFDAC, DPR, SONCAP depending on the item of import.
 
Form M can be processed on Valid and Not Valid for Foreign Exchange basis depending on whether official or non-official funds will be used for payment. 
  1. Upload signed Proforma Invoices with a maximum validity of 90 days from its issuance
  2. All information on the Proforma Invoice, Insurance Certificate, Product Certificate and e-Form M application shall correspond and be void of conflicts.

The information includes:

  • Proforma Invoice Number
  • Proforma Invoice Date
  • Country of Origin
  • Country of Supply
  • Port of Discharge
  • Customs Office
  • Total FOB Value
  • Total Freight Value
  • Total C & F Value
  • Description of Import Item
  1. Country of Origin and Supply should be stated on the Proforma Invoice
  2. Select an appropriate payment mode and source of fund for your preferred Valid for Forex Status
  3. Choose the correct prefix BA/CB for your import item
  4. CFR is incoterm for SEA mode of transportation and CPT is incoterm for AIR mode of transportation
  5. Appropriate valid regulatory documents should be uploaded for the import item
  6. CBN approvals shall be obtained for import items found on the CBN 42 item exclusion circular before form M validation
  7. Correct HS Codes for exempted items on the revised CBN circular should be selected

All required documents must be correctly uploaded on the platform

 

Letters of Credit

This is an irrevocable undertaking by Sterling Bank on behalf of our esteemed customer to pay the supplier (beneficiary) on presentation of credit complying documents. We partner with international banks of repute to deliver best in class services to our numerous Trade customers. You will find a Letter of Credit solution that meets your business requirements from our array of Letters of Credit types below:

  • Sight Payment LC
  • Deferred Payment LC
  • Confirmed cash collateralised letters of credit
  • Clean confirmation letters of credit
  • Unconfirmed Letters of Credit
  • Red Clause letters of Credit
  • Standby Letters of Credit/Guarantees

We also offer hybrid LCs with features of more than one LC type to meet your requirements.

 

Bills for Collection

This is the instruction of the supplier to his/her bank to collect the value of the documents from the purchaser by handing over the documents against sight payment, acceptance or an undertaking to pay. Our local regulation does not support sight payment on import bills for collection in view of the requirement for importers to submit exchange control documents before payment can be remitted to the supplier.

Foreign Currency Transfer

We leverage on our active relationship with first class international banks to seamlessly transfer foreign currency funds on behalf of our domiciliary account customers. Beneficiaries receive funds depending on location and time zone. You can initiate your foreign currency transfer request through any of our mobile or internet banking platforms. You can also submit your request directly through any of our branches nationwide

Foreign currency Inflows

Sterling Bank receives foreign currency Inflows on behalf of her customers. We give value within 24 hours of receipt or on the same day basis depending on the location/time zone of the transferring bank. 

Invisible Transactions

  • These are foreign currency payments for intangible goods and services using local currency (Naira). All requests must be accompanied with duly completed form A and other supporting documents as prescribed by the CBN from time to time.
    The form A which is a regulatory document can be picked up from any of our branches nationwide.
    Qualifying transaction include but are not limited to the following:
  •  
  • School fees remittance
  • Correspondence courses, membership subscription and examination fees (for individuals)
  • Conferences, seminars and training courses organized locally and abroad.
  • Repayment of external loans.
  • Medical Fees.
  • Foreign Nationals’ personal home remittances.

Foreign cheques issuance

We offer draft issue services in USD, EUR and GBP to a niche of account holders who may for documentary reasons prefer draft mode of payment to other modes of payment. The services are available to both FCY and Naira account holders subject to appropriate documentation.

Certificate of Capital Importation

We offer e-CCI services to customers who may request the certificate to document their investment and also guarantee access to the official window for foreign exchange required to repatriate the investment at maturity. eCCI(s) are issued within 24 hours of receipt of capital (where capital is in form of cash inflow ) or within 24 hours of submission of final shipping and other relevant documents (where capital is in form of plant, machinery and equipment) subject to adequate documentation.

Exports (NXP processing)

We process form NXP for Exports on Letters of Credit, Bills for Collection and any other approved mode of payment depending on customer’s preference. The process begins with the customer completing the statutory Nigerian Export Proceeds Form. The form can be picked from any of our branches nationwide. We also provide support for payment of statutory NESS fees through our branch network while ensuring also that your export documents are handled in line with international best practice.

Trade Advisory Services

Our professional Trade Advisory Team is ever poised to support our clients’ dynamic international trade requirements and add value to their businesses.

 

For further enquiry, please contact us through the under stated address

Trade Customer Care,
Trade Services Group,
Sterling Bank PLC
20 Marina,
Lagos.

Email: TradeCustomerCare@Sterling.ng
Phone: +234 807 529 2113, 01- 4622516